The five largest US data-center spenders, Microsoft, Alphabet, Amazon, Meta, and Oracle, have accumulated approximately $350 billion in debt over the past five years, with their collective interest expenses exceeding $10 billion in the last year alone, more than double what they paid in 2019. Goldman Sachs estimates AI-related corporate debt issuance will reach approximately $141 billion in 2025, driven by massive bond deals from Meta, Alphabet, and Oracle. UBS projects new tech debt supply could rise to $900 billion by 2026, while Morgan Stanley and JPMorgan put total AI infrastructure borrowing needs at $1.5 trillion by 2028. Oracle’s credit default swap spreads have widened notably, reflecting investor concern about a company with a smaller revenue base taking on substantial debt to compete in the AI infrastructure race.
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