Voya Financial's investment arm has raised concerns about the sustainability of massive borrowing by technology companies to expand data centers for artificial intelligence. The firm warns that demand for AI infrastructure could plateau before companies finish repaying their debts, creating potential financial strain in the sector.

Technology giants have poured billions into building out data center capacity to meet surging AI workloads, fueling a construction boom across the US and Europe. This expansion has been financed through corporate bonds and other debt instruments, with companies betting on continued exponential growth in AI computing needs. However, Voya's analysis suggests this growth trajectory may not be sustainable.

The warning highlights growing anxiety about overcapacity in the AI infrastructure market. If demand growth slows while companies are still servicing debt, it could lead to financial stress for both the tech firms and their lenders. This could have ripple effects throughout the technology and financial sectors.