Amazon (AMZN) stock fell on Monday after the e-commerce giant began its first US dollar bond offering in three years. Amazon plans to raise $15 billion in the funding round to fund its efforts in AI and new infrastructure. The deal will “support business investments, fund future capital expenditures, and repay upcoming debt maturities”, Amazon said by email in response to questions.

The proceeds of the deal, which topped initial estimates by $3 billion, will be used for everything from acquisitions and capital expenditures to share buybacks, according to sources close to the funding venture. Amazon isn’t the first major US company to execute such a bond sale this year. Google parent Alphabet sold $25 billion of debt in the US and Europe earlier this month. Meta Platforms issued $30 billion of corporate bonds last month, the biggest such offering of the year, and Oracle (ORCL) raised $18 billion through high-grade notes in September.

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Amazon is selling investment-grade notes in as many as six parts, per the sources close to the sale. Pricing discussions for the longest portion of the deal, a 40-year bond, tightened to 0.85 percentage point above Treasuries, from 1.15 percentage point initially, the people added.

With earnings results earlier this month showing the fastest quarterly growth for Amazon Web Services since 2022, followed by a $38 billion cloud deal with OpenAI, investor hype behind AMZN is surging. Despite the dip today, AMZN is still up 9% in the last 30 days.