Global corporates are racing to tap the convertible bond market at speeds not seen in over two decades. The surge? A direct byproduct of AI momentum. Companies hunting for cheaper capital are discovering that convertibles offer a sweet spot—lower coupon rates compared to straight debt, thanks to the embedded equity kicker that attracts investors. What's driving this? The AI arms race is burning through cash reserves faster than ever. R&D spending, infrastructure buildouts, talent acquisition—it all adds up. When traditional debt becomes pricier (hello, rising rate environment), and equity dilution feels too heavy, convertible bonds become the goldilocks solution. The data speaks volumes: issuance volumes haven't moved this quickly since 2001. That's the kind of financial flex you see during major transformational periods. Whether this trend stays or corrects depends on how long the AI investment cycle sustains and what happens to equity volatility—but for now, it's clear: the tech-driven capital wave is reshaping how companies finance growth.