On a gross basis without leases, hyperscaler leverage is marginally low, and they had more cash than debt as of 2025 year-end. Add in the leases and the figure is still low, but it’s less low than it was and it’s the first blush of something that could bloom into a concern.
Standard Digital
，这一点在新收录的资料中也有详细论述
Source: Computational Materials Science, Volume 267
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