R，沙什瓦特·乔汉 由于最新的美国通胀报告显示通胀居高不下，周三主要人工智能股票大幅下跌，凸显了投资者对资本密集型行业中借贷成本上升所带来风险的担忧。
R, Shashwat Chauhan Major AI stocks slumped on Wednesday following the latest hot US inflation report, highlighting investor concern about the risks posed by rising borrowing costs in this capital-intensive sector.
领跌股票包括数据中心运营商CoreWeave（CRWV.O），下跌16%；人工智能基础设施提供商Nebius（NBIS.O），下跌11%；云计算巨头甲骨文（ORCL.N），下跌9%；以及人工智能服务器供应商戴尔科技（DELL.N），下跌11%。这些下跌共同抹去了约800亿美元的市值。
Among the leading decliners were data center operator CoreWeave (CRWV.O), which fell 16%, AI infrastructure provider Nebius (NBIS.O), off 11%, cloud computing giant Oracle (ORCL.N), down 9%, and AI server seller Dell Technologies (DELL.N), down 11%. Together the declines erased some $80 billion of market value.
这些下跌反映了金融环境收紧的影响，以及一些人工智能热潮最大受益者所取得的超额收益。巴克莱银行周三将戴尔和另外两家企业硬件股票评级下调，指出戴尔股价今年已翻了四倍——这是由人工智能推动的投资狂潮的一部分，路透社的计算显示，标普500科技板块（.SPLRCT）中至少有16只股票今年翻了一番。
The declines reflect the impact of tightening financial conditions, as well as the outsize gains scored by some of the biggest beneficiaries of the AI boom. Barclays on Wednesday downgraded Dell and two other enterprise hardware stocks, noting that Dell shares have quadrupled this year — part of an AI-fueled investor binge that has resulted in 16 stocks in the S&P 500 technology sector (.SPLRCT) at least doubling this year, according to Reuters calculations.
对借贷成本上升的担忧也拖累了周三其他大幅下跌的股票。根据LSEG的数据，CoreWeave的卖出压力尤为明显，该公司已发行220亿美元的债券和260亿美元的贷款。该公司6月份发行的、票面收益率为9.625%的债券最近的收益率已升至15%。
Concern over rising borrowing costs also weighed on Wednesday's other big decliners. Selling has been particularly intense in CoreWeave, which has issued $22 billion of bonds and $26 billion of loans, according to LSEG data. A CoreWeave bond that was issued in June yielding 9.625% recently yielded 15%.
“我们正在获取大量信息，表明最大的人工智能公司可能无法产生人们预期的收益或收入，我认为这让大家对像CoreWeave这样的公司感到紧张，”Bokeh Capital Partners的首席投资官金·福雷斯特说。
"We're getting a whole lot of information suggesting that the largest AI companies may not be generating the earnings or revenue people anticipated, and I think that makes everyone nervous about companies like CoreWeave," said Kim Forrest, chief investment officer at Bokeh Capital Partners.
CoreWeave首席执行官迈克·因特拉托在内部备忘录中表示，市场正在“非理性”地行事，他对这家人工智能云公司仍充满信心，彭博社周三报道了这一消息。
Coreweave Chief Executive Officer Mike Intrator said in an internal memo the market is acting “irrationally” and that he remains confident in the AI cloud company, Bloomberg reported on Wednesday.
周三的暴跌是市场努力消化高通胀影响的最新迹象，而在此时，人工智能推动的企业借贷已助推全球利率上升。
Wednesday's rout is the latest sign of a market struggling to come to grips with the implications of high inflation at a time when AI-fueled corporate borrowing has helped push up global interest rates.
