STMicroelectronics taps $1.5B convertible after AI-fueled triple

STMicroelectronics is selling $1.5B in convertible bonds after its shares roughly tripled this year on AI-related demand for analog and power chips. The deal joins a wave of bond issuance from companies adjacent to the AI infrastructure buildout as Man Group warns the AI credit market faces "bubble risks" and a potential "violent" correction. ST's run reflects investor expectations that AI data centers will pull power-management and silicon-carbide volumes higher for years. Kingboard Laminates, a Chinese PCB supplier, is up more than 550% on similar AI re-rating logic.

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