一条消息引爆狂抛，甲骨文债券遭垃圾债待遇，CDS爆表至2009年来最高

华尔街见闻2025-12-13

甲骨文正成为信用市场衡量AI风险的关键指标。与其他云计算巨头相比，甲骨文因为较弱的信用评级和不断膨胀的债务而成为市场关注焦点。该司部分债券的到期日甚至到2065年，在AI前景不确定的情况下，这一期限显得格外漫长。周五一则关于甲骨文公司数据中心延期的报道引发AI基础设施相关股票和债券市场剧烈波动，费城半导体指数跌超5%，为近两个月来最大跌幅。这一消息叠加博通公司此前令人失望的财报业绩，加剧了市场对...

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Vernova和康明斯等电力相关股票均跌，Constellation收跌7%。甲骨文的公司债遭遇更严重的抛售，其2035年到期的5.2%票息债券收益率升至5.9%，高于垃圾债最高级别的平均收益率5.69%。这场动荡凸显出甲骨文已成为信用市场衡量AI风险的晴雨表，其相对较弱的信用评级和不断膨胀的债务规模使其对市场情绪格外敏感。数据中心延期传闻引发连锁反应华尔街见闻稍早提到，周五美股早盘时段传出报道称，甲骨文已将为OpenAI开发的部分数据中心完工日期从2027年推迟至2028年。这一消息引发AI基础设施相关股票全线下挫。费城半导体指数涵盖的30只芯片相关股票周五跌幅一度达到5%。除博通跌幅一度达到12%外，Astera Labs和Coherent Corp.等公司跌幅均超过10%。甲骨文发言人在声明中回应称，公司对履行义务和未来扩张计划仍保持信心。该发言人表示，“所有履行合同义务所需的（数据中心）地址均未出现延误，有望按计划达成所有里程碑”，还说“场地选择和交付时间表是与OpenAI密切协调确定的。”博通周四盘后的业绩电话会已让一些投资者失望，其CEO陈福阳透露的AI业务积压订单规模未能达到市场的高预期，且未提供完整的本财年AI收入指引，为此次抛售埋下伏笔。两家AI明星公司的利空消息叠加，加剧了市场对支撑AI计算的基础设施支出可持续性的担忧。投资级债券的垃圾级待遇甲骨文的投资级债券周五遭重创，媒体评价，其交易表现更像是垃圾债券。Trace数据显示，周五，甲骨文2035年到期的5.2%票息债券利差扩大0.17个百分点至1.71个百分点。这些债券发行时相比同期美国国债的利差仅为1.05个百分点。甲骨文这一债券的收益率已达到5.9%，超过久期更短的最高级别垃圾债债券篮子平均收益率5.69%。根据媒体分析，购买甲骨文9月发行的180亿美元投资级债券的投资者，账面损失目前总计约13.5亿美元。这些债券的发行正值公司加大AI项目支出之际。更能体现市场恐慌程度的是信用违约互换(CDS)价差的飙升。体现防范甲骨文未来五年债务违约成本的CDS周五最高上涨14.4个基点至151.3个基点，连续第二个交易日触及2009年全球金融危机期间以来的最高水平。AI投资风险集中暴露甲骨文正成为信用市场衡量AI风险的关键指标。作为旨在投入5000亿美元建设AI基础设施的“星际之门“（Stargate）项目的核心参与者，甲骨文今年在公共和私募债务市场大举借款为AI项目融资。与其他云计算巨头相比，甲骨文因为较弱的信用评级和不断膨胀的债务规模而成为市场关注焦点。该公司部分债券的到期日甚至达到2065年，在AI前景不确定的情况下，这一期限显得格外漫长。Richard Bernstein Advisors副首席投资官Mike Contopoulos表示：\"没有人知道这些数据中心的未来会怎样。\"他指出，更高效的芯片可能导致数百万平方英尺的空置数据中心基础设施，\"为这种技术投资提供资金，正是信用投资者应该担心的。在历史上最紧张的市场之一为投机活动提供资金，不是成功的秘诀。\"据悉，参与甲骨文相关建设贷款的银行一直在购买该公司债务的信用违约互换以对冲敞口。投资者和对冲基金也在增加对冲力度。甲骨文两位联席CEO Clay Magouyrk周三表示，公司致力于维持投资级债务评级，并补充称公司的借款可能低于分析师的预期。经历两日大跌后，甲骨文股价今年以来还有10%以上的累计涨幅，费城半导体指数今年内还累涨超40%，跑赢年内涨超10%的标普500指数。尽管如此，周五的抛售仍已表明，市场对AI基础设施投资回报的信心正在经受考验。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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