Major tech players are gearing up for unprecedented infrastructure spending next year. Word on the street? Google, Meta, Oracle, and Amazon could collectively drop $600 billion on data centers throughout 2026.

Here's the catch: their operating profits won't cover this massive buildout. Not even close.

So what's the plan? Debt financing. Lots of it. But here's where things get interesting—and potentially messy. When these giants pile on leverage to fund their AI and cloud ambitions, they're not just taking on their own risk. They're creating interconnected financial exposure across the entire tech sector.

Think about it: if one domino wobbles, the ripple effects could spread fast. We're talking about systemic contagion risk that extends far beyond individual balance sheets. The same institutions lending to one are probably lending to all of them.

Big bets on infrastructure? Sure. But the funding math is getting increasingly complex.