Over the weekend, we published a length report analyzing what we dubbed "the $1.8 trillion off-balance sheet time bomb at the heart of the AI supercycle", which focused on the recent surge in popularity of off-balance sheet SPVs, as well as $1 trillion in long-term purchase commitments, and $800bn in lease commitments, which support the AI buildout, and do so by masking the true funding costs of the AI buildout, yet which add significantly to off-BS operating leverage.