With the US economy turning down and some corners of the debt markets in turmoil, financial leverage has been going out of fashion fast. But that has done little to slow a sea-change in the balance sheets of some of the technology industry’s leading lights.

Last week, Dell said it would become the latest to relax its traditionally conservative financial structure. Don Carty, the computer-maker’s chief financial officer, said: “We do expect to access capital markets to increase our leverage.”