Alphabet now carries $811 billion in purchase commitments, including $707 billion with terms beyond one year, a stunning $475 billion sequential increase. Even Oracle, the smallest of the group, has $260 billion in pending leases and $19 billion of unconditional purchase commitments running five years. As S&P’s Gavan Nolan puts it, “Hyperscalers are the big driver of the investment-grade CDS market right now.” The capex put is smaller than advertised, the exit doors are narrowing, and the CDS market is now quoting the cover charge. *Sources: Chris Bryant, “AI’s Wildest Spenders Are Hitting the Accelerator,” Bloomberg Opinion, July 31, 2026; IFR/market reporting on AI linked credit trading, July 2026.