Fragility — whose money burns if it goes wrong?

Not how much is borrowed, but where the leverage sits. The centre — the hyperscalers — funds itself from cash flow; fragility concentrates at the neocloud edge. In every past crisis the financing was the fast variable.

Financing headroom, firm by firm

Trailing-year capital spending ÷ operating cash flow. Above 100%, the build consumes more than the whole company generates.

The deal ledger

Every externally financed arrangement — one row, one primary document. Deals reported only in the press are excluded until re-sourced; their absence is itself a finding.