La Derecha Diario Big tech companies are betting billions of dollars and going into debt to dominate AI.
Big tech companies will invest $400 billion in AI infrastructure and are setting a record in corporate debt
The boom in artificial intelligence is mobilizing unprecedented figures. This year, the major tech companies will allocate nearly US$400 billion to infrastructure for running AI models.
The investment frenzy includes everything from data centers to the massive purchase of chips. It is changing the way Alphabet, Meta, Microsoft, and other giants manage their cash and debt.
Tech giants go all in on infrastructure
In the last decade, big tech companies went from having 20% tangible assets to exceeding 60%. This is due to the massive construction of data centers and equipment for AI.
If we add up the capital expenditure of Alphabet, Meta, Microsoft, Amazon, and Oracle over the past year, the total surpasses that of all publicly traded industrial companies.
Multi-billion dollar projections
Analysts such as Morgan Stanley predict that by 2028, US$2.9 trillion will have been invested in AI infrastructure. McKinsey raises the figure to US$6.7 trillion by 2030.
The magnitude of the bet is unprecedented, and shareholders are closely watching the returns that these massive investments may generate.
The rise of debt in the AI ecosystem
Historically, major tech companies have been conservative in their borrowing. However, in 2024, investment-grade financing grew by 70% year-over-year.
Alphabet issued bonds again after four years. Microsoft tripled its debt linked to data centers, and Meta is seeking US$30 billion from private lenders.
Startups and private funds join the game
Companies such as CoreWeave and Fluidstack are taking on debt aggressively, using Nvidia chips as collateral. Even xAI, owned by Elon Musk, is seeking billions in financing to expand its capacity.
Private equity funds have become key players, lending directly to tech companies and backing AI-related debt securities.
Opportunity or latent risk?
Experts warn that this cycle of massive investment could lead to excess capacity and put pressure on balance sheets. If AI adoption is slower than expected, returns could be delayed and increase tensions with shareholders.
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