Woofun AI data shows that the five largest US data center investors—Alphabet, Amazon, Meta, Microsoft, and Oracle—collectively increased their debt by approximately $350 billion over the past five years to finance AI infrastructure. Although these firms view borrowing as essential for economic transformation, market appetite shows signs of strain; Amazon’s recent $25 billion bond issuance faced unusual hesitation. While combined interest expenses exceeded $10 billion last year, this remains modest relative to free cash flow for most peers.

However, financial health varies significantly: Amazon reported negative free cash flow in the quarter ending March 31, and Oracle’s debt is projected to reach 2.5 times annual sales in 2025, prompting S&P to downgrade its credit rating to the lowest investment-grade tier.