Neocloud（新型云服务商）股价暴跌。信用违约互换（CDS）价格飙升。Meta现金流转负。SK海力士旗下Solidigm部门取消了首次公开募股（IPO）计划。对于AI基础设施交易来说，这是动荡的一周。
Neoclouds tanked. Credit default swaps soared. Meta turned cash flow negative. And SK Hynix's Solidigm unit canceled plans for its initial public offering. It's been a rocky week for the AI infrastructure trade.
纳斯达克指数继周四大跌后，周五进一步下挫，本周累计下跌0.7%。在超大规模科技公司中，表现最差的是Alphabet，其股价下跌6%，因这家互联网巨头将于下周发布第三季度财报。微软和亚马逊也即将发布财报，两家股价跌幅均不足1%。
The Nasdaq followed Thursday's beating with an additional drop on Friday to end the week down 0.7%. Among the hyperscalers, the worst performer was Alphabet, shares of which sank 6% ahead of the internet giant's third-quarter earnings report next week. Microsoft and Amazon are also on the docket, and they each saw shares fall less than 1%.
虽然科技市场迄今避免了全面剧烈抛售，但人工智能建设正显露出紧张迹象。
While the tech market has thus far avoided a dramatic across-the-board sell-off, the artificial intelligence build-out is showing signs of strain.
Neocloud公司CoreWeave、Nebius和IREN股价本周均大幅下跌，使其10月跌幅均超过30%。作为龙头的CoreWeave，其CDS利差已扩大至11%以上，普遍被视为困境水平，因为投资者必须支付更高成本购买违约保护。
Shares of neoclouds CoreWeave, Nebius and IREN all fell sharply this week, bringing their losses for October to well over 30% each. CoreWeave, the leader of the pack, has seen spreads on its CDS widen past 11%, generally viewed as a distress level, as investors have to pay up for protection against default.
同时，该公司2031年和2032年到期无担票据收益率已升破15%。
Meanwhile, yields on the company's 2031 and 2032 unsecured notes topped 15%.
Roundhill Investments首席执行官Dave Mazza周四在CNBC节目《Squawk on the Street》上表示：“投资者正在连婴儿带洗澡水一起倒掉，认为凡是neocloud都将贬值。”
"What investors are doing is throwing every baby out with the bathwater and saying anyone who is a neocloud" will be devalued, Roundhill Investments CEO Dave Mazza told CNBC's "Squawk on the Street" on Thursday.
担忧不限于美国市场。韩国云服务商Elice Group股价周二上市首日下跌30%，澳大利亚数据中心运营商NextDC股价周三暴跌39.5%，此前该公司大幅下调年度盈利预期。
Fears aren't limited to the U.S. market. Shares of Elice Group, a South Korean cloud provider, dropped 30% in their market debut on Tuesday, and shares of Australia's NextDC plunged 39.5% on Wednesday after the data center operator slashed its annual earnings forecast.
过去几年，AI乐观情绪一直是主要市场驱动力，因为对新模型和服务的持续旺盛需求，推动全球最大科技公司以历史性速度投入基础设施支出。然而，怀疑论者的声音日益高涨，担忧AI投资回报无法证明巨额资本支出的合理性。
AI optimism has been the major market driver for the past couple of years, as unrelenting demand for new models and services pushes the world's biggest tech companies to spend on infrastructure at historic rates. However, skeptics are getting more vocal in their concerns that returns on AI investment won't justify the capital expenditures.
研究和咨询公司 Gartner 的分析师预测，到 2030 年，80% 的新云公司将停止运营或被收购。
Analysts at research and advisory firm Gartner predict that 80% of neocloud companies will either cease operations or be absorbed by 2030.
英伟达首席执行官黄仁勋，这位或许是最主要的 AI 传播者，依然看好前景。黄仁勋本周在柏林举行的公司会议上表示，“对新云的需求极其旺盛。”
Nvidia CEO Jensen Huang, perhaps the leading AI evangelist remains bullish. Huang said this week at a company conference in Berlin that "demand for the neoclouds is off the charts."
