Alphabet, Microsoft, Amazon, Meta, and Oracle have $1.65 trillion in debt that doesn't appear on their balance sheets, more than the $1.35 trillion they officially report. These are GPU contracts, dat...
BIS already flagged as "shadow borrowing" back in March. These companies owe more off their balance sheets than on them, and the accounting rules let them keep it that way until the data centers go live. That's legal, but it means investors looking at quarterly earnings this week are seeing less than half the picture.