标普全球估计，全球最大的科技公司可能拥有比目前已知更多的与人工智能相关的负债，尽管该行业的首席分析师认为目前无需更改任何评级。
S&P Global estimates the world's biggest tech firms are likely to have more AI-linked liabilities than currently known, although its top analyst for the sector sees no need to change any ratings at present.
随着人们对其激进借贷规模的担忧加剧，英伟达支持的CoreWeave等人工智能基础设施提供商及所谓“新云”公司发行的债务在最近几周已降至日益紧张的水平。
Debt issued by AI infrastructure providers and so-called 'neocloud' firms such as Nvidia-backed CoreWeave has sunk to increasingly stressed levels in recent weeks amid concerns about the aggressive scale of their borrowing.
标普全球数字基础设施主管马克·哈比布表示，超大规模公司评级面临的最大风险仍在于预期利润是否能够实现。
S&P's Global Head for Digital Infrastructure Mark Habib said the biggest risk to hyperscalers' ratings remained whether expected profits fail to materialise.
但他同时也指出了所谓的“互联互通融资结构”，在这种结构中，超大规模公司实际上是在为巨型数据中心的建设或更小的人工智能公司提供担保。
But he also highlighted so-called 'interconnected financing structures', where hyperscalers effectively guarantee huge data centre builds, or smaller AI companies.
“可以安全地假设，外部存在我们尚未看到的更多（债务），”哈比布在伦敦举行的圆桌会议上表示。
"It is safe to assume that there is more (debt) out there that we are not seeing," Habib said during a roundtable in London.
“如果未被披露，那么它就不属于超大规模公司的披露内容。此外，如果我们不对可能产生此类负债的交易进行评级，那么事实是，我们可能缺乏相应的可见性。”标普预计，美国前六大超大规模公司——亚马逊（AMZN.O）、微软（MSFT.O）、Alphabet（GOOGL.O）、甲骨文（ORCL.N）、Meta（META.O）和SpaceX（SPCX.O）——将在2025年至2030年间在数据中心及其他人工智能相关资本支出上花费超过7万亿美元，并且在至少明年之前将出现负自由现金流。
"If it's not reported, then it's not part of the disclosure by the hyperscalers. Also, if we are not rating the transactions where this liability may accrue, then the fact of the matter is that we might not have the visibility." S&P expects the top six US hyperscalers — Amazon (AMZN.O), Microsoft (MSFT.O), Alphabet (GOOGL.O), Oracle (ORCL.N), Meta (META.O), and SpaceX (SPCX.O) — to spend more than $7 trillion on data centers and other AI-related capex between 2025 and 2030, and have negative free cash flow until at least next year.
哈比布表示，目前尚无估算表明这种循环融资可能为公司资产负债表增加多少额外债务，尽管他表示标普正试图从整体上采取“全局性”视角。
Habib said there wasn't an estimate of how much additional debt the circular financing might add to firms' balance sheets, although he said S&P was trying to take a "holistic" view overall.
回到7月，标普曾因对甲骨文的人工智能支出及其所谓“不确定的盈利之路”表示担忧，将其评级下调至BBB-，即“投资级”的最低档次。
Back in July, it downgraded Oracle to BBB-, the lowest rung of 'investment grade', on concerns about its AI spending and what it called "an uncertain path to profitability".
哈比布还被问及，近期与激进人工智能建设相关的债券市场抛售是否表明投资者认为这些资产的风险高于评级所显示的水平。
Habib was also asked whether the recent market selloff of bonds linked to the aggressive AI buildout was a sign that investors see them as riskier than ratings indicate.
“目前，我们并不认为存在需要迫使我们在此刻调整评级的重大脱节情况，”他说，并表示标普的评分旨在采取更长期的视角。
"For now, we don't have the view that there is a major disconnect that needs to force our ratings to change at this point," he said, saying S&P's scores were designed to take a longer-term view.
他表示，可能改变这种看法的是，如果变得清晰明了的是，所花费的资金量已不再可持续。
He said what could change that view was if it became clear the amount of money being spent was no longer sustainable.
“而这可能源于多种因素，”哈比布说。“人工智能公司的投资进一步增加，或者认为竞争的收入增长速度变得过于激烈。”
"And that could come from a variety of drivers," Habib said. "Further increases in the investments (by AI firms), or a view that the revenue rate of competition is getting too intense."