Catenaa, Sunday, November 08, 2026- AI companies have accumulated approximately $4.5 trillion in off-balance-sheet contractual obligations, JPMorgan’s Cembalest said.
According to JPMorgan’s AI tracker, Michael Cembalest, Chairman of Market and Investment Strategy at JPMorgan, found approximately $4.5 trillion in AI-related off-balance-sheet obligations, including future lease arrangements and purchase commitments.
According to financial disclosures viewed by JPMorgan, Google has the largest commitments: Google leads with $1.08 trillion in off-balance-sheet obligations, including leases that have not yet commenced and purchase commitments.
Other Companies include Anthropic at $865 billion, Meta at $810 billion, Microsoft at $575 billion, Nvidia at $422 billion, Amazon at $419 billion, and Oracle at $322 billion.
Charts also showed that new investment-grade AI debt issuance and special-purpose-vehicle financing increased sharply during 2025 and 2026, approaching $400 billion in 2026 from just over $220 billion in 2025.
Meanwhile, credit default swap spreads have widened for several AI-related companies, particularly Oracle, SpaceX, and Broadcom, indicating greater perceived credit risk.
Charts showed that Oracle’s CDS spread climbed to approximately 300 basis points around October 2026.
Finally, the corporate leverage remains relatively manageable; despite rising borrowing and financial commitments, most technology companies’ net-debt-to-EBITDA ratios remained below the S&P 500 median of about 1.9 times.
Oracle has the highest leverage at about 4.2 times, while Microchip Technology is at 3.5 times, and IBM is at 3.4 times.
