The collateral itself is another problem. If AI demand has been even a bit overestimated, then the value of these assets could plummet far enough to wipe out many of the parties involved, even with RVGs in place. A February report from the ratings agency Moody’s flagged that hyperscalers—not OpenAI, but the public companies Amazon, Meta, Alphabet, Microsoft, and Oracle—have amassed more than $662 billion in off-balance-sheet* *commitments, more than all the debt on their balance sheets.