Observed arrival · 2026-09-10
Compute Debt Obligation, the AI Capital Loop
An interactive investigation of how AI infrastructure money, chips, capacity contracts, and debt might circulate in a self-reinforcing financial loop.
Field notes
The project links financing, investment, and capacity relationships into a nine-entity map with thirteen reported connections, then turns those relationships into an interactive structured-debt exercise. Its analysis worksheet exposes the accounting inputs behind a return calculation: Microsoft's displayed FY2026 capital outlay is $140,556M, including finance-lease additions that are not in the cash-flow statement. The page also calls out $329.1B in signed datacentre leases that had not yet commenced.
Observed signals
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Editorial observations of this landing page, not a rating.
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