According to Bloomberg, Amazon recently signed agreements with several financial institutions including Citigroup, JPMorgan Chase, Wells Fargo, HSBC, and Bank of America Securities to secure approximately $17.5 billion in bank loans. The loan utilizes an "incremental term loan" structure, allowing Amazon to flexibly schedule drawdowns based on its own funding needs rather than utilizing the full amount at once. This move follows Amazon's announcement two days prior of issuing $14 billion in Canadian bonds. Within just 48 hours, Amazon’s cumulative new financing had approached $31.5 billion. Although Amazon stated that the proceeds would be used for “general corporate purposes,” given the current frenzy in AI infrastructure investment, market participants widely associate this borrowing with massive expenditures on computing power and data center construction. Amazon is not alone. To maintain its lead in the AI arms race, Silicon Valley tech giants unprecedentedly increasing leverage by raising huge sums through bond issuances and equity offerings. Alphabet, Google’s parent company, plans to raise $80 billion via stock issuance, while Meta announced it will issue $30 billion in bonds, setting a historical record for the firm. However, as capital expenditure in the tech sector continues to surge to historic highs, skepticism among investors and analysts has grown increasingly vocal: Will these astronomical investments yield commensurate commercial returns? With the commercialization of AI applications yet to be fully proven, whether aggressive expansion can sustain healthy balance sheets has become a focal point for the market.