Alphabet, Amazon, Meta, Microsoft, and Oracle issued $121 billion in new debt in 2025 to fund artificial intelligence data center expansions. The five tech companies committed a combined $969 billion to infrastructure projects and shifted toward debt financing to bridge the gap between capital expenditures and free cash flow. Oracle plans to cut thousands of jobs to manage a cash crunch associated with its specific data center buildout. Bond fund managers adjusted their credit risk evaluations to account for the off-balance-sheet lease commitments and potential overinvestment risks across the sector.
