Nine tech giants have accumulated approximately $3.1 trillion in off-balance sheet financial commitments, nearly all tied to artificial intelligence infrastructure, representing a $1.3 trillion increase in just three months. These obligations break down into $1.2 trillion in uncommenced leases and $1.9 trillion in purchase obligations for chips, equipment, and other components. Alphabet exemplifies this acceleration, with its purchase commitments rising from $332 billion to $811 billion between end of March and end of June, a 152% increase in a single quarter. The total amount exceeds five times the combined annual capital expenditure of these nine companies and surpasses the GDP of the United Kingdom.
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