Companies like Meta want to build a $30 billion computing center but do not want to fund it entirely themselves, possibly contributing only $500 million (equivalent to about 1.7% of the total project investment or 20% of the initial capital), and then establish a special purpose vehicle (SPV) to borrow money from private debt companies, ultimately completing the construction of this large computing center. This process is essentially a form of off-balance-sheet financing, similar to common practices in the past in China's real estate industry, where a large amount of off-balance-sheet financing is used to reduce on-balance-sheet liabilities, making the balance sheets of companies like Meta look less burdensome by transferring liabilities off the balance sheet. We believe this special financing structure is also a dangerous sign.