There is a bit of nuance to the cashflow. That $100 bn cashflow was used for something else before AI: mostly share repurchases and M&A. Now it's being redirected to capex. That removes some of the support for the stock prices; there's no longer a multibillion dollar bid every year for GOOG / META / MSFT etc. stocks.
But you're right that this shouldn't affect lenders, unless we see a lot more borrowing (which is coming, BTW: ORCL and GOOG just issued $10+ bn debt each for AI data centers).
But you're right that this shouldn't affect lenders, unless we see a lot more borrowing (which is coming, BTW: ORCL and GOOG just issued $10+ bn debt each for AI data centers).