US Tech Giants Hidden Debts AI Funding: $1.65T Shadow Borrowing Crisis
The $1.65 Trillion Blind Spot — Hidden Debt at Five US Tech Giants Five of America’s largest technology companies — Alphabet, Microsoft, Amazon, Meta, and Oracle — have accumulated approximately $1.65 trillion in off-balance-sheet debt over the past four years, according to a Nikkei Asia study. This hidden borrowing, which the Bank for International Settlements (BIS) calls “shadow borrowing,” now exceeds the companies’ combined on-balance-sheet debt of roughly $1.35 trillion, meaning investors analyzing standard debt-to-equity ratios are missing more than half of the actual liabilities tied to the AI infrastructure buildout. ...