Big Tech is ushering in the era of “AI mega-construction”: Alphabet, Meta, and Amazon are pouring hundreds of billions into data centers
11 May 18:35
Global tech giants have launched an unprecedented race to invest in artificial intelligence, which is already transforming global financial markets, debt capital, and even the energy sector.
Alphabet, Meta, Microsoft, Amazon, and Oracle areactively increasing spending on AI infrastructure—data centers, servers, Nvidia chips, power systems, and cooling networks. According to Goldman Sachs estimates, global spending on AI infrastructure could exceed$700 billion by 2026 alone, and total investment could reach $7.6 trillion by 2031, reports "Komersant Ukrainian". , citing a relevant Goldman Sachs study and data from Western media.
Alphabet, Google’s parent company, has become a symbol of this new era. The company is already issuing multi-billion-dollar bonds in Europe and is simultaneously considering its first issuance of yen-denominated bonds in Japan to finance its AI expansion.
According to Reuters, just last week Alphabet entered the Eurobond market with six tranches totaling at least €3 billion following a large-scale debt raise earlier this year.
Reuters, in particular, writes:
“Total industry spending on artificial intelligence in 2026 could exceed $700 billion, compared to approximately $410 billion in 2025.”
Another telling move is Alphabet’s preparation for its first-ever issuance of yen-denominated bonds in Japan. Reuters reports that the corporation is considering raising “several hundred billion yen” to fund AI capabilities
In fact, Big Tech is increasingly turning to debt markets to finance its AI expansion. Previously, tech companies primarily relied on accumulated cash reserves, but the current scale of spending has become so massive that even Silicon Valley giants are increasingly turning to debt markets.
In its new study, “Tracking Trillions,” Goldman Sachs forecasts a veritable infrastructure boom surrounding AI.
The bank’s analysts note, among other things:
“Taken together, these components form a base-case scenario that projects approximately $7.6 trillion in capital expenditures between 2026 and 2031.”
In addition, Goldman analysts believe that the AI race is already extending far beyond the AI models themselves. And the key aspects of this global “industry’s” development are now becoming:
- electricity;
- data centers;
- cooling systems;
- chip shortages;
- power grids.
At the same time, it is important to note that the $7.6 trillion figure in the Goldman Sachs study represents not only Big Tech companies’ spending but a total estimate of future global capital investments in the entire AI ecosystem, including energy, infrastructure, and related sectors.
Meanwhile, investors are increasingly asking whether the AI boom is turning into a new “infrastructure bubble.”
Axios, in particular, notes that “the global economy is increasingly dependent on a continuous flow of AI investments.”
Despite the risks, markets are still betting on further growth in the AI sector. And the biggest beneficiaries of the race remain chip manufacturers, data center operators, energy companies, and cloud services. AI infrastructure itself is de facto becoming one of the largest global investment areas of our time.
