Alphabet, Microsoft, Amazon, Meta, and Oracle carry combined hidden liabilities eight times higher than previously reported figures.
Five major U.S. technology companies now hold $1.65 trillion in off-balance-sheet debt, a Nikkei analysis shows. The figure reflects obligations not fully disclosed in quarterly financial statements, including operating leases, supply-chain financing, and unconsolidated joint ventures.
The $1.65 trillion estimate represents an eightfold increase over prior disclosures and exceeds the combined market capitalization of several large economies. Analysts note the surge stems from aggressive growth strategies, including cloud infrastructure expansion and acquisitions.
Markets have yet to react significantly, though credit rating agencies may reassess risk profiles in upcoming reviews.