Google's parent company, Alphabet, disclosed that its potential financial guarantees for data center tenant defaults have surged from $6.5 billion at the end of September last year to $43.8 billion, a nearly sixfold increase in nine months. This move aims to support massive AI investments and expand the market share of its self-developed Tensor Processing Unit (TPU) chips. Through such "financial backstop" commitments, Google essentially acts as an implicit guarantor for data center developers, enabling them to secure cheaper debt financing and accelerate capacity building to promote TPU chips as an alternative to NVIDIA's AI chips. This strategy marks a sharp shift in Alphabet's capital structure, with its debt increasing from $23.6 billion a year ago to $98 billion. Despite the significant nominal exposure, the actual fair value recorded on Google's balance sheet is only $815 million. Analysts believe that its strong cash flow is sufficient to support this strategy, and the company is hedging risks by acquiring developer warrants, among other methods.