📉 Five tech giants’ hidden AI liabilities reach $1.65 trillion

Alphabet, Microsoft, Amazon, Meta, and Oracle’s off-balance-sheet AI debt grew 8x over four years, already exceeding $1.35 trillion in on-balance-sheet liabilities. Moody’s data shows that data center lease commitments alone total $662 billion, accounting for 113% of adjusted debt, including more than $500 billion that will be gradually moved into formal financial statements.
These debts stem from long-term leases and procurement contracts. Accounting standards allow them to be kept off the books for now, but future payment obligations are rigid. The five companies’ AI capital expenditures are still accelerating: Alphabet at $85 billion, Microsoft at $34.9 billion in a single quarter, Amazon plans to invest about $200 billion in 2026, while Meta and Oracle are also at the $60 billion and $90 billion levels, respectively.
The market has begun to ask: Can AI revenue growth keep up with these commitments? If not, cash-flow flexibility will face pressure. At the same time, “shadow lending” and cyclical investing (tech companies issue bonds → buy Nvidia GPUs → Nvidia repurchases stock) may amplify bullish expectations.
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