You would guess right, and I have even heard that this sort thing has been standard practice for a long time, without nefarious intent.

The problem is that even standard practice, without nefarious intent, can cause massive financial collapse. If, say, the vast majority of economic growth were being focused into such vehicles, the lack of transparency could make people misanalyze the situation and result in bad valuations that collapse when it all becomes transparent.

Right.

> I should say that the big tech companies did not invent this technology to build AI data centers. This sort of thing — project finance, non-consolidated joint ventures, borrowing out of boxes — has a long history in a lot of capital-intensive industries.

Levine attributes a recent increase to private credit.

https://www.bloomberg.com/opinion/newsletters/2025-10-29/put...

Yeah, it's very dumb to own real estate like this directly for a c-corp