tl;dr: A Nikkei Asia investigation found that Alphabet, Microsoft, Amazon, Meta, and Oracle are collectively hiding roughly $1.65 trillion in off-balance-sheet debt tied to AI data center buildouts — more than the $1.35 trillion they officially report. The companies are using special purpose vehicles and subsidiaries reminiscent of Enron's pre-collapse tactics, fueling concerns that the AI bubble is more precarious than public financials suggest, especially as firms dilute equity to fund the spending spree.