Nikkei analysis says off‑balance-sheet liabilities at Alphabet, Microsoft, Amazon, Meta and Oracle have risen eightfold in four years to about $1.65 trillion as AI investment surged, exceeding their reported on‑balance debt and complicating investor risk assessment. Meta's off‑balance liabilities are estimated at roughly $420 billion, nearly three times its recorded debt.

Shanxi province will issue 17 new rules coordinating coal industry development and safety, including a complete ban on concealed working faces. Mines found to have hidden extraction points or falsified 'yin‑yang' mine plans will be ordered to suspend production for rectification and remove personnel and equipment from concealed underground sites; refusal to comply may trigger shutdowns, license revocations or permanent shaft sealing. Where conduct by legal representatives, actual controllers, responsible persons, ultimate beneficiaries, behind‑the‑scenes operators, mine managers or outsourced team leaders amounts to a crime, cases will be referred to judicial authorities. The rules require strict implementation of the 'three controls, three musts' and coal-mine safety responsibility lists and strengthen full‑chain safety supervision, enhancing the provincial emergency management department's oversight role. The Shanxi development and reform commission will review and approve mine-area master plans; the provincial development and reform commission and provincial energy bureau will approve coal development projects within their respective authorities.

Philadelphia Semiconductor Index opened 4.8% higher.