Financial commentator Jim Cramer stated on his August 31 show that Apple's balance sheet is "pristine" and the envy of the industry, while hyperscale companies have "ruined their balance sheets" to build data centers. However, data shows that Apple's total debt as of the end of fiscal year 2025 is $112.377 billion, nearly double Google's $59.291 billion, and its debt-to-equity ratio is 1.52, significantly higher than Google's 0.14. The article points out that despite this, Apple has a liquidity buffer of $124 billion and a net debt-to-EBITDA ratio of 0.5, which explains why the market grants Apple a P/E ratio of 42x, three times Google's P/E ratio of 14x. If Apple accelerates its AI infrastructure spending, its large-scale stock repurchase program and "pristine" balance sheet will face their first real stress test.