On a gross basis without leases, hyperscaler leverage is marginally low, and they had more cash than debt as of 2025 year-end. Add in the leases and the figure is still low, but it’s less low than it was and it’s the first blush of something that could bloom into a concern.
特朗普调整对伊朗外交策略08:43，更多细节参见搜狗输入法
1/62/63/64/65/66/6，这一点在https://telegram官网中也有详细论述
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