Firehose

Five major US tech giants, including Alphabet, Microsoft, Amazon, Meta, and Oracle, are hiding $1.65 trillion in AI-related debt off their balance sheets by using the same accounting trick that led to Enron's downfall, with the debt tied up in off-balance-sheet vehicles. This hidden debt is more than the companies report outright and is bankrolling the AI data-center boom, with the industry expected to spend over $3 trillion through 2028. The lack of transparency raises concerns among investors and analysts about the potential risks and implications of this accounting practice. AI summary