The Reuters news agency has published a detailed analysis of the financial statements of the five largest technology corporations. The researchers examined the future lease obligations of Microsoft, Meta, Oracle, Amazon, and Alphabet. The total volume of contracted payments has reached one trillion ninety billion dollars. A significant part of the contracts relate to specialized data centers for the development of artificial intelligence infrastructure. The already recognized liabilities of the five corporations amount to approximately two hundred and eighty-five billion dollars. These amounts are not yet fully reflected in the official balance sheets of the organizations. The journalists stressed the impossibility of directly adding a trillion to the total corporate debt. These payments are distributed over several years without the use of a discounting procedure. The indicator clearly demonstrates the scale of the already contracted AI infrastructure.

Microsoft has revealed the largest portfolio of future lease payments of $329.1 billion. The recognized liabilities of this corporation amount to only 88.52 billion dollars. Meta has indicated future payments of $278.99 billion. The corporation additionally signed sixty-eight billion data center contracts in July. Alphabet has disclosed $85.2 billion in future lease obligations. Amazon reported a figure of $137.21 billion for the reporting period. Reuters named Oracle as the most vulnerable company with liabilities of 260 billion dollars. This figure is almost seven times higher than the already recognized 37.89 billion. S&P Global Ratings downgraded Oracle's credit rating to BBB-. Analysts have taken into account future lease obligations when forecasting adjusted debt. About half of Oracle's remaining commitments come from OpenAI's only major customer.

The increase in total liabilities has significantly intensified the industry discussion about potential credit risks. Technology companies are building data centers to meet the expected future demand for computing. A significant part of the financial obligations will become effective only in a few years. Arthur Hayes, co-founder of the BitMEX exchange, compared the infrastructure boom in detail with the credit cycle of 2008. The investor noted the similarity of construction costs with debt financing of commercial real estate. Alphabet Corporation recorded negative free cash flow of minus 5.9 billion dollars. This happened for the first time in the entire public history of this technology company. At the same time, Alphabet's revenue grew steadily by twenty-four percent. Analysts at the Bank for International Settlements had previously warned about the macro-financial risks of the investment boom. Industry observers continue to carefully study the published corporate reports.