Sou Hu Cai Jing·2025-10-31 21:01Core Insights - The arms race in building data centers for artificial intelligence is extending into the bond market, with significant financing transactions occurring since September [1] - According to Bank of America, "hyperscale cloud service providers" would need to utilize 94% of their operating cash flow to fund AI infrastructure if relying solely on internal funds, prompting a shift towards bond investors to share some of the costs [1] - The financing scale this year is nearly equivalent to the total debt financing from 2020 to 2024 [1] Financing Activities - Oracle issued $18 billion in public company bonds [1] - Meta raised $27 billion in private bonds for its Hyperion data center [1] - Meta also conducted a $30 billion public bond issuance [1] - Oracle and OpenAI secured $38 billion in private loan transactions for data center financing [1]