Five US tech giants' hidden debts hit $1.65T, fueled by opaque AI infrastructure funding

Five US tech giants' hidden debts soar to $1.65T on opaque AI funding

Amazon, Microsoft, Alphabet, Meta, and Apple now carry $1.65 trillion in off-balance-sheet lease liabilities, nearly five times the 2018 figure. Most of it funds data centers, servers, and networking gear for the AI race. Nikkei estimates roughly 60% is tied directly to AI infrastructure, based on company filings and CapEx data. These long-term lease commitments sit outside core balance-sheet debt, making it hard for investors to see the real leverage. If AI returns disappoint, the hidden debt turns into real financial strain.

Why it matters: Nikkei quantifies the hidden cost of the AI arms race with a specific $1.65T figure and a 60%-to-compute estimate. Held below 85 because it's a financial aggregation piece rather than a product or model launch, but the number is too concrete to ignore.