• Hirtle Callaghan published its Second Quarter 2026 “Investment Perspective,” titled “The Kindness of Strangers.”
• The piece flags U.S. hyperscalers nearing zero free cash flow, rising depreciation pressure, and increased reliance on debt and equity markets.
• It cites about $200 billion of hyperscaler public debt issuance year to date, versus $489 billion of total AI-related debt raised.
• It highlights a Meta-backed SPV for a 1-gigawatt Louisiana data center with a $30 billion budget, including $500 million equity and about $27 billion private debt.
• It cites Nikkei estimates of about $1.65 trillion in combined off-balance-sheet obligations across five hyperscalers, alongside momentum-crash risk.
• Document link: https://hirtle.com/wp-content/uploads/2026/07/excerpt_Investment-Perspective_2Q-2026.pdf

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Hirtle Callaghan & Co. LLC published the original content used to generate this news brief on July 29, 2026, and is solely responsible for the information contained therein.