由Rthvika Suvarna撰写根据DBS集团控股有限公司首席执行官陈淑善的说法，市场正在重新定价与人工智能相关投资的风险，这可能会导致融资更加纪律化。
The market is repricing the risks around investments related to the buildup of artificial intelligence that could lead to more discipline in financing, according to DBS Group Holdings Ltd. Chief Executive Officer Tan Su Shan.
“市场已经发声，”陈淑善在周一接受彭博电视台采访时表示。“这不是一件坏事，因为现在人们要求更高的回报，同时也在审视投资结构。他们正在确保如今被投入整个AI资本支出生态系统的资金能够产生某种长期回报，以便随后偿还给债务持有人、债券持有人或股东。”作为东南亚最大贷款机构的负责人，陈淑善表示，较弱的企业可能会看到其信用评级被下调，但这种风险重新定价是“健康”的，因为市场希望确保大额财务承诺是可持续的。
“The market has spoken,” Tan said in an interview with Bloomberg Television on Monday. “It’s not a bad thing because now, people are asking for higher returns, and people are also looking at structures. They’re making sure that whatever money is now being hoovered into the whole AI capex ecosystem will lead to some kind of long-term ROI that can then be repaid back to debt or bond or equity holders.”Tan, who leads Southeast Asia’s biggest lender, said weaker firms may see their credit ratings revised downwards, though this risk repricing is “healthy” as the market wants to make sure that big financial commitments are sustainable.
她的言论发表之际，科技巨头们正在人工智能领域投入数十亿美元，而市场收益正集中在少数几只股票上。利率上升，全球债券收益率飙升至数十年来的最高水平，增加了为构建人工智能基础设施所需巨额投资融资的成本。普华永道LLP估计，亚洲在数据中心上的支出可能到2050年达到8.2万亿美元。
Her comments come as technology giants spend billions on AI, and as market gains concentrate in a handful of stocks. Interest rates are rising and bond yields around the world have surged to the highest in decades, increasing the cost of funding the enormous investment needed to build AI infrastructure. PricewaterhouseCoopers LLP estimates Asia’s spending on data centers could reach $8.2 trillion by 2050.
DBS今年已牵头约250亿新元（200亿美元）的人工智能交易，通常作为银团贷款的牵头行，而其实际持有的仅占其中一小部分，陈淑善表示。这些融资主要用于硬件，从半导体和内存芯片到数据中心，她补充道。
DBS has originated about S$25 billion ($20 billion) of AI deals this year, often as lead manager on syndicated loans and has held only a fraction of that, Tan said. The financing is mostly for hardware, from semiconductors and memory chips to data centers, she added.
陈淑善在DBS举办的聚焦人工智能和地缘政治等关键议题的会议侧边发表了上述言论，会议特邀演讲者包括TikTok公司首席执行官周受资、英特尔公司首席执行官陈立武以及博通公司首席执行官黄鸿博。在开场致辞中，陈淑善表示，她很久没有见过如此剧烈的利率波动，股票投资者正因人工智能股票的剧烈波动而被反复拉锯。
Tan was speaking on the sidelines of DBS’ conference that focuses on key topics like AI and geopolitics, and features speakers including TikTok Inc.’s CEO Shou Chew, Intel Corp.’s CEO Lip-Bu Tan and Broadcom Inc.’s CEO Hock Tan. In her opening comments, Tan said she hasn’t seen this kind of volatility in interest rates for a long time, with equity investors whipsawed by swings in AI stocks.
Tan还表示，中东和涉及俄罗斯的冲突正以令人担忧的速度升级。“坦率地说，我发现仅仅看着系统中如此紧张和压力就让人精疲力尽，”她说。
Tan also said conflicts in the Middle East and involving Russia were escalating at a pace that has become worrying. “Frankly, I find it exhausting just to look at so much tension and so much stress in the system,” she said.
自去年三月接掌银行以来，Tan一直将人工智能作为其战略的核心。这家总部位于新加坡的银行正开始看到正在进行的大型人工智能项目带来的成果，这些项目旨在彻底改革其工作流程和流程，她表示，这些成果包括费用增长和新账户开户速度的加快。
Tan has made AI key to her strategy since taking the helm in March last year. The Singapore-based bank is starting to see results from large AI projects that are underway to overhaul its work flows and proccesses, and these include fee growth and new accounts being opened at a faster pace, she said.
与此同时，Tan还表示，随着亚洲财富的增加、资本市场的深化以及跨代财富转移的发生，财富管理业务具有长期的结构性利好。虽然市场波动会在短期内影响资金流动，但净新增资金增长一直“保持强劲”，她补充道。
Meanwhile, Tan also said the wealth management business has long term structural tailwinds as Asia creates more wealth, the capital markets deepen and intergenerational wealth transfer happens. While market swings will affect flows in the short term, net new money growth has been “consistently strong,” she added.