前英国首相里希·苏纳克在德里举行的彭博新经济论坛上表示，科技公司在长期债务发行方面将超越美国政府。
Technology companies are on track to become larger net issuers of long-term debt than the US government in 2027, former UK Prime Minister Rishi Sunak said, describing the scale of capital demand driven by artificial intelligence investment.
他认为，这一变化反映了资本市场的重大重组——私营部门的科技投资正在占据历史上主要由主权借款人主导的长期融资份额，这在欧洲政府财政紧张的背景下进一步推高了债券收益率。
The observation points to a significant reordering of capital markets, where private-sector technology investment is absorbing a share of long-duration financing that has historically been dominated by sovereign borrowers, adding upward pressure on yields at a moment when European governments are already fiscally stretched.
苏纳克指出，科技公司对资本的需求极为庞大，尤其是对于10年期及以上的长期债务，预计明年科技公司的净发行量将超过美国政府。
“The demand for capital from the technology companies is so huge that, remarkably, if you think about long-term debt, so 10-year-plus debt next year, I think the technology companies are going to be bigger net issuers of that debt than the US government is,” Sunak said at the Bloomberg New Economy Forum in New Delhi.
他分析称，人工智能驱动的资本扩张与另一个结构性压力相叠加：欧洲及其他地区的政府难以维持财政纪律，这一现象与民粹主义政治的兴起有关。这两种因素共同加剧了欧洲政府的财政挑战。
Sunak argued that the AI-driven capital build out is converging with a separate structural pressure: governments across Europe and elsewhere are proving unable to maintain fiscal discipline, a dynamic he linked to the rise of populist politics. Together, he said, these forces are compounding fiscal challenges for European governments.