Big Tech Ramps Up AI Borrowing as Cash Flows Fall Behind Infrastructure Costs

Technology giants are accessing debt markets at unprecedented levels to fund accelerating artificial intelligence infrastructure buildouts, with companies including Amazon, Alphabet, and Meta drawing capital at a pace that exceeds their internal cash generation. Goldman Sachs estimates that AI-related debt issuance will reach between $450 billion and $570 billion in 2026, representing a structural shift in how the industry finances its expansion.