Tech Giants Debt-Fueled AI Infrastructure Race Sparks Bubble Concerns

Tech giants like Meta, Microsoft, Amazon, and Google spent $112 billion on AI infrastructure in Q3 2025, up 77% year-over-year. Regulators warn of a possible AI bubble as returns lag. A $18 billion loan led by major banks funds Oracle and OpenAI’s Stargate project. With only 3% of consumers paying for AI services, circular financing raises sustainability and market stability concerns.