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One can scarcely open a newspaper or website these days without coming across a piece on the big cloud companies, not to mention AI.

One reason for all the press is the furious rate of expansion. Last year saw Amazon, Meta, Microsoft, Alphabet and Oracle issue around $120bn in new debt to finance their datacentre buildouts. UBS estimates that there could be as much as $240bn this year. These five companies also say they will spend over $650bn on capex this year, doubling their 2025 spend. Amazon alone will spend $200bn.