Yup. This is terrible financial reporting.

One thing the tech giants are worried about are being left behind on expanding their compute. So what do they do? Sign a contract to agree to purchase $XT in compute over the next X years. It’s like buying an option - it’s a right, not an obligation to purchase.

If I were an investor and spent $10,000 to buy options to purchase $1,000,000 in Google stock, it’s not “$1,000,000 in hidden debt”