AI's Hidden Debt Problem Explained
The Plain Bagel · Published on September 11, 2026
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Description
Disclosure: Richard has ETF exposure to all the companies mentioned in the video, and directly owns shares of Alphabet, Meta and Microsoft. Link to spreadsheet: https://docs.google.com/spreadsheets/d/1MLIF4L3p8AzvIbITtO4acHlJzCvB-gNGPH7lALTFmK0/edit?usp=sharing 00:00 - Introduction 03:01 - Big Tech's Balance Sheet 05:56 - Categories of Off-Balance Sheet Items 06:20 - Non-Cancelable Contractual Commitments 08:49 - Funding/Construction Commitments 09:40 - Uncommenced Leases 11:20 - Financial Backstops/Guarantees 15:14 - Putting Things in Context 19:10 - The Risks Headlines have been circulating about AI's hidden debt problem - how bad is it really? We dive into the numbers in today's video. DISCLAIMER: This channel is for education purposes only and does not constitute financial advice - Richard is not responsible for investment actions taken by viewers. Please seek out a registered advisor if you require assistance (while Richard is a registered portfolio manager at WDS Investment Management, he does not provide advice through The Plain Bagel, which is not affiliated with his employer). Richard makes no warranties regarding the accuracy of data included in this video.