Good morning, CFOs. Investors scratch their heads over AI data-center accounting; more shoppers buy secondhand holiday gifts; and ServiceNow agrees to acquire Armis for $7.75 billion.

Please note: The Morning Ledger newsletter is taking a break for the holidays and will return Jan. 2. See you in the new year!

The massive AI build-out comes with a transparency problem.

Tech companies often provide the cost of AI data centers and chips associated with a long-term construction project. The catch: They generally don’t break out the costs for each, nor are they required to do so, despite the vastly different time periods in which facilities and chips depreciate.

That means the cost of chips that may have to be replaced in a few years or less can be lumped together with buildings that can stand for decades. This has some investors seeking more details about tech giants’ surging capital spending on AI infrastructure.

What’s the disclosure called? “The construction-in-progress account is this big hole where hyperscalers can bury a lot of their costs,” said Gaurav Kumar, an accounting professor at the University of Arkansas at Little Rock.

What are these projects? Large tech companies are collectively spending hundreds of billions of dollars on data centers, chips and networking. Spending on data-center construction is expected to exceed office-building construction for the first time as soon as next year. Some data-center projects could face delays due to issues such as power-supply limitations and local politics. Concerns over postponed spending are leading investors to watch for any signals that infrastructure projects will take longer than companies have projected.

📈 Economic Indicators

The Nasdaq Stock Market and New York Stock Exchange end regular trading early on Christmas Eve, at 1 p.m. Eastern time.

More consumers are buying used jewelry, toy cars and other gifts than in previous years, risking the disappointment of extended family and friends to keep their budgets in check because of inflation and other financial pressures.

The shift is lifting ThredUp, Savers Value Village and other thrift retailers, which usually see sales slow during the holidays and have been taking steps to reduce the stigma around used items.

• Consumers Power Strongest U.S. Economic Growth in Two Years
• Consumer Confidence Falls as Jobs, Economic Worries Persist
• The Weird and Wonderful Consumer Trends Steering Brands Into 2026

📰 Other headlines

• S&P 500 Hits Record Close After GDP Beats Forecasts
• ServiceNow to Acquire Cybersecurity Startup Armis for About $7.75 Billion
• U.S. and General Motors Probing Rupture of Air Bag in Crash of Recalled Pickup
• BP Agrees to Sell Majority of Castrol Lubricants Unit to Stonepeak
• Bank of Canada Officials Unsure on Future Direction of Rates, Minutes Say
• Education Department to Start Garnishing Pay of Defaulted Student-Loan Borrowers
• The Marketing Master Trying to Make Us Fall in Love With Disney Again
• Billionaire’s Heirs to Pay $750 Million in Biggest-Ever U.S. Tax-Fraud Case

Plus, a look back at the WSJ Leadership Institute's CEO Council Summit in Washington, D.C.:

• Watch: CEO Council Summit December 2025

Where senior finance leaders confront today’s expanding remit. Connect on capital, regulation, technology and talent — and lead with clarity.

Request Information.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.