[FLASH] WSJ analysis puts nine big-tech firms at ~$3tn of off-balance-sheet AI commitments vs ~$600bn reported capex
A Wall Street Journal analysis of filings across Alphabet, Amazon, Meta, Microsoft, Oracle, Nvidia, Broadcom, SpaceX and AMD totals roughly $3tn of AI commitments that sit outside the balance sheet: about $1.2tn of unstarted leases and $1.9tn of purchase commitments, against roughly $600bn of reported trailing-twelve-month capex. Named components include Alphabet at $811bn of purchase and contractual commitments as of 30 June, Meta at $347bn of uncommenced leases and Nvidia at $182bn of forward purchase obligations. The figures originate in one WSJ analysis, but the underlying disclosures are public filings, and an independent 08-17 report had already flagged Meta's structure at $420bn.