On a gross basis without leases, hyperscaler leverage is marginally low, and they had more cash than debt as of 2025 year-end. Add in the leases and the figure is still low, but it’s less low than it was and it’s the first blush of something that could bloom into a concern.
判断其增长是依靠大量消耗资源，还是源于内在效率的提升，最直观的指标便是毛利率。
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