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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.
。关于这个话题，新收录的资料提供了深入分析
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第八十六条 经承运人和托运人、运输单证持有人协商一致，电子运输记录与运输单证之间可以互相转换。