高盛说这轮AI投资要花5.3万亿美元，连债券市场都开始吃不消了。不是技术能不能做，而是钱够不够烧，这信号很关键。
高盛报告指出，2025-2030年超大规模企业AI和数据中心资本支出或达5.3万亿美元。当前融资已显现压力，少数几家超大规模企业无法在公共债券市场无限发行债务，投资者开始担忧发行集中度风险。数据中心涉及土地、电力、网络、建筑、冷却与AI服务器等多类资产，融资需跨基础设施基金、房地产基金、私募信贷和企业债等渠道。高盛认为AI资本支出预期增速已快于实际建设进度，瓶颈可能从模型需求转向融资能力、电力供应和项目执行。
Terrifying sentence from Goldman Sachs: “Hyperscalers will need financing from across markets, struc...
Terrifying sentence from Goldman Sachs: “Hyperscalers will need financing from across markets, structures, and currencies as they potentially bump up against saturation considerations in liquid credit markets …” At the point the question for me is not whether hyperscaling will collapse but how bad the collateral damage will be. Rohan Paul @rohanpaul_ai Goldman Sachs is now saying the AI race has become a $5.3T capital-spending cycle. with that figure covering expected hyperscaler spending on AI and data centers from 2025 through 2030. AI infrastructure is starting to strain normal financing channels, because the same few hyperscalers cannot endlessly push debt into public bond markets without investors worrying about issuer concentration. A data center is not one asset, because it combines land, power access, network links, buildings, cooling, and AI servers, so the financing naturally spills across infrastructure funds, real estate funds, private credit, and corporate bonds. Goldman signals that AI capex estimates are rising faster than actual data center construction, which means the bottleneck may shift from model demand to financing capacity, power availability, and project execution. 🔗 View Quoted Tweet 💬 5 🔄 21 ❤️ 60 👀 3816 📊 14 ⚡