Reneging an internship offer after company spent money on me

I got an offer at a midsized cybersecurity firm a few weeks ago and accepted it, because it was my only offer at the time. I’ve already completed the background check and have filled out forms with de

I got an offer at a midsized cybersecurity firm a few weeks ago and accepted it, because it was my only offer at the time. I’ve already completed the background check and have filled out forms with details regarding flights, accommodation, etc. Also, the company was very adamant with the number of interns they hired (12), and so I’m worried that me reneging would cause some fairly large consequences for the company. They’ve also been so kind and helpful to me and the internship starts in a month. But I just received an offer to intern at FAANG for a higher salary, in a better location, with better benefits. Is it morally wrong to renege on my previous offer? And will it come back to bite me?