AI's Hidden Debt Problem Explained

Disclosure: Richard has ETF exposure to all the companies mentioned in the video, and directly owns shares of Alphabet, Meta and Microsoft. Link to spreadsheet: https://docs.google.com/spreadsheets/d/1MLIF4L3p8AzvIbITtO4acHlJzCvB-gNGPH7lALTFmK0/edit?usp=sharing 00:00 - Introduction 03:01 - Big Tech's Balance Sheet 05:56 - Categories of Off-Balance Sheet Items 06:20 - Non-Cancelable Contractual Commitments 08:49 - Funding/Construction Commitments 09:40 - Uncommenced Leases 11:20 - Financial Backstops/Guarantees 15:14 - Putting Things in Context 19:10 - The Risks Headlines have been circulating