U.S. tech giants like Meta Platforms Inc. (NASDAQ:META), Amazon.com Inc. (NASDAQ:AMZN), Microsoft Corp. (NYSE:MSFT) and Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG) have plowed hundreds of billions into artificial intelligence over the past two years, initially using their hefty cash piles, but Goldman Sachs says that cushion is wearing thin, and debt is quickly becoming the next funding source.

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In a note shared Friday, Goldman analysts led by Lotfi Karoui said the liquidity positions of major tech companies are now "approaching normalcy," and that there's a "noticeable shift towards debt financing" to support surging capital expenditures in AI.

That shift is showing up across credit markets: $141 billion in corporate debt has already been issued in 2025 by companies in Goldman's AI equity basket, surpassing the $127 billion raised in all of 2024.

Of this year's total, $86 billion came from tech issuers, while utilities, key players in powering AI infrastructure, contributed another $51 billion.

What's Driving The Shift From Cash To ...