Amazon, Microsoft, Alphabet's Google, Meta and Oracle have amassed roughly $2.8 trillion in off-balance-sheet commitments as the race to secure AI data centers, chips and power capacity accelerates. The figure, attributed to Moody's Ratings in a Sept. 2026 review of data-center financing, covers future leases, purchase agreements and guarantees that do not yet appear as conventional balance-sheet debt but can still lock companies into years of infrastructure spending.
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