Revision History

The four largest U.S. tech companies are on track to spend nearly $700 billion on AI data center infrastructure in 2026, a near-doubling from 2025 levels, financed in large part by over $100 billion in new bond issuance and rapidly shrinking free cash flow. While enterprise AI demand is growing at triple-digit rates, current AI revenue covers only a fraction of the capital being deployed, raising questions about whether the buildout represents a calculated infrastructure play or a debt-fueled capacity bubble.