- Entry
- $595.19
- Now
- $546.16 -8.2%
- Target
- —
- Score
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$662B of signed data-centre leases sat off the top five hyperscalers' balance sheets at end-2025, and I am trying to underwrite a terminal margin on the group. I own some of it. I am not short anything. The question I cannot close is not whether AI is real. It is what margin is defensible when every load-bearing number is set by the party being valued. Start with the recognition boundary. The $662B is more than two thirds of the group's …
— ORIGINAL POST ·
About $662B of hyperscaler leases have not commenced yet, and none of it is in the leverage ratios. The recognition boundary is the risk.
· r/ValueInvesting
· Jul 20, 2026