小摩：不止美股，5万亿美元的AI数据中心热潮也将席卷美国债市

Group 1 - The core viewpoint of the articles highlights the significant investment required for the construction of data centers by AI giants, estimated at approximately $1.5 trillion in investment-grade bond funding over the next five years [1] - Analysts predict that leveraged financing could provide around $150 billion in funding within the next five years, but this will still fall short of the total required amount [1] - The total funding needed for data center expansion is estimated to be between $5 trillion and $7 trillion, which will accelerate growth in the bond and syndicated loan markets [1][2] Group 2 - Demand for data centers is expected to grow linearly, driven by physical factors such as computing resources, real estate, and energy, despite concerns about potential market bubbles [2] - Recent bond issuances, such as Meta's $30 billion and Oracle's $18 billion, indicate strong investor interest in funding data center projects [2] - There are warnings about the potential for over-optimism among investors, with over half of data industry executives expressing concerns about future challenges [2] Group 3 - The majority of funding for data center construction is anticipated to come from large enterprises themselves, which currently generate $700 billion in net operating income annually, with $500 billion allocated for capital expenditures [3]