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... The largest builders of artificial intelligence data centres have doubled their debt load in the last five years, turning to borrowing to finance an unprecedented spending spree they claim is needed to transform the economy.

Alphabet, Amazon. com, Meta Platforms, Microsoft and Oracle, the five biggest spenders on new data centres in the US, collectively added some $350 billion to their debt obligations in the last five years, according to data compiled by Bloomberg.

They're betting heavily that cutting-edge AI services will mean a flood of new revenue down the line. Investors have enthusiastically backed the companies, snapping up new bonds issued in a variety of currencies. But buyers gave an unusually chilly reception this week to a $25 billion issuance from Amazon, people familiar with the matter told Bloomberg, a sign that there's a limit to the amount of money available to back investment from the tech giants. ...

The question that lingers in the air, much like an unclaimed air biscuit, is...

Where is the revenue to substantiate that level of debt increase?