“资本的需求远大于资本的可用性，”黄仁勋对 CNBC 的 Arjun Kharpal 说，“这将会得到解决。”华尔街并不信服。周四，韩国存储芯片巨头 SK 海力士——AI 热潮中最大的受益者之一——表示，由于市场波动，将撤回其美国子公司 Solidigm 的首次公开募股（IPO）申请。SK 海力士于 2021 年从英特尔手中收购了 Solidigm，后者为数据中心生产 NAND 闪存和 SSD 固态硬盘。
"The demand of the capital is much greater than the availability of the capital," Huang told CNBC's Arjun Kharpal. "That's going to get solved." Wall Street isn't convinced. On Thursday, South Korean memory giant SK Hynix, one of the biggest winners in the AI boom, said it's pulling an IPO for its U.S.-based Solidigm unit, citing market volatility. SK Hynix purchased Solidigm, which makes NAND and SSD storage for data centers, from Intel in 2021.
“虽然 IPO 预计将缓解投资负担并扩大股东回报能力，但鉴于市场状况和股价走势，审议已终止，”SK 海力士在声明中说。
"While an IPO was expected to ease investment burdens and expand capacity for shareholder returns, the review has been discontinued in light of market conditions and share price trends," SK Hynix said in a release.
尽管动荡不安，所有科技巨头都保持了其投资级信用评级，即使它们已大举开支以推动建设，包括通过举债。即使在这组公司中，市场也显露出一些紧张情绪。
Despite the turmoil, all of tech's mega-caps have maintained their investment-grade rating even as they've opened their wallets to fuel their build-outs, including through debt. Even with that group of companies, the market is showing some jitters.
Meta 在周四报告第三季度自由现金流为负、超过 20 亿美元，并将全年资本支出下限从 1300 亿美元上调至 1350 亿美元后，股价暴跌 7%。Meta 还表示，计划在未来几年在各种租赁和合同上花费约 8250 亿美元，其中超过 4500 亿美元的租赁属于不可取消的“拿来即付”协议。
Meta saw its stock plunge 7% on Thursday after the company reported negative free cash flow in the third quarter of over $2 billion while raising the floor of its full-year capex to $135 billion from $130 billion. Meta also said it plans to spend about $825 billion over the coming years on various leases and contracts, with over $450 billion of those leases being non-cancellable take-or-pay agreements.
Meta 五年期信用违约互换（CDS）利差升至历史高位，超过 124 个基点。英伟达和甲骨文的 CDS 利差本周也触及纪录高位，分别达到 126 个基点和 343 个基点。甲骨文股价今年已跌去三分之一以上，且该公司现在面临信用评级下调的风险。
Spreads on Meta's five-year CDS reached all-time highs of over 124 basis points. CDS on Nvidia and Oracle also touched records, with their spreads hitting 126 basis points and 343 basis points, respectively, this week. Oracle's stock has lost over one-third of its value this year, and now the company faces risks of a credit rating downgrade.
律师事务所 Milbank LLP 衍生品业务负责人 John Williams 表示，投资者正在寻求除购买信用违约互换（CDS）以外的多种方式，以对冲其在 AI 交易中的风险敞口。
John Williams, who leads the derivatives practice at law firm Milbank LLP, says investors are seeking numerous ways beyond buying CDS to hedge their bets with respect to the AI trade.
“投入其中的资金如此之多，以至于寻找风险管理工具完全是恰如其分的，无论你是看涨还是看跌，”Williams 说。“如果人们不为其寻找合适的风险管理工具，那才叫疯狂呢。” Equity Armor Investments 投资组合经理 Brian Stutland 上周在 CNBC 节目《SquawkBox Asia》中表示，这一切“都有点联系在一起”，指的是 AI 对整个市场的影响。
"There's so much investment going into it that it's just very appropriate to look for risk management tools, completely regardless of whether you're bullish or bearish," Williams said. "It would be crazy for people not to be looking for appropriate risk management tools for it." Brian Stutland, portfolio manager at Equity Armor Investments, told CNBC's "SquawkBox Asia" last week that it's "all kind of tied together," referring to AI's impact on the whole market.
“你能不能在游泳池的一个地方扔下一个保龄球，而不让波浪传到纳斯达克指数的其他部分？”他说。“我不知道。我对此有些担心。”
"Can you drop a bowling ball in one part of the pool and not get any waves downstream to the rest of the Nasdaq?" he said. "I don't know. I have some concern about that."