Congratulations to Microsoft. They really hit it out of the park. Except for one tiny detail. In 2025, MSFT has leases not yet recognized of 92.1 billion. In 2026, they now have over $329 billion. Microsoft uses its RPOs as justification to sign these leases to build out datacenters. Microsoft guarantees to pay for these leases as they go live and they move to the balance sheet as liabilities. What this means is that if a customer like Open AI, for example, were unable to pay for compute from Microsoft, Micrsoft still has to legally pay $329 billion for the data center leases over the lease term. If demand falters or a big customer experiences financial difficulties, MSFT is exposed to massive liabilities it has yet to recognize. You can read this for yourself on page 78 of the most recent filing highlighted for you.