Five tech giants are hiding $1.65tn in AI debt, using the trick that toppled Enron

Five major tech companies have accumulated $1.65 trillion in off-balance-sheet debt linked to AI infrastructure investments, significantly exceeding their reported liabilities. This debt is hidden in separate legal entities to keep it off their official balance sheets, a practice reminiscent of Enron's tactics but now legal. The growing financial commitments highlight risks as AI data center spending surges, with potential impacts on future earnings and lenders if demand falters.