Big Tech AI spending tops oil investment

Spending by major technology firms on artificial intelligence infrastructure has exceeded global investment in oil and gas production, marking a major shift in capital allocation.

Combined capex from leading tech companies surpassed $400 billion in 2025, with projections from the International Energy Agency indicating further growth of up to 75% in 2026.

The surge is driven by rapid demand expansion, with AI providers reporting a threefold increase in users and a fivefold rise in revenue over the past year.

However, the scale of investment is stretching corporate balance sheets, pushing companies to rely more on capital markets to fund data centre expansion.

AI-related debt has now reached $1.4 trillion, becoming the largest segment within US investment-grade credit markets.

The influence of AI is also reshaping equity markets, with AI-linked companies accounting for around 45% of the S&P 500 market capitalisation.

The data suggests AI has evolved beyond a technology trend into a dominant force shaping global investment flows, energy demand, and financial markets.