Big Tech uses guarantees to keep $300B AI debt off balance sheets

Major technology firms have issued up to $300 billion in guarantees to back debt for data centers and AI chips over the past year, while recording only a small portion on their balance sheets, per the Financial Times. This off-balance-sheet exposure raises questions about hidden leverage and financial stability if AI investment falters. The scale and opacity of these commitments could amplify systemic risk in a downturn.