By Rich Duprey
Publication Date: 2026-08-17 13:53:00
Quick Read
Nine tech giants carry $3 trillion in off-balance-sheet AI obligations, a figure triple their reported debt and nearly double a July estimate of $1.65 trillion.
Deferred depreciation could exceed $520 billion over three years, pushing Oracle’s revenue share from 7% toward 28% and Meta’s from 9% toward 19%.
Meta hides $27 billion in Hyperion data center debt by making Blue Owl Capital the majority owner while Meta serves only as tenant.
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Every bull market eventually asks investors to squint past a number they’d rather not look at. In 2000, it was cash burn rates at dot-coms with no revenue. In 2008, it was mortgage-backed securities nobody could quite value. Today, it’s the financing behind the AI buildout — and specifically, how much of…
