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Moody’s warns that an AI investment frenzy could hit the financial resilience of tech giants; free cash flow at companies including Microsoft and Oracle is under pressure

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Golden Finance reported that on July 25, as global tech giants race to expand investment in artificial intelligence infrastructure, Moody’s Ratings warned that the AI investment boom is eroding the free cash flow of large cloud computing service providers and increasing the risk of balance sheets. In the future, investors will pay closer attention to whether these companies can generate enough returns from their massive AI spending. In a research report released this week, Moody’s said six technology firms, including Microsoft (MSFT.US), Amazon (AMZN.US), Google’s parent company Alphabet (GOOGL.US), Meta (META.US), Oracle (ORCL.US), and CoreWeave (CRWV.US), are shifting from a “light-asset” business model that previously relied on software, intellectual property, and cloud services to a “heavy-asset” model that requires large-scale construction of infrastructure such as data centers.
Moody’s said this shift calls for unprecedented capital investment and financing scale, and may weaken the companies’ credit quality. The agency expects that AI infrastructure investment will continue to rise. The six companies’ capital expenditures will reach about $785B in 2026, and in 2027 will move closer to $1 trillion. The report noted that compared with traditional software businesses, generative AI requires substantial hardware investment such as data centers, GPU servers, and high-performance chips, resulting in a fundamental change to the development path the tech industry has long followed—maintaining high profit margins and a solid balance sheet by relying on the light-asset model.
MCO-0.20%
MSFT0.06%
ORCL-4.20%
AMZN-0.64%
GOOGL0.62%
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