Eve of Meta/Microsoft earnings: financing keeps migrating off-balance-sheet, Nvidia becomes financier-of-last-resort

2026-07-28 · part of Hyperscaler Capex

What happened

Two same-day instances of the off-balance-sheet pattern: Meta formalized a second 80/20 asset-sale JV (BlackRock, $14B, El Paso — see Meta Capex), and Nvidia emerged as a prospective ~$250-500B financing backstop for OpenAI's 10GW Ohio site (see Stargate) — the chip vendor increasingly underwriting its own customers' buildouts.
Meta reports tomorrow (07-29), Microsoft the same day, Amazon 07-30 — consensus has coalesced around ~$136-138B FY26 Meta capex (mid-guidance, up ~$67B YoY) with 2027 seen rising further; this week's commentary (CNBC, Seeking Alpha, Yahoo/Motley Fool) frames Meta/Microsoft/Amazon as the next test after Alphabet's guidance raise, with combined 2026 AI spend across Alphabet/Amazon/Meta alone put over $500B before Microsoft is even added.

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