Leanna Baker

It just kind of depends on the structure.

There's also a big difference between something that is a hyperscaler borrowing or ultimately backed by a hyperscaler versus some of the more risky things where maybe it's a small early stage company that needs to borrow money that's all in on AI.

I think it depends on the issuer.

So Oracle, for example, while it is doing this off-balance sheet borrowing, it is still tied to those data centers through lease commitments.

And that does show up publicly in their financial statements.

But I think for a lot of these deals, it's actually pretty much all private.

It's also a lot of times private companies doing it.

So then the investor base is just a very different investor base.

And I hope they're getting disclosures, but it's unclear.

And I think what makes it nerve-wracking for the markets is even if those private company investors are learning about it, maybe the rest of the market doesn't know.

And that can just cause unease and uncertainty around the absolute scale of the debt being borrowed right now.