Hirtle Callaghan publishes 2Q 2026 Investment Perspective excerpt
QQQ•Second-quarter 2026 investment perspective
Hirtle Callaghan published its Second Quarter 2026 Investment Perspective, titled The Kindness of Strangers.
Hyperscaler funding and balance-sheet pressure
The piece flags U.S. hyperscalers nearing zero free cash flow, rising depreciation pressure, and increased reliance on debt and equity markets.
It cites about $200 billion of hyperscaler public debt issuance year to date, versus $489 billion of total AI-related debt raised.
Meta-backed data center SPV and leverage concerns
It highlights a Meta-backed SPV for a 1-gigawatt Louisiana data center with a $30 billion budget, including $500 million equity and about $27 billion private debt.
It also cites Nikkei estimates of about $1.65 trillion in combined off-balance-sheet obligations across five hyperscalers, alongside momentum-crash risk.
