**[Moody's Warns AI Investment Frenzy Impacting Financial Stability of Tech Giants, Free Cash Flow of Microsoft, Oracle Under Pressure]** Golden Finance reports that on July 25, as global tech giants race to ramp up investments in artificial intelligence (AI) infrastructure, Moody's Ratings has warned that the AI investment boom is eroding the free cash flow of major cloud service providers and increasing balance sheet risks. In the future, investors will pay closer attention to whether these companies can generate sufficient returns from their massive AI investments. In a research report released this week, Moody's stated that six tech companies, including Microsoft (MSFT.US), Amazon (AMZN.US), Google parent company Alphabet (GOOGL.US), Meta (META.US), Oracle (ORCL.US), and CoreWeave (CRWV.US), are transitioning from a "light asset" business model reliant on software, intellectual property, and cloud services to a "heavy asset" model requiring large-scale construction of data centers and other infrastructure. Moody's pointed out that this shift demands unprecedented levels of capital investment and financing, which could weaken the credit quality of these companies. The agency predicts that AI infrastructure investments will continue to rise, with the six companies' capital expenditures expected to reach approximately $785 billion by 2026 and approach $1 trillion by 2027. The report highlights that, compared to traditional software businesses, generative AI requires significant investments in data centers, GPU servers, and high-performance chips, fundamentally altering the tech industry's long-standing reliance on a light asset model to sustain high profit margins and stable balance sheets.