Comment by noobcoder

This isn't really about fooling lenders, they already underwrite this as Meta risk i feel. What is wild is how much economic substance you can legally shove into these non‑consolidated boxes, while GAAP still pretends form wins over who actually eats the downside

If this becomes the default template for AI capex, headline leverage stats for most of big tech are going to drift further and further away from their real balance sheets