AI sector's off-balance sheet commitments signal significant future financing needs and potential market instability

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Nine leading technology companies, including Alphabet, Meta, and Microsoft, have disclosed approximately $3 trillion in off-balance sheet commitments, mostly for AI infrastructure, a figure five times their combined capital expenditure over the past year. These hidden liabilities, comprising 'not-yet-commenced leases' and 'purchase commitments,' are not recorded on balance sheets under current accounting standards, leading to concerns about potential market instability and substantial future fin