Oracle(US:ORCL) 第一财经·2025-11-12 11:24Core Viewpoint - Concerns over an AI investment bubble have spread from the U.S. stock market to the bond market, leading to significant sell-offs of corporate bonds issued by major tech companies [3][4]. Group 1: Corporate Bond Market Dynamics - Recently, corporate bonds from major tech companies like Alphabet, Meta, Microsoft, and Oracle have faced continuous sell-offs, with yield spreads reaching their highest levels since April [4]. - The yield premium required by investors for a basket of these bonds has increased to 0.78 percentage points, up from 0.5 percentage points in September [4]. - Oracle has issued $18 billion in bonds to fund AI infrastructure, while Meta secured a $27 billion private debt agreement for its data center development [3][4]. Group 2: Investment Trends and Concerns - Major tech companies are projected to invest over $350 billion in AI this year, with expectations to exceed $400 billion in data centers by 2026 [4]. - There are growing investor concerns regarding overcapacity, long-term profitability, and energy demands associated with these investments [4]. - Oracle's bonds have seen a nearly 5% decline since mid-September, indicating significant market pressure [5]. Group 3: Market Reactions and Future Outlook - Some analysts believe the decline in corporate bonds related to AI is temporary, suggesting that increased supply may lead to a price rebound in the future [6]. - The market is still in the early stages of the AI corporate bond issuance cycle, which may indicate potential for recovery [6].