When the hyperscalers collapse, you probably won’t even know it as each is using hundreds of SPV vehicles for Ai data centers that aren’t publicly disclosed.
You’ll hear of hundreds to thousands of random data centers failing and collapsing the global pension system, but very few if any will be able to be tracked back to the hyperscalers themselves.
We have no way of knowing the true debt and leverage
$meta $orcl $goog $amzn $msft are holding. Here is info from
$meta and an estimate of total active SPVs