India, July 19 -- The AI buildout has crossed from a story about model quality to a story about balance sheets. In 2026 the five largest U.S. spenders, Alphabet, Amazon, Meta, Microsoft and Oracle, will commit north of $800 billion to AI infrastructure, and Morgan Stanley projects the figure passes $1.2 trillion in 2027. Gartner, taking the widest lens, puts total worldwide AI spending at $2.59 trillion this year, a 47% jump, with "AI infrastructure" (optimized servers, network fabric, accelerators) alone at $1.43 trillion, more than 45% of the total. For scale, the entire U.S. defense budget request for 2027 is $961 billion. The question is no longer whether the computer gets built. It is how the cash flows, where the risk sits, and whic...