On August 28, Moody's rating analysts pointed out that large-scale artificial intelligence investments may affect the credit metrics of US hyperscale cloud service providers, but strong capital reserves can alleviate the pressure. It is expected that from 2026 to 2027, as the growth rate of capital expenditures exceeds that of cash flow from operating activities, the free cash flow of these service providers will decline. Meanwhile, increased bond issuances by companies such as Meta, Alphabet, and Oracle will further exacerbate leverage pressure. However, these service providers possess substantial cash reserves, coupled with growth in revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA), enabling them to withstand 12 to 24 months of high capital expenditures without significantly impairing their credit quality.