人工智能竞赛升温，多方提出融资风险，全球数据中心建设掀起“狂潮”

Group 1 - The global data center investment reached nearly $61 billion by the end of November, surpassing last year's $60.8 billion, marking a new historical high driven by the demand for computing power fueled by artificial intelligence [1][2] - There has been a surge in data center construction, with over 100 related transactions occurring in the first 11 months of the year, predominantly in the United States and the Asia-Pacific region [1][2] - S&P Global predicts that global data center investment demand could exceed $900 billion by 2029, indicating a significant growth trajectory in the sector [3][4] Group 2 - Major tech companies are increasingly using debt financing to support infrastructure development, with data center-related debt issuance reaching $182 billion this year, nearly doubling from $92 billion last year [3][4] - Companies like Meta, Google, and Amazon have been particularly active in issuing debt, with Meta alone issuing $62 billion since 2022, half of which was issued this year [3] - There are concerns about potential market bubbles due to high valuations and massive investment demands in AI data centers, leading to skepticism among investors regarding the value of data centers [3][4] Group 3 - Data center operators face challenges in securing long-term, reliable users, often requiring 10-15 year contracts to ensure financial stability [5][6] - Users are hesitant to commit to long-term leases due to uncertainties in technology development, often seeking clauses that allow for early termination to mitigate risks [5][6] - Despite the risks, the ongoing rapid adoption of AI technology continues to drive investment in data centers, with companies in the sector fully engaged in the AI race [6]