Big Tech's off-balance-sheet AI commitments reach $3.2 trillion

Nikkei reported that off-balance-sheet AI commitments at Alphabet, Amazon, Meta, Microsoft and Oracle totaled $3.2 trillion at the end of September, up 90% in six months. Long-term purchase agreements account for about 60%, and leases that have not yet started make up about 40%.

Alphabet was reported at $1.05 trillion and Meta at $810 billion. Goldman Sachs reached a similar total in its own estimate.

Why it matters

These obligations don't appear on balance sheets as debt, but they do commit the companies to future spending. The figures show how large the AI infrastructure bet has become, and why investors are watching whether revenue can keep pace.