SANTA CLARA, June 16 -- Nvidia Corp. (NVDA) is the company everyone else is borrowing money to buy from. This week it decided to borrow too. The chipmaker at the center of the artificial-intelligence boom sold $25 billion of bonds, its first investment-grade debt offering in five years, and the demand that met it said as much about the mania around AI as anything the company has shipped.

Investors put in orders worth roughly $85 billion, more than three times what was on offer, letting Nvidia upsize the deal from an initial $20 billion and stretch some of the notes out to 2056, Bloomberg reported. A company that prints cash, selling thirty-year paper into a stampede. The seven-part sale lands in the middle of a borrowing wave that has Bi...