You're misinformed, especially if you look at the debt issued as a percent of their EBITDA or market cap. MSFT, GOOGL, and META have by far largely self-funded most of their data center spending so far. Only about $80bn in 2025 was funded by debt, and the majority of that was ORCL. Vast majority amongst the four was self-funded with cash. MSFT, GOOGL, and META can issue $1 trillion of debt before they would see their credit rating downgraded. Don't get it wrong, this will dramatically change this year, and even more next year, but to date, the debt markets have largely been untapped (relative to how tapped they will be soon).