谷歌母公司Alphabet周一启动了60亿欧元（约合67亿美元）的债券发行。路透社报道，这是自上周对人工智能支出的担忧动摇市场以来，科技债券需求面临的首次重大考验。
Google’s parent company Alphabet began selling €6bn ($6.7bn) of bonds on Monday. The sale is the first big test of demand for tech debt since worries about AI spending shook markets last week, Reuters reported.
此次发行分为七个部分：一只浮息票据和六只固息票据，期限为两年至19年不等。债券定于当天晚些时候定价。
The sale is split into seven parts: one floating-rate note and six fixed-rate notes, with maturities of two to 19 years. The bonds were due to be priced later in the day.
路透社报道，订单金额已超过170亿欧元，表明即使在科技股经历了糟糕的一周后，债券投资者仍愿意为人工智能建设提供资金。
Orders passed €17bn, Reuters reported, suggesting bond investors remain willing to fund the AI build-out even after a rough week for tech shares.
这是Alphabet今年的第二次欧元债券发行，此前曾于5月发行了90亿欧元。巴克莱银行、法国巴黎银行和德意志银行负责管理此次交易。Alphabet表示，所得资金将用于一般企业用途，其中可能包括偿还债务。
It is Alphabet’s second euro bond sale this year, after a €9bn sale in May. Barclays, BNP Paribas and Deutsche Bank are managing the deal. Alphabet said it will use the money for general corporate purposes, which may include repaying debt.
时机颇为微妙。随着投资者质疑人工智能的成本，科技股在10月持续下跌，纳斯达克指数月末下跌了5%。
The timing is delicate. Tech shares fell through October as investors questioned the cost of AI, and the Nasdaq ended the month down 5%.
Alphabet股价上周四暴跌逾12%，创下有记录以来最差单日表现，市值蒸发约5000亿美元。投资者因谷歌搜索业务增长放缓以及公司烧钱速度而感到不安。该股10月累计下跌近19%，创下有记录以来最差单月表现。
Alphabet’s shares fell more than 12% last Thursday, their worst day on record, wiping about $500bn off the company’s market value. Investors were unsettled by slower growth in Google Search and by how much cash the company is burning. The stock lost almost 19% in October, its worst month ever.
即便如此，损害仍局限于股价。Alphabet现有债券周一几乎未受波及。其2031年到期、票面利率4.1%的债券交易价格约为面值的95美分，而股价在盘前上涨约1%。
Even so, the damage has stayed in the stock. Alphabet’s existing bonds barely moved on Monday. Its 4.1% note due 2031 traded at about 95 cents on the dollar, and the shares rose about 1% before the market opened.
资金需求迫切。根据路透社引用的文件，Alphabet预计今年资本支出高达2050亿美元，其中大部分用于数据中心和芯片。公司还签署了1305亿美元的未来租赁付款承诺，这些尚未计入资产负债表。
The money is needed. Alphabet expects capital spending of up to $205bn this year, most of it on data centres and chips. It has also signed $130.5bn in future lease payments that are not yet on its balance sheet, according to the filing cited by Reuters.
Alphabet并非债券市场上的孤军。甲骨文上周将新融资上限设定为200亿美元，于周一同步启动了100亿美元的债券发行和100亿美元的股票发行。
Alphabet is not alone in the debt market. Oracle, which capped new fundraising at $20B last week, began its own $10B bond sale alongside a $10B share offering on Monday.
据路透社报道，分析师预计大型科技公司将在欧洲发行更多债券，以资助其基础设施计划。该地区的债务市场深度充足，以欧元发行债券可将融资渠道拓展至拥挤的美元市场之外。
Analysts expect big tech companies to sell more bonds in Europe to fund their infrastructure plans, Reuters reported. The region’s debt markets are deep, and a euro sale spreads the borrowing beyond the crowded dollar market.