Nine major U.S. technology companies hold approximately $3 trillion in artificial intelligence-related commitments that do not appear on their balance sheets, according to a Wall Street Journal analysis. This amount represents roughly five times the $600 billion in capital expenditures actually reported by these companies over the past twelve months. The commitments split into two categories: non-started leases valued at $904 billion to $1.2 trillion, and purchase obligations estimated between $1.52 trillion and $1.9 trillion covering long-term agreements for chips, data center construction, and energy procurement. Alphabet leads with $811 billion in purchase and contractual commitments, while Meta carries $347 billion in non-started lease obligations. For investors, these off-balance-sheet commitments may require a significant recalibration of valuations and a reassessment of free cash flow available for shareholder returns.
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