AI is fueling a boom in data centers, and the world’s biggest hyperscalers are pouring billions into building up their capacity. 

But risks of an AI bubble and circular deals involving companies like OpenAI and Microsoft are worrying investors.

Learn more about data center growth in 2026 and other sector outlooks: moodys.com/outlooks

Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings 

Guests: John Medina, Senior Vice President, Moody's Ratings; Raj Joshi, Senior Vice President, Moody’s Ratings

Related Research: 

• Artificial Intelligence – Global - 2026 Outlook - Risks are rising in a shifting AI landscape 08 Dec 2025
• Artificial Intelligence - Global - OpenAI's huge footprint is a risk for the AI value chain 05 Dec 2025
• Data Centers – US - Broadening array of financing approaches attract new capital as data centers scale up 03 Dec 2025

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