Nine major tech companies have $3 trillion in off-balance-sheet AI commitments
The scale of off-balance-sheet AI commitments adds a layer of hidden leverage that traditional valuation metrics may be understating.
These commitments are mostly tied to AI infrastructure and dwarf the roughly $600 billion in traditional capex these companies reported over the past year.
Uncommenced lease obligations totalled $1.2 trillion, roughly four times higher than a year earlier, while chip and hardware purchase commitments stood at $1.9 trillion