A growing burden off the balance sheet
According to Nikkei, the debt US tech giants use to finance AI investments and keep off their balance sheets rose 90% in just six months to $3.2 trillion. Such obligations cover commitments that do not appear directly in companies' publicly reported financials.
Why it matters
Massive spending on data centers, chips and computing capacity is increasingly funded through complex financing structures. The rapid growth of this debt reinforces concerns that the true cost of AI investment may be higher than it appears.
Market reverberations
The report comes as investors grow more uneasy about the AI sector's financial picture. In recent weeks, companies such as Alphabet and Oracle have turned to bond and share sales, showing that investment appetite and borrowing needs are rising together.
What it means
Analysts warn that the scale of hidden debt makes it harder to assess companies' risk profiles. As the AI race continues, how much of the financing is visible and how much is hidden will be one of the most debated questions of the coming period.
