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Following人工智能借贷热潮显现降温迹象，全球相关债务发行量骤降近80%
人工智能领域的借贷热潮正出现放缓迹象。全球与人工智能相关的债务发行量从6月的1130亿美元急剧下滑至9月的仅230亿美元，降幅接近80%。
这一 declines 发生在银行难以分销约180亿美元与甲骨文（Oracle）新墨西哥州大型数据中心项目相关的贷款之际，为在2026年大部分时间里筹集创纪录资金的行业增添了又一警示信号。投资者开始质疑，投入数十亿美元的人工智能基础设施投资能多快转化为收入，尤其是在融资成本上升和施工延误威胁项目经济效益的背景下。
AI债务发行从6月峰值暴跌近80%
据《金融时报》援引摩根士丹利数据报道，全球与人工智能相关的债务发行量在9月降至230亿美元，不到8月交易量的一半，也远低于6月1130亿美元的峰值。
这种放缓在美国投资级债券中尤为明显。在1月至8月期间，主要科技公司借入了约3060亿美元后，9月份与人工智能相关的发行完全停止。然而，这并不意味着融资已经消失。2026年前九个月，与人工智能相关的借贷总额约为4660亿美元，反映了公司在年初如何激进地为扩张提供资金。
Morgan Stanley attributed September's weakness to a previous surge in borrowing, although rising interest rates and growing scrutiny of the outlook for the data center economy have also added complexity to new financing.
Oracle's $18 billion data center loan discount transaction
Oracle's situation concretely demonstrates the emerging pressures in the artificial intelligence credit market. About $18 billion in loans to support Project Jupiter-a New Mexico data center campus related to Oracle's infrastructure commitment to OpenAI-were quoted in September for just 89-91 cents on face value.
Banks, including Santander and Jefferies, were reportedly experiencing difficulties distributing the loans as investors reassessed construction delays, Oracle's ballooning debt burden and uncertainty about the project's power infrastructure.
Financing difficulties follow S & P downgraded Oracle to BBB-in July, its lowest investment-grade rating. The company's previous financing for Project Jupiter has revealed that project-level debt may still be under pressure despite huge contract needs.
Trading below par does not mean Oracle is in default. It shows that investors are taking risks and demanding discounts. This situation also reflects the broader issue that for AI infrastructure stocks, high revenue expectations must ultimately cover financing expenditures and capital expenditures.
