Just how big is the hidden leverage of AI hyperscalers?

FT flags that Microsoft, Amazon, and Google have racked up huge off-balance-sheet purchase commitments for AI infrastructure. Microsoft's obligations alone exceed $300bn, over 6x its reported debt. These don't hit the balance sheet but lock in future payments. If AI returns disappoint, the hidden leverage hits earnings directly. The post doesn't detail default clauses, but the market is pricing capex without much attention to these commitments.

Why it matters: FT digs into footnotes to surface the hyperscalers' long-term AI compute purchase commitments — Microsoft alone exceeds $300bn, 6x its on-book debt. Off-balance-sheet but must be paid. HKR all hit: the number grabs attention, the data is new, and it feeds AI-bubble anxiety dir...