Tech Giants' $662 Billion Risk and the Worrying Signs in the US Economy

The US economy is flashing warning signs, and it's not just the stalled housing market that's causing concern. A recent report by Moody's Ratings has highlighted a massive $662 billion risk at the heart of the data-center buildout by just five tech giants: Amazon, Meta, Alphabet, Microsoft, and Oracle. Meanwhile, Home Depot's CEO has flagged a disconcerting lack of faith in the American economy, citing customers' reluctance to invest in home improvement projects. To make matters worse, some consumers are so lazy that gig workers are being paid to close the doors of self-driving cars.

According to Moody's report, the top five US hyperscalers have accumulated $662 billion in future data center lease commitments that are not yet current liabilities and therefore sit entirely off their balance sheets. As these leases begin over the next several years, this massive financial overhang will be recorded on the balance sheet, straining traditional accounting metrics. The report analyzed the financial disclosures of the five tech giants and found that they had amassed a staggering $969 billion in total undiscounted future lease commitments as of the end of 2025.

The housing market is also showing signs of distress. Home Depot's CEO, Ted Decker, noted that the company's customers are delaying their home improvement projects, citing a lack of faith in the economy. The company's fourth-quarter net earnings fell by 13% to $2.6 billion, driven by home prices and housing turnover, which is at a historical low. Decker said that the decrease was also due to "significantly reduced demand for projects and other purchases associated with buying and selling a home."

The housing market is stalled, with home sales of previously occupied US homes falling sharply in January, down 8.4% from December. Nearly 20% of new homes faced a price cut in the fourth quarter of 2025, according to a Realtor.com report. Despite mortgage rates remaining at a three-year low, homebuyers are not budging.

In another sign of the times, some consumers are so lazy that they're willing to pay others to perform mundane tasks. A Reddit post in the r/DoorDash_Dasher subreddit showed a screenshot of a DoorDash offer in Downtown Atlanta to go "Close a Waymo door." The door dasher would be paid an initial $6.25 to accept the offer and an additional $5 upon completion of the task. This is the latest in Waymo's efforts to work out one wonky non-automated feature of its otherwise automated robotaxi program: the doors require a human to close them.

The DoorDash partnership is a symptom of a larger issue – the increasing reliance on gig economy workers to perform tasks that were previously considered mundane or unnecessary. This trend is not only a reflection of the changing nature of work but also a sign of the growing wealth gap in the US.

As the US economy continues to show worrying signs, it's clear that something needs to change. The tech giants' massive data center buildout poses a significant financial risk, while the stalled housing market and lazy consumers are symptoms of a larger problem. It's time for policymakers and business leaders to take notice and start addressing these issues before it's too late.

Sources:

• Moody's Ratings sector in-depth report
• Home Depot Q4 earnings call
• Reddit post in the r/DoorDash_Dasher subreddit