微软数据中心相关的表外租赁承诺是一项隐性负债，可能对其股价产生负面影响。
逐段跳播
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所有大型科技公司现在的支出总和已超过其收入总和。它们在人工智能上的支出超过了其全部现金流，这就是它们借贷的原因。
All the major tech companies are now spending more than they make combined. They're spending more on AI than their whole cash flow, which is why they're borrowing.
因为如果微软建造一个数据中心，那将是其财务报表上的巨额支出，其股价将会下跌。微软只是签署了一份合同，承诺在未来几年内租用它。而正是这一承诺，使得整个项目能够获得融资。
Because if Microsoft builds a data center, that's a huge expense on their financial statements and their stock will go down. Microsoft just signs a contract promising to rent it for the next several years. And that promise is what makes this whole thing financable.
然而，这一承诺并未作为债务出现在微软的资产负债表中。据高盛称，这些公司约有1.5万亿美元的租赁承诺，但其中1万亿美元并未出现在它们的资产负债表中。
Now, that promise does not show up as debt on Microsoft's balance sheet. According to Goldman Sachs, these companies have about $1 and a half trillion dollars in lease commitments, but one trillion of that does not appear on their balance sheets at all.
这就是为什么当你查看微软的财务数据时，你不会看到一万亿美元的债务。
Which is why when you look up Microsoft Financials, you're not going to see a trillion dollars of obligations.
他说在等什么
他自己说在等的东西，一段话一条记录。同一件事说过几次就出现几次，我们不合并，也不判断它有没有兑现。
这个频道对 $MSFT 的历次判断
Andrei Jikh 在这只股票上只有这一条判断。