Analysis: Top Tech Firms' Off-Balance-Sheet AI Commitments Reach ~$3T

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A Wall Street Journal analysis finds that nine top tech companies, including Alphabet and Meta, had approximately $3 trillion in AI-related off-balance-sheet commitments as of mid-2026, far exceeding their reported capital expenditures of $600 billion. These commitments, primarily for data-center leases and chip purchases, are not reflected on corporate balance sheets, highlighting the scale of AI infrastructure spending.

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Analysis: nine top tech companies including Alphabet and Meta had ~$3T of AI-related off-balance-sheet commitments, far exceeding their $600B in reported capex (Wall Street Journal)
Wall Street Journal : Analysis: nine top tech companies including Alphabet and Meta had ~$3T of AI-related off-balance-sheet commitments, far exceeding their $600B in reported capex — Massive spending commitments for data-center leases and chips aren't shown on companies' balance sheets