随着借贷成本上升，投资者对该集团在人工智能领域大规模投资的可持续性日益担忧，该集团的市值有望从6月的高点腰斩。
Group Corp.’s market value is poised to halve from its peak in June, as higher borrowing costs fuel investor concerns over the sustainability of its massive investments in artificial intelligence.
这家总部位于东京的公司股价周四一度下跌6.7%，使其从6月2日创下的历史高点以来的跌幅达到50%，美国超大型科技公司的财报未能缓解投资者的焦虑。
Shares of the Tokyo-based company fell as much as 6.7% on Thursday, taking their drop from an all-time high on June 2 to 50%, with earnings from US megacaps failing to ease the angst.
美国云计算服务商CoreWeave Inc.的债券跌至与债务困境相关的水平，引发了对整个行业融资风险的担忧，全球对AI支出的忧虑随之加剧。
Global concerns over AI spending had accelerated after US-based cloud-computing provider CoreWeave Inc.’s bonds fell to levels associated with distress, exposing financing risks across the industry.
“随着投资者日益审视AI相关公司的财务状况，软银集团高度杠杆化的财务结构和不断上升的借贷成本使其脆弱性凸显，”和丰资本投资管理部主管村上和幸表示。他补充说，如果全球对AI增长叙事的情绪转为负面，可能会导致软银愿景基金出现估值损失，进而导致未来融资的溢价上升。
“SoftBank’s vulnerability stands out as investors increasingly scrutinize the financial health of AI-related companies, given the group’s highly leveraged financial structure and growing borrowing costs,” said Kazuyuki Muramatsu, head of investment management at Nagomi Capital. If global sentiment toward the AI growth story turns sour, it may lead to valuation losses for SoftBank’s Vision Fund, which would in turn result in higher premium for future funding, he said.
阅读：CoreWeave股价暴露AI恐惧与贪婪之间的分歧 为保护软银债务免受违约而支付的价格已上升，信用违约互换周二升至近四年来的最高水平。由于该公司依赖债务融资来进行其在AI生态系统中的大部分投资，涵盖基础设施、能源和机器人等领域，CoreWeave的问题甚至削弱了此前关注软银AI投资回报的股权投资者的信心。该股本月迄今已下跌超过30%，抹去了9月以来的所有涨幅。
Read: CoreWeave Stock Wipeout Exposes Divide Between AI Fear and Greed The price to insure SoftBank’s debt against default has climbed, with credit-default swaps rising to the highest level in nearly four years on Tuesday. With the company relying on debt financing for much of its investments across the AI ecosystem, ranging from infrastructure and energy to robotics, CoreWeave’s troubles dented confidence even in equity investors who had earlier focused on returns from SoftBank’s AI bets. The stock is down more than 30% so far this month, wiping out all gains from September.
阅读：软银集团信用风险因AI融资压力升至四年高位 AI模型之间日益加剧的竞争也仍是一个悬而未决的问题。软银已向其中投资近650亿美元的OpenAI，现在面临着提供可比性能的更具性价比的中国竞争对手。
Read: SoftBank Group Credit Risk Hits 4-Year High on AI Funding Strain Rising competition among AI models also remains an overhang. OpenAI, in which SoftBank has invested almost $65 billion, now faces more affordable Chinese rivals offering comparable performance.
软银集团九月通过有史以来最大规模的企业垃圾债券发行筹集了111亿美元，为创始人孙正义的宏大人工智能雄心提供资金。
SoftBank raised $11.1 billion in September via the largest corporate junk bond sale on record to finance founder Masayoshi Son’s big AI ambitions.