The AI boom is accelerating: US tech companies are committing to spend a combined $569 billion on data center leases over the next several years. A lease is a long-term rental agreement, meaning these companies commit to multi-year payments for data centers, offices, or warehouses, without owning them upfront. This represents a +$197 billion, or a +53% increase from Q2 2025. Oracle, $ORCL, alone added +$148 billion in new lease commitments in Q3, bringing its total data center lease obligations to $248 billion. Some of these leases can last up to 19 years, locking Oracle into massive fixed costs regardless of future AI demand. Tech companies are making massive bets on AI.