The economy “has enjoyed a massive boost” from the five so-called A.I. hyperscalers — Alphabet, Amazon, Meta, Microsoft and Oracle — spending their enormous stockpiles of cash to develop A.I. infrastructure, said Matt King, founder of Satori Insights, a market research firm. But that has changed, he said. “Now that the hyperscalers are having to borrow, further capital expenditure is no longer ‘free,’” Mr. King said, meaning there is not only a cost to the company in the form of interest but also a broader cost to the economy. “Real yields are rising, raising costs for the rest of the economy,” he added. From 2020 to 2024, the five hyperscalers collectively issued an average of less than $30 billion in debt every year, according to data from Refinitiv. In 2025, that amount rose above $100 billion. So far this year, it has already topped $200 billion. Microsoft is the only one of the hyperscalers not to have raised money in the bond market over the past year.