$300B of AI Debt Sits in the Footnotes
The FT says Alphabet, Amazon, Meta, Microsoft and Oracle are funding the buildout through corporate guarantees and off-balance-sheet vehicles: Google's data-centre guarantee ran from $16.9bn to $43.8bn in six months while only $815m of it was booked as a probable loss. A separate Journal analysis puts sector-wide off-balance-sheet commitments near $3tn, roughly five times last year's reported capex.