October 19, 2026 - Hyperscaler borrowing is changing what investors own in corporate bond ETFs, and a traditional sector lens won’t show it. In this new thematic report, CFRA’s Head of ETF Research & Analytics, Aniket Ullal, finds that AI-related debt now makes up roughly 10% of the largest long-term investment-grade corporate bond ETFs, up from about 7% three years ago, while GICS sector weights have barely moved. Bonds from Amazon, Meta, Alphabet, and Oracle have quietly replaced debt from traditional issuers like Comcast, Disney, and Home Depot.
Ullal breaks down AI exposure across seven major ETFs, including VCLT, VCIT, and SCHI, contrasts it with high-yield funds HYG and USHY, and explains why CFRA expects AI weights to keep climbing.
Download the full report to see where the risks and opportunities lie.