Major technology companies including Meta, SpaceX, Amazon, and Nvidia are raising tens of billions of dollars in both equity and debt to fund AI investments, but signs of strain are emerging. Meta's recent capital raises came at pricing that suggested greater investor fear than previous rounds, and the company has acknowledged internal concerns that its AI investments are not progressing as expected. The article argues that the market is entering a late euphoria phase similar to the dot-com bubble, with rising profit-taking and mounting investor concerns about whether the heavy AI spending has outpaced actual returns.
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Meta announced it would lease excess AI capacity it built, then raised $25 billion（約4兆円） for AI spending after raising $30 billion（約4.8兆円） in late 2025. SpaceX raised $75 billion（約12兆円） in an IPO and another $25 billion（約4兆円） via bond sale. Amazon is raising $25 billion（約4兆円） via debt sale and told underwriters it would not seek additional debt financing in 2026. Nvidia issued $25 billion（約4兆円） in bonds and has been offering revenue-sharing arrangements with AI companies and investing in other AI companies.
Why it matters
The scale and speed of debt-fueled AI spending across major tech firms is beginning to show signs of strain. Meta held internal conversations about its AI investments not progressing as hoped, according to Reuters. Pricing around Meta's recent $25 billion（約4兆円） capital raise suggested investors are more fearful than during the $30 billion（約4.8兆円） raise in late 2025. SpaceX is losing money, with heavy spending in its AI division cited as part of the problem. These patterns may signal that the AI boom is entering a phase where investors are starting to demand results, creating risk if spending was not productive.
What to watch
The timing of when profit-taking could tip into panic selling. Bubbles follow a predictable path—displacement, boom, euphoria, profit-taking, and panic. The market is likely late in the euphoria phase, with rising investor concerns now triggering periods of profit-taking. If profit-taking gains speed, investors could dump anything related to AI. A severe downturn could resemble the dot-com bubble, which took the Nasdaq down by nearly 80% before selling subsided.
The article presents a convergence of debt-driven spending across four major technology companies—Meta, SpaceX, Amazon, and Nvidia—each raising tens of billions of dollars, as a warning sign that the AI investment boom may be approaching a reckoning. What ties these announcements together is not just the scale of capital raises, but the signals of strain beneath the surface. Meta's pivot to leasing unused AI capacity, while pitched to investors as a new profit avenue, also suggests the company built more infrastructure than it currently needs. The pricing conditions on Meta's recent $25 billion（約4兆円） raise—which investors perceived as more fearful than the $30 billion（約4.8兆円） raise in late 2025—indicate shifting confidence. SpaceX's combination of an IPO and immediate follow-on bond sale, coupled with acknowledged losses and heavy AI spending, raised red flags about concentration risk for investors.
Nvidia's situation reveals a more opaque form of risk expansion. Rather than straightforward debt issuance, the company is deploying revenue-sharing deals with AI customers and making multi-billion-dollar investments in other AI firms. The article notes these arrangements help support short-term chip demand but offer a cloudy outlook on actual revenue, and that write-offs could become necessary if the investments do not work out. Across all four companies, the underlying pattern is one of aggressive, overlapping capital raising designed to fuel spending that may ultimately exceed genuine demand.
The article frames this moment through the lens of classic bubble dynamics—displacement, boom, euphoria, profit-taking, and panic. It asserts that the market is now late in the euphoria phase, evidenced by rising investor concerns that AI spending has gotten ahead of itself. The shift toward profit-taking is already visible, and if that accelerates, the article warns, panic selling of AI-related assets could follow. While the timing of such a reversal cannot be predicted, the article concludes that the end is getting closer, not further away, and the risk is that it does not deflate gradually as investors would prefer.
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