**[AI Infrastructure to Burn $5.8 Trillion, Bond Market May Underestimate Risk of Incomplete Projects]** According to monitoring by Dongcha Beating, Goldman Sachs estimates that Google, Amazon, Meta, Microsoft, and Oracle will invest $5.8 trillion by 2030 to build AI data centers and computing power facilities. Even for these tech giants, it’s impossible to rely solely on cash. The five companies have already issued nearly $200 billion in corporate bonds this year and have borrowed approximately $90 billion for data centers through joint ventures. The problem is that while these bonds appear to be backed by major corporations, the actual guarantees vary significantly. Some projects have Google fully taking over the lease agreements, while others only collect rent at discounted rates. There are even projects with clauses allowing Google and tenants to withdraw directly if construction is delayed by more than six months. If data centers are not completed on time, rent payments will not commence, and investors may not recover their money. However, the market has yet to seriously differentiate these risks, as borrowing rates for different projects do not vary significantly. As more data centers break ground, delays and cost overruns could cause some bonds to default first. [Original Link]