Sou Hu Cai Jing·2025-12-24 06:48Group 1 - The core point of the article highlights that technology companies are utilizing special purpose vehicles to move over $120 billion in data center expenditures off their balance sheets, raising concerns about financial risks associated with their significant investments in artificial intelligence [1] - Major companies like Meta, xAI, Oracle, and CoreWeave are leading in complex financing transactions to avoid the impact of large borrowings for building AI data centers [1] - Financial institutions such as Pacific Investment Management Company, BlackRock, and banks like JPMorgan have provided at least $120 billion in debt and equity for tech groups' computing infrastructure [1] Group 2 - The surge in off-balance-sheet financing may obscure the risks that these companies are taking on, particularly if demand for artificial intelligence does not meet expectations [1]