I think the that they feel the need to do these off balance sheet shenanigans is the issue. They're obviously extremely worried that their credit rating is going to be downgraded otherwise, why bother?
I get it, I'm just saying when people point to GPU prices as some sort of proof this is all logical, it's actually the place where the logic begin to unravel the most blatantly. They have more GPUs then they will be able to plug in for at least a few years.
Any sufficiently complex AI driven project is more hassle than it is worth. People are paying for software because they don't want to think about it. This isn't going main stream.