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U.S. technology giants' $1.65 trillion 'invisible debt' sparks concerns
By Choi In-jun
The Chosun Daily, Seoul
Wednesday, July 20, 2026
Major U.S. big tech companies have accumulated "invisible debt" totaling $1.65 trillion through massive investments in artificial intelligence infrastructure, surpassing the debt officially recorded in their financial statements.
Concerns are growing that these companies could face astronomical liabilities if global AI demand falls short of industry projections.
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Nikkei Shimbun reported today that after analyzing footnotes in recent financial reports of five major U.S. tech firms -- Alphabet, Microsoft, Amazon, Meta, and Oracle -- it found their "invisible debt" totaled $1.65 trillion. This exceeds the combined official debt of the five companies (approximately $1.35 trillion) and has surged eightfold over the past four years.
"Invisible debt" refers to future payment obligations not recorded as liabilities on balance sheets, such as those arising from investment or equipment purchase agreements. Unlike standard debts like issued invoices, these do not immediately drain cash and are disclosed only in small-print footnotes at the end of financial statements. While compliant with accounting standards -- which allow deferred payments upon asset delivery or facility completion -- this practice obscures actual financial burdens. ...
... For the remainder of the report:
https://www.chosun.com/english/industry-en/2026/07/20/HAGVRVOO45ETFMI73IYMB3LRXY/
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