Their recent filings show that they’re planning $100bn/yr in AI expenditures as early as 2027. They’re raising debt, rather than spending from revenues, because they get a better multiplier there.
They’re also acting as a guarantor to lots of infrastructure project - meaning the debt is their responsibility, but not on their books.
If the creditworthiness of any of the hyperscalers slip, even a tiny amount, the tech and banking sectors are in some hot water.
But 100 billion is still on the order of the current profit of each. I suppose with interest, if it's sustained over time it could be a problem though.
I'm sure there will be losers, but I'm not quite sure who.