投资负责人在本周为另类投资公司举办的聚会上对人工智能建设意见分歧明显，有人指出这是“千载难逢”的机遇，也有人警告数据中心热潮可能变得糟糕。
Investment chiefs were sharply divided on the artificial intelligence build-out at a gathering for alternative investment firms this week, with some pointing to a “once-in-a-lifetime” opportunity and others warning that the data center boom could turn ugly.
“很少有基础设施热潮不会以泪水告终，或让一些投资者遭遇破产，”Fortress Investment Group联合首席执行官Drew McKnight周三在CAIS峰会小组讨论中表示。“人工智能领域将会有巨大赢家，但并非每一次人工智能投资都会成功。”他说，虽然人工智能将为股权投资者带来上行空间，但在衰退情况下，信贷投资者更容易受到冲击。
“Very few infrastructure booms have not ended in tears or with busts for some of the investors,” Fortress Investment Group co-Chief Executive Officer Drew McKnight said at a CAIS Summit panel Wednesday. “There will be huge winners in AI, but not every AI play will work.”He said that while artificial intelligence will bring upside for equity investors, credit investors will be more susceptible in the event of a downturn.
“我们可以成为人工智能的信徒，也可以成为最终赢家，”McKnight周三在接受彭博社《交易》栏目早前采访时表示。“问题在于信贷。股权捕捉上行空间，而信贷承担下行风险。”McKnight表示，甲骨文公司（Oracle Corp.）最近发出的引用不可抗力条款的通知，发送给新墨西哥州数据中心的开发商，反映了公司需要确保他们能够退出项目的需求。甲骨文正试图推迟付款，如果该数据中心（代号为“木星计划”，由Blue Owl Capital Inc.旗下单位开发）因故受阻且未能如计划在2028年投入运营。
“We can be believers in AI and believers in ultimately being winners,” McKnight said in an earlier interview with Bloomberg Deals Wednesday. “The problem is with credit. The equity captures the upside, while the credit has the downside.”McKnight said Oracle Corp.’s recent notice citing force majeure, sent to a New Mexico data center’s developer, reflects companies’ need for reassurance that they can walk away from projects. Oracle is attempting to put off payments if the data center, dubbed Project Jupiter and developed by a unit of Blue Owl Capital Inc., gets derailed and fails to come online in 2028 as scheduled.
虽然由人工智能快速发展引发的数据中心建设将提升整体经济产出，但McKnight表示，通胀、关税和能源价格上涨等因素可能导致风险。
While the data center build-out triggered by AI’s rapid development will bump up overall economic output, factors including inflation, tariffs and energy price gains may lead to risks, McKnight said.
Monroe Capital董事长兼首席执行官Ted Koenig在小组讨论中表示，他的公司完全回避数据中心投资。
Ted Koenig, Chairman and CEO of Monroe Capital, said at the panel that his firm is staying away from data center investments altogether.
“你们面临太多风险：水资源风险、电力风险、社区风险、政治风险。我不会碰这些交易，”他说。
“You have too many risks: water risks, power risk, community risk, political risk. I won’t touch those deals,” he said.
CAIS会议上的其他投资者持有截然不同的看法。人工智能所带来的机遇，尤其是由数据中心支撑的技术，是“千载难逢”的，而且不会永远存在，蓝猫头鹰公司联合首席执行官马克·利普舒尔茨在周二的另一次采访中表示。
Other investors at the CAIS conference had starkly different views. The opportunities available from artificial intelligence, particularly with data centers powering the technology, are “once-in-a-lifetime,” and won’t be around forever, Marc Lipschultz, Blue Owl’s co-CEO, said in a separate interview on Tuesday.
蓝猫头鹰公司的实物资产战略——其中包括其数字基础设施房地产工具——如今已成为“业务增长最快的部分”，他补充道。
Blue Owl’s real assets strategy, which includes its digital infrastructure real estate vehicle, is now the “fastest-growing part of the business,” he added.
根据维斯塔股权伙伴公司创始人罗伯特·史密斯的说法，人工智能也能为企业降低成本。
AI can also lower costs for companies, according to Robert Smith, founder of Vista Equity Partners.
“实际上，你可以使用这些企业工具、这些代理工具来降低生产成本、降低支持服务成本，”史密斯在周二的自己的采访中表示。“因此，这些原本利润率为30%的企业现在可以达到60%、70%的利润率，同时仍能保持类似的增长速度。”“那些不使用这些系统和解决方案的可怜工程师根本没有机会，”史密斯补充道。
“You’re actually able to use these enterprise tools, these agentic tools, to reduce the cost of production, to reduce the cost of support services,” Smith said in his own interview on Tuesday. “So these 30% margin businesses can now run at 60% and 70% margin, still growing at those same sort of rates.”“That poor engineer who isn’t using these systems and solutions has no chance,” Smith added.