双线资本科恩警告：AI融资热潮藏隐忧，固定收益投资者需谨慎

Core Viewpoint - Fixed income investors should exercise caution when funding the AI boom, as the long-term profitability of these projects remains uncertain [1][2]. Group 1: Investment Trends - Technology companies are currently experiencing a surge in borrowing from both private and public debt markets, with significant bond issuances from major firms like Alphabet and Meta Platforms [1][2]. - Morgan Stanley predicts that large cloud computing companies will invest approximately $3 trillion in infrastructure projects by 2028, with a substantial portion of this funding still needing to be raised through debt [2]. Group 2: Market Concerns - There are concerns regarding new financing structures, such as off-balance-sheet financing, and the potential for overcapacity leading to losses in related industries like power and chemicals [1][2]. - The overall supply in the credit market is insufficient, leading investors to be willing to accept more bonds despite the high issuance volume [3]. Group 3: Private Credit Market - The private credit market is seen as having lower liquidity and transparency, failing to provide sufficient extra returns to compensate for these drawbacks [3]. - Clients of DoubleLine Capital who have invested heavily in private credit are expressing disappointment and are more interested in finding alternative solutions to diversify their investment risks [3].