Apollo Global Management President Jim Zelter says investment-grade debt issuance is likely to exceed net US Treasury issuance this year. Speaking in separate remarks covered by Bloomberg, Zelter links the outlook to heavy funding needs tied to corporate expansion, particularly among large technology firms and the broader market. He points to an “phenomenal and unprecedented” boom in artificial intelligence capital expenditure, arguing that it could strain public-market access for smaller companies that want to issue new debt. The comments suggest investors and issuers are likely to direct a substantial share of new funding toward high-grade corporate bonds rather than relying on Treasury issuance as the main benchmark supply. Overall, the reports present the view that demand for capital—driven by AI-related investment and expansion plans—pushes the balance toward investment-grade corporate debt in 2026, with net new Treasury supply growing less quickly than corporate issuance.