Google ⁠parent Alphabet is planning its first multi-tranche yen-denominated bond ‌sale, according to a term sheet seen by Reuters on Tuesday, as technology ​giants increasingly tap debt markets to fund AI infrastructure spending.

The term ​sheet did not ​disclose the size of Alphabet's bond sale, but a source with direct knowledge of the deal ⁠had told Reuters on Monday that the issuance was expected to total several hundred billion yen.

E-commerce giant Amazon is also preparing to issue a six-part bond offering in Swiss franc ​denomination for ‌the first time, a ⁠person familiar ⁠with the matter told Reuters on Monday.

The overseas bond sales underscore ​how surging spending on artificial intelligence is ‌leading American technology companies to court investors ⁠beyond the U.S. in the high-stakes race.

Big Tech is expected to spend more than $700 billion on AI infrastructure this year, a sharp increase from $410 billion in 2025. That has led the companies to rely more on debt, after putting to use their large cash flows for years.

Alphabet's yen-denominated bond sale will be in maturities of three, ‌five, seven and 10 years, along with ⁠longer-dated notes of 15, 20, 30 and ​40 years, although one or more tranches could be dropped subject to demand and market conditions, the term sheet showed.

Alphabet has ​mandated Mizuho, ‌Bank of America and Morgan Stanley to work ⁠on the transaction.

(Reporting by ​Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu)