Even a small disruption in data center projects is enough to put the market on alert.

The Oracle case, with uncertainty surrounding equity investment in Michigan, has reignited doubts about leverage, funding, and the cost of debt.

Even with projects "on schedule," the sensitivity is clear: AI has become a macro thesis, but it has also created billions of dollars in off-balance-sheet commitments.

With over US$500 billion in future leases, the cost of AI capex is starting to weigh heavily.