빅테크, 대차대조표 밖 숨겨진 3조 달러의 AI 투자 약속

A Wall Street Journal analysis found that nine leading technology firms—Alphabet, Amazon, Meta, Microsoft, Oracle, Nvidia, Broadcom, SpaceX, and AMD—carry roughly $3 trillion in AI-related off-balance-sheet commitments, compared to approximately $600 billion in reported twelve-month capital expenditures.

Alphabet alone lists $811 billion in purchase and contractual commitments as of June 30. Meta discloses $347 billion in uncommenced leases, while Nvidia reports $182 billion in forward purchase commitments.

Michael Burry, who holds short positions in Oracle and Nebius, warned that hyperscalers are assigning five- to six-year useful lives to chips that economically depreciate within two to three years.