AI Credit: Off to the Races—AI Infrastructure Commitments Are Reshaping the Credit Profiles of the AI-7 Companies

The rapid expansion of artificial intelligence (AI) infrastructure has triggered an unprecedented investment cycle spanning semiconductors, compute capacity, networking, cloud infrastructure, data centers, and enterprise and consumer applications. Capex across the AI-7 companies—modern AI infrastructure leaders including Meta, Amazon, Alphabet, Microsoft, NVIDIA, Broadcom, and Oracle—increased to $574 billion through June 2026 from approximately $243 billion at the end of 2024, representing an increase of about 2.4x. Spending is highly concentrated, with Amazon, Alphabet, Microsoft, and Meta accounting for around 89% of the total.

However, KBRA believes an increasingly important credit consideration is the significant growth in off-balance sheet commitments being used to secure future AI infrastructure capacity, which extends well beyond current capex and funded debt. These companies are entering substantial long-term leases that have yet to commence, purchase and construction…