投资者总体上对该行业仍持乐观态度，部分原因在于其最大的参与者——从芯片制造商英伟达（NVDA.O）到所谓的超大规模云服务提供商——主要是Alphabet（GOOGL.O）、微软（MSFT.O）、Meta（META.O）和亚马逊（AMZN.O）——尽管存在对债务的担忧，但这些公司利润丰厚且普遍被认为管理良好。
Investors generally remain sanguine on the sector in part because its largest players, from chip maker Nvidia (NVDA.O) to the so-called hyperscalers — primarily Alphabet (GOOGL.O), Microsoft (MSFT.O), Meta (META.O) and Amazon (AMZN.O) — are highly profitable and widely perceived as well managed, despite concerns about debt.
但更高的利率将使借贷和建设成本上升，这一事实很可能首先冲击盈利能力较弱的公司。周三，随着通胀报告显示数据偏热，美国利率上升，推动30年期国债收益率一度升至5.63%，随后在下午出现急剧回落。
But higher rates will make borrowing and building costlier, a fact that is likely to hit unprofitable and less-profitable firms first. On Wednesday, US interest rates rose following the hot inflation report, pushing the 30-year yield as high as 5.63% before rates pulled back sharply in the afternoon.
“我确实认为长期利率超过5%并逐渐逼近6%对边际借款人来说是个问题，我可以这样称呼他们，”贝尔德投资策略分析师罗斯·梅菲尔德在接受路透社采访时表示。“对于除了那几家超大规模云服务巨头之外的其他层级的公司来说，情况会变得更加艰难。”纳斯达克指数（.IXIC）周三下午下跌2%，Alphabet及其他主要超大规模云服务提供商大多下跌约2%。另一家主要人工智能参与者SpaceX（SPCX.O）下跌了3%。
"I do think long rates above 5% and creeping towards 6% is a problem for the marginal borrower, I'll call them," said Ross Mayfield, investment strategy analyst at Baird, in an interview with Reuters. "It gets a lot harder for the tiers below the kind of big four hyperscalers." The Nasdaq (.IXIC) was down 2% on Wednesday afternoon, with Alphabet and the other major hyperscalers mostly down between around 2%. SpaceX (SPCX.O), another major AI player, was down 3%.
“我猜现在这个群体已经扩大到五家了。SpaceX在这里有点加入了这个行列，和Meta、微软、谷歌和亚马逊并肩前行，”Argent Capital Management组合经理杰德·埃勒布鲁克表示。“这五家公司正在花费全国数据中心投资资金的大约75%。而且这五家公司显然正在将它们的全部利润甚至更多投入到这些数据中心中，而它们从这些投资中获得的回报非常好。”
"I guess it's grown to a group of five now. SpaceX has kind of joined the party here to join in with like Meta and Microsoft and Google and Amazon," said Jed Ellerbroek, portfolio manager at Argent Capital Management. "Those five are spending like 75% of the money that's being invested in data centers here in the country. And those five are obviously putting all their profits and then some into these data centers and the returns they're generating from those are really good."
尽管这些公司及其投资具有强劲的经济前景，埃勒布鲁克表示，投资者对人工智能基础设施建设持怀疑态度并不令人意外，部分原因在于此前曾发生过类似的泡沫破裂，尤其是始于2000年的互联网泡沫崩盘。
Despite the strong economics of these firms and their investments, Ellerbroek said it's not surprising that investors remain skeptical about the AI buildout, in part because of the busts that have preceded this one, particularly the dot-com meltdown that started in 2000.
“这部分公司正在推动经济和股市的大部分增长，他们在进行如此激进的投资，而投资者实际上并不愿意为此付费或像上世纪90年代末那样全盘接受，当时投资者在某种程度上失去了理智，”埃勒布鲁克说。“投资者肯定没有失去理智。他们非常谨慎，我认为他们也很挑剔。”
"This select group of companies is driving most of the growth in the economy and the stock market, and they're investing so, so aggressively and investors just aren't really willing to pay for it or fully buy in to the extent that we saw in the late 90s or whatever when investors kind of lost their minds," Ellerbroek said. "Investors have definitely not lost their minds. They're being very cautious and I think selective."