香港，11月3日电：全球金融领袖周二表示，科技公司将需要筹集更多资金，以帮助满足人工智能行业增长热潮带来的巨大需求，但存在行业回调的风险。
HONG KONG, Nov 3 : Tech companies will need to raise more capital to help meet the enormous demand for the AI industry's growth boom, but there is a risk of an industry correction, global financial leaders said on Tuesday.
随着对人工智能支出的担忧日益加剧引发新一轮抛售，全球科技股近几周面临压力，总支出预计将超过7300亿美元，高于约7000亿美元。
Tech stocks globally have faced pressure in recent weeks as growing concerns about AI spending trigger a new wave of selloffs, with combined spending set to exceed $730 billion this year, up from about $700 billion.
作为人工智能基础设施的活跃投资者，黑石集团总裁乔恩·格雷表示，预计大多数主要科技公司将筹集更多资金，以跟上人工智能行业增长带来的巨大潜在需求。
Most of the major tech companies were expected to raise more capital to keep up with the enormous likely demand from the AI industry's growth, said Jon Gray, president of Blackstone, which is an active investor in AI infrastructure.
“现在你处于一个需求远超供应的环境中，”格雷在香港的一个投资聚会上表示，并提到对算力的需求“相当非凡”。
"Now you're in an environment where the demand's running well ahead of supply," Gray said at an investment gathering in Hong Kong, citing "pretty extraordinary" demand for computing power.
“所以这让我非常有信心，”他补充道。“Meta、谷歌和甲骨文增发股票……SpaceX上市、Anthropic上市，”格雷说。“此外……数据中心、能源需求巨大。”拥有“美好故事”的强势公司尽管出现一些与人工智能相关的市场动荡，但拥有“美好故事”的强势公司仍将能够筹集资金，尽管行业的强劲增长可能给投资者带来波动，高盛首席执行官大卫·所罗门表示。
"So that gives me a lot of comfort," he added. "Meta and Google and Oracle raising equity ... SpaceX going public, Anthropic going public," Gray said. "On top of it ... the data centers, the energy needs are enormous." STRONG COMPANIES WITH 'GOOD STORIES' Despite some AI-related market upheavals, strong companies with "good stories" would still be able to raise capital, though the industry's strong growth could create volatility for investors, said Goldman Sachs Chief Executive David Solomon.
“但事情也会出错，我们也会判断失误，”他在该活动——香港金融管理局全球金融领袖投资峰会上补充道。
"But things will go wrong too, and we'll get things wrong," he added at the event, the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit.
“投资者会发现自己选错、亏钱的情况……保持平衡、多元化的视角很重要。”摩根大通副董事长丹尼尔·平托表示，他对人工智能持乐观态度，但市场为相关公司定价的营收和盈利增速过于陡峭。
"Investors will find situations where they pick wrong, where they lose money ... It's important to have a balanced, diversified view." JPMorgan Vice Chairman Daniel Pinto said he was bullish on AI, but the market was pricing in revenue and earnings growth for related companies that was too steep.
“我确实相信它有一条积极、缓和的曲线，可能不会像市场定价的那样陡峭，”他说。
"I do believe that it has a positive, slow curve and it may not be as steep as the market is pricing," he said.
“因此我认为这可能是AI板块的一次回调，”他说，并补充道，随着行业开始重新校准预期，其他估值较高的AI相关企业可能面临压力。
"So I think that it could be a correction in the AI sector," he said, adding that other firms with high valuations related to AI could come under pressure as the industry started to recalibrate its expectations.
上个月，标普表示，预计美国前六大超大规模云服务商——亚马逊、微软、Alphabet、甲骨文、Meta和SpaceX——将在2025年至2030年间在数据中心及其他AI相关资本支出上投入超过7万亿美元，而自由现金流至少要到明年仍将为负值。
Last month, S&P said it expected the top six US hyperscalers - Amazon, Microsoft, Alphabet, Oracle, Meta and SpaceX - to spend more than $7 trillion on data centers and other AI-related capex between 2025 and 2030, while having negative free cash flow until at least next year.
Citadel Securities首席执行官彭昭（Peng Zhao）表示，AI所涉及的资本规模和增长速度之大，使得部分投资者难以准确估值，这加剧了该板块的波动。
Citadel Securities Chief Executive Peng Zhao said the sheer scale of capital and growth in AI was proving difficult for some investors to value correctly, which was adding to volatility in the sector.
他说：“由于我们从未见过类似的事物，我们真正了解这项技术将产生什么影响及其营收潜力的能力非常、非常有限。”
"Our ability to really know what this technology will do and its revenue potential is very, very limited due to the fact that we've never seen anything like this," he said.
“与其说人们突然对该技术能实现什么持悲观看法，不如说是突然意识到我们只能知道这么多……涉及的数字太庞大了。”摩根士丹利首席执行官泰德·皮克（Ted Pick）指出，美国市场出现接近回调的早期迹象，主要指数中大多数个股已下跌近10%。
"It's not so much that people all of a sudden develop a bearish view of what the technology can accomplish, but it's rather the sudden realization that we can only know so much ... the numbers involved are so huge." Morgan Stanley Chief Executive Ted Pick flagged emerging early signs of US markets edging close to a correction, with a majority of stocks in major indices off nearly 10 per cent.
对投资者风险偏好的最新考验是谷歌母公司Alphabet于周一发行的60亿欧元（约67亿美元）债券。
The latest test of investor appetite is a sale of €6 billion ($6.7 billion) in bonds on Monday by Google parent Alphabet.
亚太科技融资额增至三倍以上 亚太地区科技公司融资额在2026年前三个季度增至三倍以上，达到1258亿美元，而去年同期为360亿美元。
ASIA-PAC TECH FUNDRAISING MORE THAN TRIPLED Fundraising by Asia-Pacific tech companies more than tripled to $125.8 billion in the first three quarters of 2026 from $36 billion a year earlier.
伦敦证券交易所集团（LSEG）数据显示，增长由一波半导体和AI相关交易推动，例如中国芯片制造商长鑫存储（CXMT）的98亿美元IPO和燧原科技（Enflame Technology）的9.106亿美元上市。
The growth was driven by a wave of semiconductor and AI-related deals, such as Chinese chipmaker CXMT’s $9.8-billion IPO and Enflame Technology's $910.6-million listing, LSEG data shows.
Alphabet、亚马逊、微软和Meta已发出信号，表明在AI上的支出不会放缓。
Alphabet, Amazon, Microsoft and Meta have signalled that spending on AI will not slow.
在与人工智能基建相关的最大规模债务交易之一中，黑石集团上周同意与美国银行、花旗和摩根士丹利共同提供630亿美元融资，用于为Anthropic采购博通的AI芯片和网络设备。
In one of the largest debt deals tied to the AI buildout, Blackstone agreed last week to provide financing of $63 billion with Bank of America, Citi and Morgan Stanley to buy Broadcom's AI chips and networking gear for Anthropic.
然而，格雷补充说，资本成本上升和当前的部分怀疑态度将放缓这一进程。
The rising cost of capital and some of today's scepticism will slow the pace, however, Gray added.
“但总体趋势是投资增加，因此对多种形式的资本需求也会增加。”资产管理公司PIMCO首席执行官埃马纽埃尔·罗曼表示，AI融资交易很有吸引力，公司将会有更多此类交易。
"But the overall trend is towards greater investment and therefore more needs for multiple forms of capital." Emmanuel Roman, CEO of asset manager PIMCO, said AI financing deals are attractive, with more coming for the firm.