Off-balance-sheet AI infrastructure lease commitments create hidden leverage and financing risk that could become a stress point if demand for data-center capacity diverges from expectations.

"Reuters highlighted that the commitments are nearly four times the roughly $285 billion in lease liabilities already recognized by the same companies. The gap matters because off-balance-sheet commitments can become a stress point if operating assumptions weaken, especially if the buildout timing and actual demand for capacity diverge."