AI’s Trillion-Dollar Buildout Is Becoming a Credit Story

Van Lanschot Kempen examines whether the economics of AI can justify an infrastructure investment cycle approaching $1.1 trillion by 2027. 

• Power is emerging as the key constraint, with data centres potentially consuming 9–17% of U.S. electricity demand by 2030.
• Capital intensity has surged, with combined hyperscaler capex rising from roughly 12% of revenue in 2023 to 38% in 2026. 
• The investment case increasingly depends on cash-flow conversion: Oracle faces the greatest pressure, while Microsoft and Alphabet retain stronger balance-sheet capacity. 

Read the full analysis for the credit-market implications of AI’s unprecedented capital cycle.