周四，随着股价暴跌，Alphabet公司债务违约保险成本上升，此前令人失望的业绩加剧了人们对该公司对债务资助的人工智能支出的巨额押注可能无法获得回报的担忧。
The cost of insuring against losses on Alphabet Inc.’s debt rose on Thursday as its shares plummeted, after disappointing results intensified fears that its massive bet on debt-funded AI spending may fail to pay off.
根据ICE数据服务公司（ICE Data Services）的数据，谷歌债务的五年期信用违约互换价格一度上涨5.3个基点，至每年84个基点，随着投资者的担忧加剧，该价格也会上涨。这是自9月21日以来最大的一次涨幅。同为超大规模数据中心运营商的Meta平台公司（Meta Platforms Inc.）和芯片公司博通公司（Broadcom Inc.）的成本也有所上升。
The price of five-year credit default swaps on Google’s debt, which increases as investor concern grows, rose as much as 5.3 basis points to 84 basis points a year, according to ICE Data Services. It’s the biggest increase since Sept. 21. Costs also rose for the likes of fellow hyperscaler Meta Platforms Inc. and chip company Broadcom Inc.
这家谷歌和YouTube的母公司公布的第三季度营收低于预期。其中包括广告销售额，这对于为Alphabet巨额人工智能投资提供资金至关重要，且其录得了逾一年来的最低增长。
The Google and YouTube parent reported weaker-than-expected revenue for the third quarter. That includes ad sales, a critical for financing Alphabet’s massive AI investments and which posted its lowest growth in more than a year.
标普全球市场情报（S&P Global Market Intelligence）固定收益定价执行董事加万·诺兰（Gavan Nolan）表示，如果人工智能投资得到回报，股票投资者可能会看到巨大的收益，但如果事情搞砸了，债券持有人则要承担痛苦。他补充说，债券投资者高度关注资本支出以及人工智能营收何时能实现自由现金流为正。
While equity investors could see huge gains if AI investments pay off, debtholders bear the pain if things unravel, according to Gavan Nolan, fixed-income-pricing executive director at S&P Global Market Intelligence. Bond investors are laser-focused on capital spending and when AI revenue will be free cash flow positive, he added.
诺兰在接受采访时表示：“在某种程度上，谈到科技行业时，信贷市场讲述的故事与股市略有不同。”
“In some way credit is telling a bit of a different story than equities when it comes to the tech sector,” Nolan said in an interview.
巴克莱银行（Barclays Plc）信贷战略师吉加尔·帕特尔（Jigar Patel）对交易储存库数据的分析显示，截至上周，与前十大超大规模数据中心运营商和芯片制造商绑定的信用违约互换交易量今年激增了八倍以上，达到1760亿美元。其中一些互换交易，例如SpaceX的互换交易，在最近几个月才开始交易。
Trading volume for CDS tied to the 10 largest hyperscalers and chipmakers surged more than eightfold this year to $176 billion through last week, according to an analysis of trade repository data by Barclays Plc credit strategist Jigar Patel. Some of the swaps, like for SpaceX, have only started trading in recent months.
帕特尔表示，最活跃的是甲骨文公司（Oracle Corp.）的互换交易，2026年的交易量较去年的水平增长了近六倍，达到468亿美元。
Most active are Oracle Corp. swaps, Patel said, with 2026 volume rising by nearly six times from last year’s level to $46.8 billion.