AI debt binge reshapes tech balance sheets

Goldman Sachs estimates AI-related debt issuance this year at about $489 billion, already above last year’s forecast, with hyperscalers accounting for roughly 40% and major funding coming from data-center and other tech financing. Amazon, Alphabet, Oracle, and Meta are among the big borrowers, and private markets have seen around $200 billion in data-center deals since 2025, signaling a multi-year AI-spending spree that could hit a reckoning in 2027 if monetization stalls or rates stay high.