Major global technology firms have accumulated more than $1.4 trillion in debt to finance massive AI-infrastructure buildouts. Companies such as Microsoft, Amazon, and Alphabet are ramping capital expenditures on GPUs, networking, and data-center facilities. Credit strategists warn that this shift toward capital-intensive operations increases refinancing risks as rates remain elevated. Analysts project that interest-coverage ratios could compress by up to 20% if borrowing costs persist, making corporate debt a growing concern for investors and regulators alike.