A Financial Times investigation published Tuesday revealed that Google has built a $200 billion financing network enabling data center operators using its Tensor Processing Units to borrow at 7.1%, while those using Nvidia chips pay 9.3% for equivalent debt, a 2.2 percentage-point gap resulting from a credit guarantee function that has turned Google into something closer to an investment bank. Alphabet's SEC filings show that as of June 30, 2026, Google had committed to cover up to $43.8 billion in data center lease payments if tenants default, a sevenfold increase from $6.5 billion nine months earlier, plus an additional $24.1 billion in future guarantees and $85.2 billion in signed leases not yet commenced, bringing off-balance-sheet AI infrastructure commitments to over $150 billion. Jefferies analyst Jonathan Petersen called the borrowing-rate differential a "structural cost-of-capital disadvantage" for Nvidia's ecosystem, noting that at $35 billion in initial hardware financing, the gap equals roughly $770 million per year in extra interest costs for Nvidia-backed operators. The architecture borrows from commercial aviation finance, pioneered by GE Credit Corporation with its first aviation lease in 1967, and was adapted for AI chips by Morgan Stanley, which helped establish a private-credit investment vehicle.