AI军备竞赛助长科技巨头融资潮，Meta之后谷歌母公司拟发债超200亿美元

Core Viewpoint - Alphabet Inc. plans to raise approximately $22 billion in bonds in the U.S. and European markets, highlighting a new financing cycle in the tech industry driven by the AI arms race [1][4] Group 1: Bond Issuance Details - Alphabet aims to issue about $15 billion in bonds in the U.S. and has initiated a €6.5 billion (approximately $7.48 billion) bond issuance in euros, with the dollar bond issuance attracting around $90 billion in subscription demand [1][3] - The bond issuance will be divided into up to eight parts, with maturities ranging from 3 to 50 years, and the longest maturity may yield approximately 1.35 percentage points higher than U.S. Treasury bonds [3] - The euro bond issuance exceeded expectations by €250 million, with the 3-year euro bond spread at 25 basis points above the benchmark rate and the 39-year portion at 158 basis points [3] Group 2: Financial Performance and Capital Expenditure - Alphabet's Q3 revenue surpassed $100 billion for the first time, with a 13% year-over-year increase in revenue (excluding traffic acquisition costs) to $87.5 billion, marking the highest growth rate since early 2022 [1][2] - The company reported a 34% surge in cloud revenue, exceeding $15 billion, positioning it as the second-largest revenue source after search advertising [1][4] - The management raised the capital expenditure forecast for the year from $85 billion to a record $91-93 billion to accelerate AI development and data center construction, significantly above market expectations of $80.67 billion [2] Group 3: Market Trends and Implications - The trend of tech companies raising debt is impacting corporate bond valuations, with the average spread of U.S. investment-grade bonds rising by 2 basis points to 78 basis points [2][5] - The issuance wave is becoming a trend in the tech industry, with Oracle and Meta also recently announcing significant bond issuances [4][5] - Analysts suggest that the recent bond activities related to AI may lead to a slight widening of spreads, but strong corporate earnings and attractive yields make a large-scale sell-off unlikely [5]