Find XO: Big Tech's Hidden Debt of $1.65 Trillion: Don't Assume Unlimited Low-Cost Compute as a Constant (asia.nikkei.com)

- According to a Nikkei analysis, Alphabet, Microsoft, Amazon, Meta, and Oracle's off-balance-sheet AI-related debt has soared to $1.65 trillion, eight times more than four years ago, exceeding their actual liabilities on the books. - The debt is structured via data center leases and SPVs to keep it off the balance sheet. - If teams fix their functions and prices assuming current low-cost compute as a constant, the day the supplier changes pricing, the business model will also be shaken. - First, let's ensure a structure that allows swapping out the model.