Over the weekend, we published a length report analyzing what we dubbed “the $1.8 trillion off-balance sheet time bomb at the heart of the AI supercycle”,  which focused on the recent surge in popularity of off-balance sheet SPVs, as well as $1 trillion in long-term purchase commitments, and $800bn in lease commitments, which support the AI buildout, and do so by masking the true funding costs of the AI buildout, yet which add significantly to off-BS operating leverage. Additionally, when one adds billions in variable lease payments, over $100BN in embedded capex inside accounts payable, as well as the Construction-in-Progress pipeline which reflect capacity built but not yet expensed – and the $520bn cumulative depreciation estimate is where it eventually lands – and one gets a far more ominous picture of the capital stack that is backstopping the biggest infrastructure buildout in US history, which according to Goldman will translate into as much as $1.4 trillion in 2027 capex, and much more in the following years. We summarized the complex funding picture which is effectively a …