法国、德国和意大利面临动荡的债券市场，因为战争通胀正在侵蚀财政。随着美国科技巨头现在发行数十亿美元的AI债券，它们正与资金短缺的欧洲政府争夺资金。
France, Germany and Italy face a volatile bond market as war inflation bites. With US tech giants now issuing billions in AI bonds, they are competing with cash-strapped European governments.
谷歌AI巨头正在新数据中心投入令人难以置信的巨额资金；这些数十亿美元的投入仍在增加。随着超过1万亿美元（9000亿欧元）涌入人工智能（AI）建设，美国科技巨头现在正与欧洲的政府和公司争夺相同的投资资本。
Prefer DW on Google AI giants are investing mind-boggling sums in new data centers; those billions are still rising With more than $1 trillion (€900 billion) pouring into the artificial intelligence (AI) build-out, US tech giants are now competing with governments and companies in Europe for the same investment capital.
根据独立评估AI工具的平台“AI Industry Reviews”对向美国金融监管机构提交文件的统计，五大超大规模云服务商中的四家——亚马逊、谷歌母公司Alphabet、Meta和Oracle——自2025年初以来已发行约2500亿美元的美元债券。它们还发行了370亿欧元（410亿美元）的欧元债券。
Four of the Big Five hyperscalers —Amazon Google owner Alphabet, Meta and Oracle — have issued around $250 billion in bonds in dollars since the beginning of 2025, according to a tally of filings to US financial regulators by AI Industry Reviews, an independent platform that evaluates AI tools. They have sold a further €37 billion ($41 billion) of bonds in euros.
最近，作为五大巨头中最后一家按兵不动的微软，加入了AI借贷热潮，发行了250亿美元的债券，全部以美元计价。
Recently, Microsoft — the last of the Big Five to hold back — joined the AI borrowing spree with a $25 billion bond sale, all in dollars.
高盛预计，明年AI超大规模云服务商的新增债券发行总额预计将达到4200亿美元。荷兰银行ING预计，其中约600亿欧元将以欧元发行。
Next year, Goldman Sachs projects that total new AI hyperscaler bond sales are expected to reach $420 billion. About €60 billion will be issued in euros, according to Dutch bank ING.
争夺投资者资本的战斗升温。这对欧洲公司和法国、德国、意大利等国家来说是个坏消息，它们的主权债券收益率在最近几个月大幅上升，公共财政已承受压力。
Battle for investor capital heats up That is unwelcome news for European companies and countries like France Germany Italy whose sovereign bond yields have risen sharply in recent months and are already straining public finances.
法国公共债务占国内生产总值（GDP）的119%，赤字仍维持在5%以上，该国已在为其债务支付可观的风险溢价。过去六个月，法国10年期债券收益率从约3.7%攀升至近5%。
With public debt at 119% of gross domestic product (GDP) and a deficit still running above 5%, France is already paying a sizable risk premium on its debt. Over the past six months, the yield on French 10-year bonds has climbed from roughly 3.7% to nearly 5%.
法国政府的利息支出预计将从目前的790亿欧元增至明年的910亿欧元，并将在2028年超过1000亿欧元。
The French government's interest bill is set to rise from currently €79 billion to €91 billion next year and over €100 billion by 2028.
仅凭这些数据，法国财政部就需要在本世纪末前寻找数百亿欧元的额外削减开支、增税或增加借贷。法国的债务危机会蔓延至欧洲吗？要观看此视频，请8月，欧洲央行的经济学家在一篇博客文章中写道，欧元债券市场正在很好地适应人工智能巨头的存在，但警告称，它们“可能会让其他公司和其他经济部门更难获得融资。”
Based on these figures alone, France's Finance Ministry needs to find tens of billions of euros in additional cuts, tax hikes, or more borrowing by the end of the decade. Could France's debt crisis spread across Europe? To view this video , and In August, economists at the European Central Bank said the euro bond market was adapting well to the presence of AI giants, but warned they "could make it harder for other companies and other economic sectors to access finance."
他们还质疑该集团的金融市场能否“平稳应对如此大规模且集中的债务流入”，并警告存在“向主权和超国家债券市场板块溢出的可能性。”这意味着政府以及欧盟和欧洲投资银行等国际贷款机构最终可能也要支付更高的借贷成本。
Writing in a blog post, they also questioned whether the bloc's financial markets can "smoothly handle such large and concentrated debt inflows and warned of a "potential spillover to the sovereign and supranational segment of the bond market." That means governments and international lenders such as the EU and the European Investment Bank could also end up paying more to borrow.
