According to Protos, AI companies announced over $200 billion in new cash borrowings and equity financing arrangements in the second half of this year. The report cited Oracle's $20 billion debt and equity offering arrangement submitted this week, Microsoft's pricing of $25 billion in bonds on October 29, and Meta's previously announced $95 billion equity financing plan. Protos also quoted UBS calculations, stating that if off-balance sheet commitments are included, the total obligations of hyperscale cloud service providers are close to $3.5 trillion. These financing arrangements and plans do not mean that all funds have been received, nor is the $3.5 trillion entirely off-balance sheet liabilities.