The Financial Times counted as much as $300 billion of residual-value guarantees issued by large technology companies in less than a year to support data-centre and chip financing. Broadcom has about $29 billion tied to Anthropic’s chip vehicle; Nvidia extended $105 billion of support around the SoftBank/OpenAI Ohio campus. The guarantees generally cover the gap if financed equipment or sites sell below an agreed value, while little may appear as ordinary balance-sheet debt. S&P told the FT it has seen stressed-value gaps near 25%; rating treatment, collateral obsolescence and correlated exercise conditions therefore matter more than the accounting perimeter. Read with the bond-spread story, this is a capital-stack problem: public debt is repricing the spending surge while private vehicles warehouse part of the tail.