The commitments, largely for data centers needed to power the artificial intelligence boom, represent a substantial part of these companies' AI spending spree that has already been locked in. These payments have not yet appeared as debt-like lease liabilities on company balance sheets. Oracle has the largest apparent concentration risk with $260 billion in uncommenced commitments, while Microsoft has the largest disclosed pipeline at $329.1 billion. This scale reveals how much of the AI buildout has yet to enter reported lease liabilities and leverage measures.