美国科技公司在2026年欠AI的债务中计划400B美元,这引起了对金融稳定性的担忧。 U.S. tech firms plan $400B in 2026 debt for AI, raising financial stability concerns.

美国主要技术公司将在2026年承担4000亿美元的债务,为AI基础设施提供资金,总额超过2025年的两倍以上,引起人们对隐性风险和金融稳定性的担忧。 Major U.S. tech firms are set to take on $400 billion in debt in 2026 to fund AI infrastructure, more than double 2025’s total, sparking concerns over hidden risks and financial stability. UBS将技术投资级债券发行预测提高到3 600亿美元,理由是资本支出飞涨,同时由于与AI相关的信贷风险而削减了杠杆贷款预测。 UBS raised its forecast for tech investment-grade bond issuance to $360 billion, citing soaring capital spending, while cutting leveraged loan forecasts due to AI-related credit risks. 公司越来越多地利用资产负债表外的融资和以外币发行债券。 Companies are increasingly using off-balance-sheet financing and issuing bonds in foreign currencies. 美国银行的一项调查发现,只有20%的基金经理支持Capex继续增加,30%认为AI支出是最大的系统性风险。 A Bank of America survey found only 20% of fund managers support continued capex increases, with 30% viewing AI spending as a top systemic risk. 技术股票估值下降,投资者向欧洲、新兴市场和非技术股票转移,对AI的投资回报日益持怀疑态度。 Tech stock valuations have declined, and investors are shifting toward European, emerging market, and non-tech equities amid growing skepticism over AI’s return on investment.