Industry experts said American tech companies are betting on AI infrastructures. If demand for AI computing continues to surge, the facilities will underpin the next phase of cloud growth. If it does not, the companies could be left paying for vast amounts of costly, long-lived capacity that is difficult to shed.
Microsoft had the largest future lease commitments, at 329 billion USD, followed by Meta at nearly 279 billion USD. Oracle has the largest apparent concentration risk. It disclosed 260 billion USD of uncommenced commitments. Its commitments are substantially for data centers, expected to begin between fiscal 2027 and fiscal 2029.
Analysts said the scale of these commitments means the race for AI infrastructure among major US tech firms has entered a new phase, with increasingly longer term investments aimed at meeting AI demand in the years ahead.
