AI杠杆被低估了？2万亿美元资本开支中，“融资租赁“撑起了4000亿！

Core Insights - The article discusses the increasing importance of leasing as a financing method for technology giants in the AI infrastructure expansion, highlighting a report by Morgan Stanley titled "AI: Leasing The Future" [1][3] - It emphasizes that up to $400 billion (20% of the total $2 trillion capital investment) in the next three years will come from leasing arrangements, particularly for hyperscalers [1][3] Group 1: Leasing Trends - Technology giants are accelerating capacity expansion and managing liquidity through leasing, which allows them to lock in future options [3] - Companies have disclosed $388 billion in "signed but not yet commenced" lease contracts, representing future "hidden liabilities" that will convert into assets and liabilities on their balance sheets [3] Group 2: Accounting Differences - The report analyzes the accounting differences between financing leases and operating leases, noting that financing leases are treated similarly to debt transactions, affecting how costs are reported [6] - Financing leases split costs into depreciation (operating expenses) and interest (financial expenses), while operating leases treat rent as a single operating expense [6][7] Group 3: Free Cash Flow Implications - The accounting differences create a "trap" for investors regarding the calculation of free cash flow (FCF), as principal repayments on financing leases are classified under financing activities and not included in traditional FCF calculations [8] - The diversity in FCF disclosure among companies complicates cross-company comparisons, necessitating manual adjustments to accurately assess available cash for dividends and buybacks [8][9]