Editorial companion

What stands out

Mona Dajani told Schwab Network that roughly $1.5 trillion of lease obligations now sit behind the artificial intelligence (AI) buildout, and that figure changes the story behind the headlines. That number is a reminder that the AI race is not just about algorithms and chips, it is about long-term real estate and power contracts, bets written into leases by hyperscalers and large cloud players (and the suppliers that serve them). Those sunk costs can amplify upside if demand keeps accelerating, or become a source of pain if the outlook suddenly cools.