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Hyperscalers and semiconductor manufacturers are increasingly utilizing special purpose vehicles and vendor guarantees to finance AI infrastructure without inflating corporate debt metrics. This off-balance-sheet approach mirrors traditional equipment leasing but introduces systemic risk if utilization rates decline.

Impact: Investors must scrutinize guarantee obligations and covenant structures to avoid exposure to hidden leverage during market downturns.

— from AI Infrastructure, Off-Balance-Sheet Financing, and Market Shifts · Doppelgänger Tech Talk· Aug 05, 2026