The combined debt of the seven largest technology companies in the United States, known as the "Seven Giants," has increased to $578 billion by mid-2026. This approximately 45% increase compared to last year has raised concerns about financial risks associated with the rapid expansion of artificial intelligence infrastructure.
Composition of the Seven Tech Giants
The seven tech giants include Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. According to this report, the combined debt of these companies, which was about $399 billion in 2025, is now nearly 1.7 times its level in 2023.
Financial Risks and Market Impact
The report also points to significant off-balance-sheet commitments, including obligations related to acquisitions and investments. This situation arises as companies continue to expand their artificial intelligence infrastructure. The report warns that rising borrowing costs and increasing bond yields may exert pressure on the valuations of these companies.
The use of the "duration of equity" approach in this report indicates that rising yields could lead to a potential decrease in market value of about $1.67 to $2 trillion for these seven companies, while their total market value is estimated to be around $23 trillion.
The report also mentions the anticipated entry of Enterpic into public equity markets, likely around November 12, with a target valuation between $1.5 to $2 trillion. This proposed listing is described as a "sensitive test" for the financial capabilities of the AI boom.
In addition to tech companies, the report examines the impact of rising bond yields on the assets of the U.S. Federal Reserve. Its unrealized losses on Treasury assets have increased by $26.3 billion, rising from $535.3 billion in December 2025 to $561.5 billion in June 2026.
During this period, the yield on the U.S. 10-year Treasury has increased from 4.18% to 4.44%. The report emphasizes that rising yields decrease the prices of existing bonds and reduce the market value of Treasury securities.
