Google Piles On Off-Balance-Sheet Risk to Fuel Its AI Chip Push

Wall Street has spent the past two years obsessing over the hundreds of billions of dollars Big Tech is pouring into artificial intelligence. But an even bigger story may be unfolding off the balance sheet.

A recent Nikkei investigation found that the four largest hyperscale cloud providers have quietly accumulated roughly $1.65 trillion in off-balance-sheet obligations tied largely to data centers, power infrastructure, and long-term lease commitments. These aren't traditional loans investors see on a balance sheet. Instead, they're contractual guarantees and lease obligations designed to accelerate AI expansion while keeping reported debt lower than it otherwise would be.