Microsoft is reshuffling how it books the cost of its AI buildout, which flatters its numbers but hides how much it is really spending — a warning sign for investors.

• Microsoft stretched the life it assigns to its equipment from 15 years to 25 years, which spreads the cost thinner each year.
• Leases on offices and data centers are being moved out of the capital spending line and into ordinary operating costs.
• The motive is simple: big spending on Nvidia chips scares investors, so executives want it out of sight.
• Google is feeling the same pressure — it is down from its highs and still has around $40 billion of stock left to sell to raise cash.

Outlook: Expect more accounting tweaks across big tech as AI spending grows and investors start punishing the companies that show it honestly.