S&P Global warned that AI-infrastructure debt and contingent liabilities at Amazon, Microsoft, Alphabet, Oracle, Meta and SpaceX may exceed public disclosures, according to a BlockBeats report citing the agency.
Spending and cash-flow outlook
S&P projected the six companies would spend more than $7 trillion on data centers and other AI projects from 2025 through 2030. The report said they would remain in negative free cash flow at least through next year.
Credit risk remains the focus
Rating agencies had not broadly downgraded the companies over the issue at the time of the report. S&P identified the main risk as expected profits failing to materialize after the large investments are completed. The capex and cash-flow figures are forward-looking projections, not realized totals.