S&P: Tech giants' AI-related liabilities may be higher than known levels, but ratings unaffected for now.

S&P Global estimates that potential AI-related liabilities at major global technology companies may exceed currently known levels, though its chief analyst covering the sector believes there is no need at present to adjust the credit ratings of the companies involved. Habib, head of digital infrastructure at S&P Global, said the biggest risk to hyperscaler ratings remains that projected profits ultimately fail to materialize. But he also highlighted what he called "interconnected financing structures," in which hyperscalers effectively provide guarantees for large data center construction projects or smaller AI companies. S&P expects the six major U.S. hyperscalersAmazon, Microsoft, Alphabet, Oracle, Meta and SpaceXto spend more than $7 trillion on data centers and other AI-related capital expenditure between 2025 and 2030, while maintaining negative free cash flow at least through next year.