人工智能数据中心耗资数十亿，其能源使用给电网带来压力 “债券充裕”推高收益率 法国巴黎银行全球信贷策略主管维克托·约尔特将这一现象描述为“债券充裕”。约尔特对德国之声表示，超大规模数据中心运营商在欧元债券市场的存在“已经足够高，足以在企业部门内部以及企业与政府之间，为可用的固定收益基金制造竞争。”这些是主要购买债券（支付定期利息）的投资基金。
AI data centers cost billions and their energy use is putting pressure on power grids 'Bond abundance' helps drive up yields Viktor Hjort, global head of credit strategy at the French bank BNP Paribas, described the phenomenon as "bond abundance." Hjort told DW that the presence of the hyperscalers in the euro bond market is "already high enough to create competition" within the corporate sector and "between corporates and governments for available fixed income funds." These are investment funds that mostly buy bonds, which pay regular interest.
上个月，债券收益率再次跳升，受与伊朗战争相关的能源价格反弹以及法国政治危机的推动，约尔特表示，这进一步揭示了资本竞争日益加剧，因为政府和企业的借贷成本同步上升。
Bond yields jumped again last month, driven by rebounding energy prices linked to the Iran war and France’s political crisis, which Hjort said further revealed the growing competition for capital, as government and company borrowing costs rose together.
通常情况下，在不确定时期，紧张的投资者会转向政府债券，从而压低其借贷成本。AI 备受炒作，常被恐惧，或许被高估欧洲公司也可能感受到更多痛苦高盛上周警告称，不断上升的利息成本开始损害欧洲公司的盈利。在斯托克欧洲 600 指数（一个涵盖欧洲 600 家大中小型公司的指数）成分股中，高盛发现，利息成本占销售额的比重自 2022 年以来已上升近一半。该行分析师表示，这在同期内已使盈利减少了 5% 以上。
Normally, nervous investors move into government bonds during uncertain times, which pushes their borrowing costs down. AI is much hyped, frequently feared, and possibly overrated European companies could also feel more pain Goldman Sachs warned last week that rising interest costs were starting to hurt earnings at European companies. Among firms in the Stoxx 600 — an index of 600 large, mid-sized and small companies across Europe — Goldman found that interest costs as a share of sales have risen by nearly half since 2022. The bank's analysts said this had cut earnings by more than 5% over the same period.
考虑到来自 AI 债券的竞争，欧洲企业现在可能面临压力，不得不削减在新工厂、设备和研发方面的投资，以及股东回报，以优先偿还贷款。地区政府为 AI 买单压力不止于国家政府。欧洲的城市和地区，其借贷有助于为学校、交通和基础设施提供资金，也可能感受到 AI 繁荣的影响。
Factor in the competition from AI bonds, and European firms could now face pressure to cut their investments in new plants, equipment and research, as well as shareholder payouts, to prioritize loan repayments. Regional governments paying the price for AI The pressure doesn't stop at national governments. Europe's cities and regions, whose borrowing helps to fund schools, transport and infrastructure, may also feel the effects of the AI boom.
经济合作与发展组织（OECD）于 1 月发布的一项研究，比较了比利时、德国、西班牙、瑞典和加拿大的地方债券市场。在 AI 普及最快的地区（以 AI 相关职位空缺占比衡量），城市和地区的借贷成本往往会上升。
study for the Organization for Economic Co-operation and Development (OECD), published in January, compared local bond markets in Belgium, Germany, Spain, Sweden and Canada. Where AI was spreading fastest, measured by the share of AI-related job vacancies, borrowing costs for cities and regions tended to rise.
该研究合著者、亚利桑那州立大学 W. P. 凯里商学院的 Christos Makridis 告诉《德国之声》：“我的研究发现，在美国，AI 投资与市政借贷成本降低有关，但在几个欧洲国家，情况似乎恰恰相反。”
"Whereas in the United States, my research has found that AI investments are linked to a lower cost of borrowing for municipalities, the opposite appears to hold in several European countries," the study's co-author, Christos Makridis of Arizona State University's W. P. Carey School of Business, told DW.
虽然 AI 债券远非欧洲财政压力加剧的唯一原因，但由于计划发行数十亿欧元的新债券，美国大型科技公司对资本的巨大胃口明年可能会增加进一步压力。
While AI bonds are far from the sole cause of Europe's widening fiscal strains, US Big Tech's huge appetite for capital could add further pressure next year, due to the additional billions in new bonds planned.
讽刺的是，欧洲纳税人最终可能要为本国政府的债务支付更多成本，部分原因是为了帮助资助大西洋彼岸的 AI 繁荣。特朗普宣布成立新的“AI 部队”
The irony is that European taxpayers could end up paying more on their own governments' debt, partly to help finance an AI boom across the Atlantic. Trump announces creation of new 'AI Force'