A separate Nikkei Asia report from July 2026 pegged the combined hidden obligations of five major tech giants at $1.65 trillion. That figure, which includes both leases and purchase commitments, exceeded their disclosed on-balance-sheet debt of roughly $1.35 trillion. AdvertisementMicrosoft announced a roughly $100 billion AI Infrastructure Partnership structured as a special purpose vehicle in 2024, utilizing dedicated debt facilities. Where the money comes fromGlobal AI data center capital expenditure is projected to exceed $3 trillion over the next several years. If Moody’s or its peers start adjusting their treatment of off-balance sheet obligations for hyperscalers, it could trigger a cascade of re-evaluations across the sector.