AI债务泡沫初现端倪？分析师警告：Alphabet发行百年期债券或为市场“见顶”信号_老虎社区_美港股上老虎

AI债务泡沫初现端倪？分析师警告：Alphabet发行百年期债券或为市场“见顶”信号

华尔街见闻02-12

Alphabet发行10亿英镑百年期债券，策略师视其为信贷周期尾段过度乐观的又一信号。随着科技巨头为AI基础设施竞赛将借贷规模推至新高，债务驱动型扩张的风险正引发关注。 2月12日，Wind Shift Capital 首席执行官Bill Blain表示，由于信贷利差处于历史低位，数据中心的长期需求不确定，而且快速的技术变革势必会在该行业产生赢家和输家，因此这笔交易进一步证明了人工智能市场存在泡沫...

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Analysts warn: Alphabet's 100-year bond issuance may signal the market's \"peak\"","themeId":"095d44b28dd3dd0cab1a92d2ea9fce9c","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/7837f485990b442ab937eef51db230cd","symbols_score_info":{"SOXS":2,"GOOGL":1.95,"GOOP":0.6,"SOXL":2,"GOU":0.6,"GGLS":0.6,"GOOX":0.6,"USJW.SI":0.6,"SMH":2,"SOXX":2,"GOOW":0.6,"GOOY":0.6},"content_text":"Alphabet发行10亿英镑百年期债券，策略师视其为信贷周期尾段过度乐观的又一信号。随着科技巨头为AI基础设施竞赛将借贷规模推至新高，债务驱动型扩张的风险正引发关注。\n2月12日，Wind Shift Capital 首席执行官Bill Blain表示，由于信贷利差处于历史低位，数据中心的长期需求不确定，而且快速的技术变革势必会在该行业产生赢家和输家，因此这笔交易进一步证明了人工智能市场存在泡沫。\n这是谷歌母公司首次涉足英镑计价超长期债券，亦是其总额约200亿美元多币种融资计划的一部分。此次发行横跨美元、欧元、英镑及首次涉足的瑞士法郎，覆盖多个期限。据彭博援引知情人士，这笔周二定价的百年期债吸引近10倍认购，票息较10年期英债上浮120个基点。Alphabet上周披露，2026年资本支出预期达1850亿美元。\n市场泡沫信号\nWind Shift Capital首席执行官Bill Blain认为，Alphabet本周完成的10亿英镑百年期债券发行，是信贷市场为AI融资而过度扩张的最新证明。\nBlain在接受CNBC采访时表示，这笔交易本身执行出色，Alphabet精准捕捉了英国保险与养老金基金匹配负债的结构性需求。但他同时警告，在信用利差处于历史极低水平、长期数据中心需求前景不明、技术迭代加速将重塑行业格局的背景下，此类超长期融资工具的涌现，正是市场泡沫积聚的典型信号。他称：\n\n“如果你在寻找市场见顶的迹象，即便这是一笔执行完美的交易，它看起来确实像。”\n\n随着甲骨文、亚马逊、微软等竞争对手同步加码基础设施投入，预计未来五年科技巨头的债券发行总额将逼近3万亿美元。策略师指出，百年期债的发行亦有助于Alphabet拓宽传统贷款人之外的机构投资者基础。\n分散融资来源\nFederated Hermes伦敦信贷主管Nachu Chockalingam表示，Alphabet选择在英镑超长期限市场为AI资本支出融资，意在精准对接英国保险与养老金基金的负债匹配需求，同时分散融资渠道，避免美元市场过度饱和。\nMuzinich & Co.公开市场联席主管Tatjana Greil Castro则强调，百年期债券对发行人的长期生存与持续革新能力构成极高要求。她指出：\n\n“你实际上是在押注这家公司能在未来一个世纪及以后不断自我重塑，即便是政府，这类发行也极为罕见。”","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}