Alessandro(@alessandrorisk):Nine technology companies are carrying about 3 trillion dollars of commitments off their balance sheets, Alphabet alone for 811 billion at the end of June, and Nvidia is now standing behind a 500 billion dollar financing platform built for its own customers' chips. I put all of that to Tavi Costa on Risk Takers this week and asked whether it turns AI from a debt trade into a credit cycle. Costa said no. Measure the debt against the assets across the whole technology sector, and Costa's read is that there is very little of it next to what those companies own. That 3 trillion is roughly three times the same nine companies' reported leases and borrowings combined. @TaviCosta

2026.08.22 08:30

Nine technology companies are carrying about 3 trillion dollars of commitments off their balance sheets, Alphabet alone for 811 billion at the end of June, and Nvidia is now standing behind a 500 billion dollar financing platform built for its own customers' chips. I put all of that to Tavi Costa on Risk Takers this week and asked whether it turns AI from a debt trade into a credit cycle. Costa said no. Measure the debt against the assets across the whole technology sector, and Costa's read is that there is very little of it next to what those companies own. That 3 trillion is roughly three times the same nine companies' reported leases and borrowings combined. @TaviCosta