AI债务泡沫初现端倪？分析师警告：Alphabet发行百年期债券或为市场“见顶”信号

Core Viewpoint - Alphabet's issuance of a £1 billion century bond is seen as a sign of excessive optimism in the credit cycle, particularly in the context of AI infrastructure financing [1][2] Group 1: Bond Issuance Details - This is Alphabet's first foray into ultra-long bonds denominated in pounds, part of a broader $20 billion multi-currency financing plan [1] - The century bond attracted nearly 10 times the subscription, with a coupon 120 basis points above the 10-year UK government bond [1][2] Group 2: Market Sentiment and Risks - Bill Blain from Wind Shift Capital views the bond issuance as indicative of a market bubble, given the historically low credit spreads and uncertain long-term demand for data centers [2] - The rapid technological changes in the industry may create winners and losers, further complicating the outlook for such long-term financing [2] Group 3: Strategic Financing Approach - Alphabet's choice to issue bonds in the UK market aligns with the liability matching needs of UK insurance and pension funds, while also diversifying its funding sources to avoid saturation in the dollar market [3] - The issuance of century bonds places high demands on the issuer's long-term survival and innovation capabilities, as such offerings are rare even among governments [3]