Big Tech debt up nearly 45% to $578 billion; SBI Research flags up to $2 trillion risk

SBI Research says the combined debt of the seven largest US tech companies rose nearly 45 per cent to $578 billion by mid-2026. The group is Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. The report was covered by Asianet Newsable, The Economic Times and The Hindu BusinessLine. Debt was about $399 billion in 2025, and the report says it is now nearly 1.7 times the 2023 level. The report also points to large off-balance-sheet commitments, including purchase and investment obligations.

The worry is interest rates. The US 10-year Treasury yield moved up to 4.44 per cent from 4.18 per cent. The SBI Research report says: "Higher borrowing costs and rising Treasury yields could put pressure on their valuations by increasing the discount rate applied to future earnings". Using an equity duration approach, it estimates a possible fall of $1.67-2 trillion on a combined market value of about $23 trillion.

The report also looks at Anthropic. It says the company is likely to enter public equity markets on or about November 12, aiming for a valuation of $1.5-2 trillion. SBI Research calls this a "high-stakes litmus test". A listing would let public investors judge whether rising enterprise revenues can justify heavy infrastructure and computing costs.

On the US central bank, unrealised losses on Fed Treasury holdings rose by $26.3 billion, from $535.3 billion in December 2025 to $561.5 billion in June 2026. The report notes that the drop in Fed total assets mostly came from securities runoff under quantitative tightening. It was not an automatic write-down caused by yields.