Amazon, Broadcom Pile Into Off-Balance Sheet SPVs As AI Circularity "Undeniably Increasing"

Around five weeks ago, we updated our running tally of the "liabilities that aren't liabilities" propping up the AI bubble buildout. The off-balance sheet commitments of the hyperscalers plus Nvidia and Broadcom had reached $3.1 trillion, up $1.3 trillion in a single quarter from the $1.8 trillion we first flagged in June. We said the number was only going one way.

It took until about half past midnight last night for two more data points to land within one minute of each other:

Amazon: Sell The Chips, Rent Them Back, Call It "Asset-Light"