全球宏观信贷市场的下一步走向与人工智能融资缺口- What's Next in Global Macro Credit Markets and the AI Financing Gap2

July 20, 2025 06:00 AM GMT To be clear, capex related to AI and data centers has been in motion for the last few years. Spending from the hyperscalers alone has gone from ~$125 billion two years ago to ~$200 billion in 2024 and the consensus expectation is that it exceeds $300 billion in 2025. Internal operating cash flows from the hyperscalers have been the source of this spending. However, our equity analysts expect the investment needs for data centers to rise sharply over the next few years (see here an ...