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Everybody's yelling about Meta's $628 BILLION footnote. Google's footnote? $707 BILLION. Oops. ✅ Needham, via Zero Hedge: Meta shows $112 billion of debt and leases. The footnotes hold about $628 billion more. Count it and Meta gets 35% pricier. ✅ Alphabet's own filing: $707 billion of future fixed commitments at the end of June. ✅ Zero Hedge redid the math for Google. Enterprise value rises 21%, not the 3% Needham used. ✅ On that basis Google trades at 9.0x 2027 sales. Meta: 8.3x. Google is the pricier stock. ➡️ So the "Meta problem" is a Big Tech problem. Meta just has the most of it for its size. ➡️ Search is still about 53% of Alphabet's revenue, and AI is coming for it. Piling commitments on THAT is not ideal. ➡️ What are these commitments? Servers, chips, cloud capacity, leases. Next year's capex pulled forward, not a hidden loan. 🚨 The risk: Morgan Stanley's warning in the same piece. If supply and demand normalize early, these companies pay for capacity they do not need. ➡️ Bottom line: a Big Tech problem, not a Meta problem. And Google is not the cheap one.