AI Data Center Debt Tests Big Tech Valuations in 2026
AI data center finance is becoming a capital structure story, not only a chip story. On July 20, 2026, the market had to price two facts at once: tens of billions of dollars are still moving into compute infrastructure, while equity indices are starting to ask harder questions about returns. The simple version was easy: more models meant more GPUs, more data centers, and higher valuations, but the harder version starts when debt, rates, oil, and occupancy risk enter the same spreadsheet.