**[Tech Giants Like Alphabet See Debt Levels Double Amid AI Investment Frenzy]** Odaily Planet Daily News – Over the past five years, tech giants building artificial intelligence data centers on a massive scale have doubled their debt levels. To support an unprecedented wave of capital expenditures, these companies have turned to debt financing, viewing it as essential for driving economic transformation. According to data compiled by Bloomberg, the five U.S. companies with the largest data center investments—Alphabet Inc., Amazon, Meta Platforms Inc., Microsoft, and Oracle—have collectively added approximately $350 billion in new debt over the past five years. These companies are betting that cutting-edge AI services will eventually generate significant new revenue streams. Investors have previously been enthusiastic about these companies, actively purchasing various bonds issued by them. However, according to sources familiar with the matter, Amazon's $25 billion bond issuance this week faced an unusually lukewarm reception, signaling that the capital market's capacity to support tech giants' ongoing financing for AI investments may not be limitless. That said, for most of these highly profitable companies, the cost of borrowing remains relatively manageable. Last year, the combined interest expenses of the five companies exceeded $10 billion, more than doubling since 2019. However, this figure is still negligible compared to the free cash flow of some of these firms. For instance, as of the end of March, Google's free cash flow—operating cash flow minus capital expenditures—reached $64 billion. Not all companies, however, are in equally strong financial positions. As of the quarter ending March 31, Amazon's free cash flow turned negative, while Oracle's cash burn is expected to accelerate further. By 2025, Oracle's debt is projected to be approximately 2.5 times its annual sales. On Thursday, S&P downgraded Oracle's credit rating to the lowest level within the investment-grade category, citing the company's continuously expanding AI investment expenditures. (CLS)