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Earnings season has seen endless spending commitments from tech companies as they scramble to build out data center capacity amid the AI boom.

Hyperscalers, including the likes of Amazon, Microsoft, Meta and Alphabet, announced capital expenditure could hit $700 billion on AI this year — that’s more than the GDP of countries like the United Arab Emirates, Singapore and Israel.

Investors have been jittery. Shares plunged last week as more than $1 trillion was wiped from the market caps of Big Tech companies amid concerns over the scale of AI spending and questions over returns.

While there’s been something of a recovery this week, uncertainty over astronomic AI spending continues to make folk nervous.

“2026 is a 60% aggregate increase in committed capex on the prior year,” said Michael Field, chief equity strategist at Morningstar.

“At a certain point this bet becomes binary: either demand and monetization follows and pays off the spend, or it doesn’t and the businesses fail,” he added. “Investors were comfortable when it was a side bet, but when the whole business is at risk, they are much less comfortable.”

The level of capex from hyperscalers this year will consume almost 100% of cash flow from operations compared with a 10-year average of 40%, according to a note from UBS this week.

The capex isn’t as much of a worry as where the money came from, Bob Savage, head of markets macro strategy at BNY, told me.

“If this increases the net borrowing of mega-caps it takes away from equity holdings,” he said. “Investors are happy to buy debt, as shown by Oracle, but the issue is that it’s reducing free cash flow and puts balance sheets at risk for some.”

Earlier this month Oracle announced plans to raise $45 billion-$50 billion in the 2026 calendar year and Alphabet is planning to raise $20 billion from a U.S. dollar bond sale, people familiar with the matter told CNBC on Monday.

To justify a case for martial law, former President Yoon Suk Yeol tried to provoke neighboring North Korea into taking military action, South Korean prosecutors alleged Monday, according to domestic media.

Speaking to reporters, special counsel Cho Eun-suk said that Yoon and his military commanders tried to lure North Korea into mounting an armed aggression against the South, but this failed as Pyongyang did not resort to military force.

Cho and his team have indicted 24 people, including Yoon and five cabinet members, on insurrection charges following a six-month investigation.

Earlier this month, South Korean President Lee Jae Myung had said on the 1-year anniversary of Yoon’s short-lived martial law declaration that North Korea sending of trash balloons over to South Korea might have been provoked by Seoul’s actions, although he did not elaborate at that time.

Lee had also vowed “strict accountability” for the perpetrators behind the failed martial law attempt, with investigations and trials still underway.

In July, Reuters reported that the special counsel had sought to detain the head of a military drone unit, over accusations that Yoon had ordered a covert drone operation into North Korea to raise tensions between the two countries.

Cho also said that Yoon had masterminded a plan in October 2023 to suspend the powers of South Korea’s parliament and replace it with an emergency legislative body.

South Korean media outlet Yonhap also reported that Yoon also sought to portray the April 2024 general election results, lost by his ruling party, as electoral fraud led by anti-state forces.

The 2024 election saw the then-opposition Democratic Party, led by Lee, hold on to its majority in the National Assembly.

After being removed from office in April, Yoon has been charged with insurrection, which carries the maximum penalty of death.

South Korean prosecutors have also reportedly sought a 15-year prison term for former Prime Minister Han Duck-soo. Other senior officials, including Yoon’s defense minister and the former head of the National Intelligence Service, have also been arrested in connection with the attempt to impose military rule.

On Dec. 3 last year, Yoon had abruptly declared martial law in a late night address, before lawmakers — including members of Yoon’s own party — rushed to overturn his order. Yoon withdrew his decree six hours after his announcement.

Imposing martial law led to impeachment motions against Yoon, which resulted in him being impeached on Dec. 14 last year and removal from office on April 4.