[Morgan Stanley: $3.1 Trillion Off-Balance-Sheet Commitments for AI Compute Power Emerge, Financing Structure Becomes a New Variable in the Supply Chain] According to Deep Tide TechFlow, citing research from Tide Direction, Morgan Stanley's August 24 research report pointed out that the total off-balance-sheet commitments disclosed by hyperscale vendors, NVIDIA, and Broadcom have exceeded $3.1 trillion. Among these, leasing commitments amount to $1.1 trillion, procurement commitments to $1.7 trillion, and the combined on-balance-sheet debt and leasing liabilities of hyperscale vendors total $770 billion. Amazon and Google's free cash flow turned negative in Q2 2026, with Meta expected to follow suit next quarter. Financing tools are restructuring the capital structure for AI compute power across six dimensions: off-balance-sheet leasing and procurement commitments form the first layer of financing, the proportion of debt issuance is projected to rise from 2% in 2025 to 19% in 2026, Google freed up $110 billion by cutting buybacks and issuing equity, Oracle reported $4.6 billion in customer prepayments in Q2, and Broadcom and NVIDIA launched chip leasing SPVs to support unrated AI labs. Morgan Stanley believes that as financing structures themselves become a core variable in the AI supply chain, the importance of tracking off-balance-sheet commitments and changes in accounting judgments is approaching that of tracking chip shipment volumes.