S&P Global warns that the debt of tech giants in AI infrastructure may be higher than disclosed

S&P Global warns that six major tech companies, including Amazon, Microsoft, Alphabet, Oracle, Meta, and SpaceX, may have actual debts and contingent liabilities related to AI infrastructure that exceed the levels reflected in public data.

S&P expects that these six companies will spend more than $7 trillion on capital expenditures for data centers and other AI projects from 2025 to 2030, and will maintain negative free cash flow at least until next year. The rating agency has not yet broadly downgraded credit ratings as a result, but believes the biggest risk is that expected profits may not materialize after the massive investments are completed.