Nvidia has guaranteed up to $105 billion for an OpenAI data center project in Ohio as part of a broader trend among technology giants to back AI infrastructure. Big Tech firms issued up to $300 billion in such guarantees for chips and data centers in less than a year, often recording little of the exposure on their balance sheets. Other commitments include Broadcom's $29 billion for Anthropic AI racks and a $28 billion residual-value guarantee from Meta for Hyperion.

Morgan Stanley analysts calculated more than $3.1 trillion in off-balance-sheet commitments and credit support across seven hyperscalers and chipmakers. These companies use these financial structures to protect investment-grade credit ratings and maintain access to low-cost corporate debt as AI spending begins to outrun their cash flows.