I thought Ed Zitrons argument was just corroborated by Nikkei last Friday with the new report that 1.6 Trillion in SPVs accounts for off-books debt, on top of the $1.4 Trillion of on-books debt that's in these AI companies?

The main argument of Ed Zitron is just that. Huge huge amounts of debt that's due "soonish". Every SPV is different but we are fast approaching the point where this all starts to become real.

Now I dunno why Ed Zitron feels the need to write 10,000++++ word articles that only says "more leverage than people expect", but that's really the crux of things.