I don't think Microsoft has a lot of corporate debt relative to its profits etc., and Google has even less.

I'm sure there will be losers, but I'm not quite sure who.

Their recent filings show that they’re planning $100bn/yr in AI expenditures as early as 2027. They’re raising debt, rather than spending from revenues, because they get a better multiplier there.

They’re also acting as a guarantor to lots of infrastructure project - meaning the debt is their responsibility, but not on their books.

If the creditworthiness of any of the hyperscalers slip, even a tiny amount, the tech and banking sectors are in some hot water.