The **AI** pyramid: major investments in data-center leases and chip purchases are not reflected on companies’ balance sheets.

**WSJ** estimates **US AI big tech’s** off-balance-sheet liabilities at **$3 trillion**, against just **$600 billion** in capex. 

**Alex Krüger** called it “the largest bubble in stock-market history.”

**[@futures](https://t.me/futures)