According to a report by the Financial Times, technology companies are using special purpose vehicle mechanisms to move more than $120 billion in data center expenditures off their balance sheets, intensifying concerns about the financial risks these companies are taking with their large bets on artificial intelligence. It is reported that Meta, xAI, Oracle, and data center operator CoreWeave are leading the way in complex financing deals to shield their companies from the impact of the large borrowings needed to build artificial intelligence data centers. An analysis by the Financial Times shows that financial institutions such as Pacific Investment Management Company (PIMCO), BlackRock, Apollo, Blue Owl Capital, and U.S. banks like JPMorgan have provided at least $120 billion in debt and equity for the computing infrastructure of these tech groups. This financing frenzy, which does not appear on the companies' balance sheets, may obscure the risks these groups are taking on — and who will be affected if artificial intelligence demand disappoints.