Cloud computing companies, including Oracle (ORCL.N), Microsoft (MSFT.O), and Meta Platforms (META.O), have committed to spending $500 billion on data center leasing over the next few years, a staggering figure that highlights the industry's significant investment in artificial intelligence. Analysis of quarterly earnings reports by institutions shows that as tech giants sign agreements to lease server clusters, these committed expenditures have steadily increased in recent quarters. Oracle has invested the most in data center leasing, having signed leasing agreements worth approximately $150 billion in the three months ending in November, bringing its total committed expenditure to $248 billion. The company is undertaking an unprecedented data center construction project to support the training and deployment of OpenAI's latest models.