Big four hyperscalers raising over $131B in debt and equity

The four largest hyperscalers are raising more than $131 billion in debt and equity to fund AI buildout. Amazon alone disclosed an $80 billion loan facility.

Why it matters: AI capex is moving from cash flow to external financing, which raises the sensitivity of the buildout to credit conditions. It matches AWS's $77B quarterly capex and the share drop that followed. If returns lag, leverage amplifies the downside.