凤凰网财经·2025-11-23 12:39Group 1 - Major tech companies are increasingly turning to the bond market to finance AI-related infrastructure projects, with a total issuance nearing $90 billion since September, including $25 billion from Alphabet, $30 billion from Meta, $18 billion from Oracle, and $15 billion from Amazon [2][3] - The rapid increase in public debt for AI investments raises concerns about the ability of the market to absorb such a large supply, potentially putting pressure on tech stock valuations [2][4] - Analysts predict that the surge in bond issuance could lead to a record $1.8 trillion in corporate bond issuance in the U.S. next year, with tech giants accounting for over a quarter of this year's net supply [4][5] Group 2 - The shift to debt financing for large projects marks a significant change for Silicon Valley companies, which typically rely on cash for investments [2][3] - Concerns about the sustainability of AI-related spending have emerged, as investors question whether the technology can generate sufficient profits to justify the substantial capital expenditures [5][6] - Despite the increase in debt, major tech firms are expected to maintain low leverage ratios, with estimates suggesting that 80%-90% of their planned capital expenditures will still come from cash flow [7][8]