AI spending now shows up in credit documents

Credit documents now carry the AI bill

Three big spenders have each had a piece of the AI buildout land in a credit or debt document in the past few days. We can read them side by side and see what a lender or a credit analyst would want to track.

S&P turns cautious on Meta

The credit agency said the outlook reflects "uncertainty" about Meta's elevated capex and its negative free cash flow, and Meta's credit rating was revised from AA- stable to AA- negative. Meta expects full-year capex of $135 billion to $145 billion, while a Meta spokesperson said the company respectfully disagrees with S&P's assertion about its AI monetization capabilities.

Amazon lines up a secured facility

Amazon's quarterly filing describes a secured loan facility for borrowings at its discretion, from Q1 2027 through Q3 2028, of up to approximately $ 80.0 billion, with interest at variable rates and five-year maturities. Amounts outstanding will be classified as long-term debt, which is the filing's own wording.

Microsoft turns to the bond market

Microsoft announced plans to raise $25 billion in bonds, taking advantage of its healthy credit rating, while management is targeting $170 billion in 2026 capital expenditures. CNBC reports that Amazon and Alphabet have also engaged the bond market to support infrastructure projects this year.

What to watch in the paperwork

For anyone who lends to, rates or advises these companies, the useful habit is to read the filings and agency statements themselves and note which side is speaking in each. Which of these documents will we see more of next quarter?