A Nikkei analysis of financial footnotes at Alphabet, Microsoft, Amazon, Meta, and Oracle found $1.65 trillion in off-balance-sheet obligations tied to AI infrastructure — binding, must-pay commitments parked in the fine print.

...a company creates or partners with a separate legal entity — a special-purpose vehicle (SPV) — that borrows the money and owns the assets. The tech company signs long-term leases or capacity contracts but doesn't record the SPV's debt on its own books.