The $3 Trillion That Isn't On the Balance Sheet: Where the AI Buildout's Hidden Leverage Sits, and How It Would Unravel
Big Tech has parked ~$300bn of AI infrastructure exposure off its balance sheet in under a year — the visible edge of ~$3.1tn in commitments, concentrated on a few AI tenants, chipmakers and private-credit funds. Who holds it, how a crisis unfolds, who absorbs the loss.