Big Tech Hidden AI Commitments Surge to $3 Trillion

Off-balance-sheet commitments among the nine largest US tech firms have climbed to about $3 trillion, according to Kobeissi Letter data. The total includes leases for data centers and power infrastructure that have not yet started, plus purchase commitments for AI-related equipment and services.

That is roughly three times what the companies report on their balance sheets in leases and long-term debt, and compares with about $600 billion in capital expenditures reported over the past year.

Alphabet (GOOGL) recorded an increase of more than 800% year over year in off-balance-sheet obligations, more than seven times its YoY increase in capex. Meta (META) followed with a more than 750% YoY rise, over nine times its capex increase.

The figures underscore how AI infrastructure is fueling one of the largest corporate investment waves in history.