Moody’s: Big Tech AI Off-Balance-Sheet Obligations Hit $2.8 Trillion

The scale of the increase — from $350 billion to $2.8 trillion in roughly two years — is the story, and it lands squarely on the five hyperscalers named, whose credit profiles now hinge on commitments Moody's says sit outside their reported balance sheets. That matters for anyone pricing these companies' debt or equity, because the disclosed financials understate the fixed claims on future cash flow. The open question is whether disclosure standards or rating methodology adjust to capture these obligations, or whether the market keeps relying on footnotes to judge AI-era leverage.