The authors of the study emphasize that companies are signing contracts worth hundreds of billions of dollars, yet are unable to fulfill them using their own financial resources.
The study notes that "financing operates in a closed loop: the chip manufacturer invests in its client, who then uses these funds to purchase chips, while cloud providers take out loans secured by equipment that may become obsolete before these loans are repaid."
- The total amount of OpenAI's obligations to seven counterparties, including Broadcom ($350 billion), Oracle ($300 billion), Microsoft ($250 billion), Nvidia ($100 billion), AMD ($90 billion), Amazon AWS ($38 billion), and CoreWeave ($22 billion), has reached $1.15 trillion, which is comparable to the net debt of the six largest corporate borrowers in the world.
- According to calculations by Barclays analysts, the total capital expenditures of the five leading tech companies, such as Meta, Alphabet, Amazon, Microsoft, and Oracle, will amount to approximately $390 billion in 2025, $540 billion in 2026, and $615 billion in 2027.
It is projected that the total volume of investments over three years will grow to $1.55 trillion, accounting for 17% of all capital expenditures by American companies in 2021.
Calculations by Morgan Stanley suggest that global spending on data centers will reach nearly $3 trillion by 2029, while capital investments from major tech companies will total only $1.4 trillion. This, according to economists, will necessitate attracting external financing from investors and developers in the amount of approximately $1.5 trillion.
