AI狂潮下的债务杠杆——下一场金融风暴的“完美配方”？

Group 1 - The core viewpoint of the articles highlights the significant capital demands for AI infrastructure, leading to a deep binding of the debt market with the global financial system, reminiscent of the pre-2008 financial crisis dynamics [1][2][6] - Major tech companies, such as Amazon, are experiencing a surge in capital expenditures, with Amazon's spending increasing by 75% year-over-year, approaching the level of its operating cash flow [1][3] - The bond market has seen a strong response, with Amazon's recent $15 billion bond issuance attracting $80 billion in subscriptions, indicating a high demand for yield among institutional investors [1][3] Group 2 - The current financing model raises concerns about risk transmission across the financial system, similar to the mortgage market before the 2008 crisis, where high leverage and concentrated bets could lead to widespread repercussions [2][5][6] - The total bond issuance by the five major U.S. cloud computing giants has reached an astonishing $121 billion this year, significantly higher than the average of $28 billion over the past five years [3][4] - The projected need for private credit funding for AI infrastructure projects is estimated to be around $800 billion from 2025 to 2028, which is one-third of the expected total investment in the sector during that period [4]