According to data from financial markets platform Dealogic, global technology companies have pushed debt issuance to record levels this year. Even cash-rich firms have been increasingly tapping credit markets as the race toward building artificial intelligence capacity intensifies.
Technology companies issued $428.3 billion of bonds in 2025 through the first week of December. U.S. firms led the surge with $341.8 billion, while European and Asian tech companies followed with $49.1 billion and $33 billion, respectively.
Data from Dealogic implied how big names, who traditionally relied on internal cash generation, are now tapping credit markets driven by strong investor demand and relatively lower borrowing costs.
Michelle Connell, president at Portia Capital Management, notes how this rise in debt-funded AI spending reflects a structural shift in the industry. This shift, characterized by short chip lifecycles and technological obsolescence, has been forcing companies to reinvest continuously.
The heavy debt issuance has in turn lifted leverage at some firms, raising concerns about how balance sheets will fare if AI spending ends up disappointing. The largest tech firms, however, tend to remain profitable and well-positioned to absorb potential risks.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q3 2025.
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12. Serve Robotics Inc. (NASDAQ:SERV)
Number of Hedge Fund Holders: 10
Serve Robotics Inc. (NASDAQ:SERV) is one of the 12 AI Stocks Making Waves on Wall Street. On December 18, Oppenheimer initiated coverage on the stock with an “Outperform” rating and a $20.00 price target. The firm sees SERV as a “Physical AI leader” with an edge in last-mile delivery.
Oppenheimer highlighted SERV’s leadership in navigating complex environments, particularly sidewalks, where large-scale and real-world data collection has enabled it to enable faster learning cycles than peers.
The firm believes this data depth is leading to efficient software development and optimized hardware design, creating structural cost advantages.
“We see Serve Robotics as a Physical AI pioneer targeting last-mile delivery as its first application. We believe it is leveraging its global data leadership in complex environments, notably sidewalks, into advantaged hardware design and software efficiency to drive structural cost advantages and accelerated learning cycles versus peers. We initiate coverage with an Outperform rating and a $20 PT.”
Serve Robotics Inc. (NASDAQ:SERV) designs, develops, and operates low-emission robots.
11. WhiteFiber, Inc. (NASDAQ:WYFI)
Number of Hedge Fund Holders: 18
WhiteFiber, Inc. (NASDAQ:WYFI) is one of the 12 AI Stocks Making Waves on Wall Street. On December 22, H.C. Wainwright reiterated a “Buy” rating on the stock with a $34.00 price target. The rating affirmation follows the company’s announcement of a major colocation agreement with Nscale, validating its fast-deploy model.
WYFI announced that it secured a premium AI deal with Nscale on December 18. The deal involves a 10-year colocation agreement for 40MW of critical IT load at its NC-1 AI data center campus in Madison, North Carolina.
H.C. Wainwright noted how the agreement, representing an estimated $865M in contracted revenue, was chosen by WhiteFiber after careful consideration. Nscale has a proven track record of “delivering large-scale hyperscaler deployments,” it noted.
“We see the deal validating deliberations in review of competing offers for readily available HPC hosting power before selecting Nscale, a counterparty with a proven track record of delivering large-scale hyperscaler deployments.”
The firm further said that it believes that this new agreement with Nscale will be the beginning of a long-term partnership with a specialized AI infrastructure and cloud services provider.
“The new Nscale agreement forms the foundation of WhiteFiber’s potentially long-term partnership with a specialized AI infrastructure and cloud services provider that serves leading investment-grade technology customers such as Microsoft (MSFT; not rated) and OpenAI…”
WhiteFiber, Inc. (NASDAQ:WYFI) is an AI infrastructure company that designs, develops, and operates data centers and provides artificial intelligence (AI) infrastructure solutions.
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