Moody's analysis of hyperscaler lease obligations, cross-referenced with SEC 10-K disclosures from Microsoft, Amazon, and Alphabet, reveals $662 billion in undiscounted future commitments equivalent to 113 percent of adjusted debt for the five largest operators. This exposure stems directly from binding data-center contracts that remain unrecognized until services commence under ASC 842 rules. Apollo's proposed $36 billion private-credit package for Anthropic's TPU acquisition, partially collateralized by Broadcom, illustrates how specialized financiers layer leverage onto hardware supply chains already strained by power and semiconductor constraints. Primary documents from the Federal Reserve's Financial Stability Oversight Council reports on nonbank credit intermediation highlight parallel concentration risks in private markets, where a handful of managers intermediate flows equivalent to Singapore's GDP. Accounting treatment defers recognition but does not eliminate counterparty exposures that could transmit distress across pension funds and insurers holding these instruments. Policy frameworks developed for traditional bank leverage ratios have yet to incorporate these structures, leaving potential amplification channels unmonitored amid rapid AI capacity expansion.