S&P Global estimates that large technology companies’ potential liabilities related to artificial intelligence may exceed currently known levels. According to Sina Finance, S&P Global’s chief analyst for the sector said there is no need to adjust the companies’ credit ratings for now.

Mark Habib, S&P Global’s head of digital infrastructure, said the biggest risk to hyperscalers’ ratings is that expected profits may not materialize. He also highlighted interconnected financing structures, in which hyperscalers guarantee large data center construction projects or smaller AI companies.

S&P estimates that Amazon, Microsoft, Alphabet, Oracle, Meta and SpaceX will spend more than $7 trillion on data centers and other AI-related capital expenditures from 2025 to 2030, and remain free-cash-flow negative through at least next year.