敏感时期重创市场，亚马逊发债150亿美元，“四大厂”两个月发债超800亿，美银称“明年最佳交易是做空云大厂债券”

华尔街见闻11-18

科技巨头为AI基础设施投入的“军备竞赛”正通过一场空前的发债潮将压力传导至资本市场。据媒体报道，亚马逊周一启动了三年来的首次美元债券发行，筹集了150亿美元资金，比最初的估计高出 30 亿美元。此次发行吸引了约800亿美元的峰值需求，显示出市场对这家科技巨头的追捧。这也意味着亚马逊加入了谷歌母公司Alphabet、Meta以及甲骨文等同行的行列，通过大规模发债为AI相关的巨额资本开支提供资金。...

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Amazon issued US $15 billion in bonds, and the \"four major manufacturers\" issued more than 80 billion in bonds in two months. Bank of America said that \"the best deal next year is to short the bonds of major cloud manufacturers\"","themeId":"8f3ebdc1620c157253faca7b08a8fd5c","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"USAW.SI":0.6,"AMZN":1.5},"content_text":"科技巨头为AI基础设施投入的“军备竞赛”正通过一场空前的发债潮将压力传导至资本市场。\n据媒体报道，亚马逊周一启动了三年来的首次美元债券发行，筹集了150亿美元资金，比最初的估计高出 30 亿美元。此次发行吸引了约800亿美元的峰值需求，显示出市场对这家科技巨头的追捧。\n这也意味着亚马逊加入了谷歌母公司Alphabet、Meta以及甲骨文等同行的行列，通过大规模发债为AI相关的巨额资本开支提供资金。过去两个月内仅四大科技巨头的发债总额就已超过800亿美元。\n这场由AI驱动的债务扩张，一方面正重塑公司债市场的供需格局，另一方面也引发了华尔街的警惕，美国银行已发出警告，称支撑这轮AI热潮的宽松金融环境正迎来拐点，随着全球央行降息步伐放缓，信贷市场的裂痕已经开始显现，做空这些云服务巨头的债券可能成为2026年的“最佳交易”。\n亚马逊加码投资，资本开支飙升\n据媒体报道，亚马逊在一封邮件回应中表示，此次发行的收益将用于“支持业务投资、为未来资本支出提供资金，以及偿还即将到期的债务”。高盛、摩根大通和摩根士丹利是此次发行的主承销商。\n作为全球最大的云服务提供商，亚马逊网络服务（AWS）是这轮AI投资潮的核心参与者。为满足AI服务需求的激增，亚马逊正大幅扩大其基础设施投资。\n数据显示，公司2025年第三季度的资本支出同比飙升61%，达到342亿美元，使其今年以来的总支出达到899亿美元。据彭博汇编的分析师平均预期，亚马逊明年的资本支出预计将超过1470亿美元，几乎是2023年水平的三倍。\n在最近的财报电话会议上，公司首席执行官Andy Jassy透露，自2022年以来，亚马逊的数据中心算力已经翻了一番，并计划到2027年再翻一番。\n本月早些时候，亚马逊还与OpenAI签署了一项价值380亿美元的协议，在七年内为这家AI初创公司提供数十万块英伟达芯片的算力支持。\nAI军备竞赛引发万亿发债潮\n为了在AI领域占据领先地位，科技巨头正在展开一场昂贵的竞赛，核心是建设能够支持AI模型训练与运行的数据中心。近几个月，它们越来越多地转向债务市场，而非动用现金储备来为这些大型建设项目提供资金。\n在亚马逊此次发债之前，谷歌母公司Alphabet本月早些时候已发行250亿美元债券；社交媒体巨头Meta在10月发行了300亿美元债券，创下今年以来最大规模的公司债发行纪录；而甲骨文则在9月通过发债筹集了180亿美元。\n这股发债潮的规模空前。据报道，美国公司今年为AI相关基础设施项目发行的债券已超过2000亿美元。高盛此前估计，科技巨头的“巨额”债券销售已占到今年美国公司债净供应量的四分之一以上。\n这场由AI引发的发债热潮正对市场产生直接影响。分析师警告称，科技巨头数千亿美元的潜在融资需求可能“淹没”债务市场，为信贷投资者带来新的风险。\nPGIM全球债券主管Robert Tipp指出，供应的突然猛增正在对市场构成压力，可能会显著推高长期债券的收益率。据摩根大通预测，这股热潮预计将推动明年美国公司债发行量达到创纪录的1.8万亿美元。\n美银：做空云巨头债券或是“2026最佳交易”\n华尔街见闻此前提及，尽管市场需求旺盛，但美国银行策略师Michael Hartnett认为，AI相关债务的激增正在埋下风险。他的核心看空逻辑建立在金融条件的变化上：过去12个月，全球央行共进行了167次降息，创造了“大规模宽松”的金融环境，但这一势头正在减弱，预计未来12个月的降息次数将骤降至81次。\nHartnett指出，宽松周期的主要阶段已经过去，金融宽松的见顶通常对应着信贷利差的底部。当前，科技行业为进行AI“军备竞赛”所需的大规模资本支出已超出现金流所能支撑的范围，正导致其债券息差和信用违约互换（CDS）扩大，他将此形容为“游行队伍中的麻烦”。例如，甲骨文的CDS近期已飙升至100个基点以上。\nHartnett甚至引用一句市场流行语来强调其观点：“当下一次美联储实施量化宽松（QE）时，你就会知道他们将购买AI云大厂的债券了。”这暗示了这些公司的信贷风险最终可能需要央行出手干预。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2584603316","isCrawlerRequest":true}