Look, we are funding the datacenter build increasingly off our own balance sheet. In fiscal 2026 we raised about $34 billion — $28.8 billion senior notes and a $5 billion mandatory convertible preferred — and we plan about $40 billion in fiscal 2027, including a $20 billion at‑the‑market equity program, with no additional debt slated for calendar 2026 and our investment‑grade rating reaffirmed. The $638 billion backlog ties to certain significant contracts we do not name, and exposure to that unnamed AI customer’s funding and demand remains an open question. Full stop.
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