Amazon has secured a $17.5 billion loan from a consortium of major financial institutions, including Citigroup, JPMorgan Chase, Wells Fargo, HSBC, and BofA Securities, according to Bloomberg. The deal is structured as a delayed draw term loan, which gives Amazon flexibility to access the funds on its own schedule rather than taking the full amount at once. The borrowing comes just two days after the company raised $14 billion through a Canadian bond sale, bringing its total new debt to roughly $31.5 billion in less than 48 hours. Amazon has not specified exactly how the money will be used, though Reuters reports the loan is earmarked for "general corporate purposes," a phrase that typically includes everything from operations to capital expenditures. The massive financing effort is part of a broader trend of tech giants going deep into debt to fund the infrastructure required for artificial intelligence development, including costly chips and data centers. The scale of borrowing across the industry has reached historic levels, raising questions among investors and analysts about whether the returns will ever justify the enormous spending. Alphabet, Google's parent company, recently announced plans to raise $80 billion through a stock sale to help fund its AI investments while maintaining a healthy balance sheet. Meta has also disclosed plans for a $30 billion bond sale, which would be its largest ever. Companies are increasingly turning to debt markets to keep pace in what has become an AI arms race, with capital expenditures across the sector reaching unprecedented heights. Even by Silicon Valley's aggressive standards, the volume of borrowing stands out, as firms race to build out the compute capacity needed to train and deploy next-generation AI models. Whether this flood of investment translates into proportional business returns remains the central question hanging over Big Tech's current spending spree.