American technology companies are increasingly looking to European financial markets to raise funds for their artificial intelligence projects. In March 2026, Amazon raised 14.5 billion euros through the bond market, a record for a U.S. company issuing in euros. Alphabet, the parent company of Google, also raised 9 billion euros in the same year. These fundraising efforts are part of a financial strategy known as a Reverse Yankee, in which American firms issue bonds in euros to borrow directly from European investors. This practice, which predates the AI boom, has taken on new importance due to the high costs of building AI infrastructure, such as data centers, specialized computer chips, and energy systems. By issuing bonds in euros, companies can access a broader range of investors and reduce their reliance on a single market. Borrowing in euros can also be cheaper than borrowing in U.S. dollars, though it carries risks related to currency exchange rates unless the company has euros from its own revenue or assets. The currency in which the funds are raised does not always dictate where the money is spent. Some of the raised capital may be used for local operations in Europe, but the funds can also be converted into U.S. dollars and used to build infrastructure elsewhere. European investors benefit by gaining access to long-term investments in strong, well-established companies. However, if a growing share of European savings is directed toward American tech giants, European businesses may need to offer higher returns to attract the same pool of investors. An analysis by economists at the European Central Bank, published in August, noted that the impact of this trend is currently limited, but the report urged continued monitoring. Christine Lagarde, president of the European Central Bank, called for increased investment in European AI capabilities, emphasizing the importance of developing local strengths rather than solely funding major U.S. technology firms.