Wall Street is paying top dollar to buy insurance against tech giants like Meta and Alphabet defaulting on their debt, in a sign that AI spending is seriously worrying the bond market. The five main data center operators— Alphabet Amazon.com Meta Platforms Microsoft and Oracle —are spending huge sums on the artificial intelligence buildout. For 2026, the aggregate free cash flow of the five hyperscalers is estimated to fall to negative $2.8 billion, from $187 billion in 2025.