全球管理公司（Global Management Inc.）表示，该公司计划对其与人工智能相关的投资采取更具防御性的策略，与此同时，这家资产管理公司正投入数十亿美元，为支撑该技术的基础设施建设提供融资。
Global Management Inc. said it plans to take a more defensive approach to its investments tied to artificial intelligence, as the asset manager plows billions into financing the infrastructure buildout underpinning the technology.
“我们知道，未来社会将使用大幅增加的算力，”阿波罗总裁吉姆·泽尔特（Jim Zelter）周二在第三季度业绩发布后的一次分析师电话会议上表示，“芯片需求将保持强劲，人工智能能力正以非同寻常的速度提升。”“我们不知道的是，定价和经济效益将如何演变。”其附属公司阿瑟恩（Athene）在10月30日的一份文件中披露，截至9月30日，已在数字基础设施领域投资了129亿美元。
“We know that society will use dramatically more computing power in the future,” that demand for chips will remain strong, “and that AI capabilities are improving at an extraordinary rate,” Apollo President Jim Zelter said on a call with analysts Tuesday following its third-quarter results. “What we don’t know is how pricing and economics will evolve.”Its subsidiary Athene disclosed in an Oct. 30 filing that it has invested $12.9 billion in digital infrastructure as of Sept. 30.
该公司详细列出了对每个借款人的风险敞口以及与该行业相关的资产类别，同时强调，大部分投资都安全且属于投资级。总风险敞口不包括阿波罗已承诺但尚未拨付的债务。
The firm broke down its exposure to each borrower and the asset class tied to the sector, while emphasizing that most of the investments were secure and investment grade. The overall exposure doesn’t include any unfunded debt that Apollo has already committed.
对于阿瑟恩而言，其最大的人工智能相关投资包括：对SpaceX的31亿美元风险敞口，对甲骨文公司（Oracle Corp.）的24亿美元，对Meta Platforms Inc.的23亿美元，以及对Anthropic PBC和博通公司（Broadcom Inc.）的11亿美元。这些风险敞口并不能反映完整情况，因为博通的债务部分仅代表阿波罗为该芯片公司与Anthropic的租赁协议承诺的多笔款项中的一笔。
For Athene, its largest AI-related investments include $3.1 billion of exposure to SpaceX, $2.4 billion to Oracle Corp., $2.3 billion to Meta Platforms Inc. and $1.1 billion to Anthropic PBC and Broadcom Inc. The exposures don’t capture the full picture, as the Broadcom debt portion represents just one of several installments that Apollo has committed to the chip firm for its leasing agreement with Anthropic.
包括阿波罗和黑石公司（Blackstone Inc.）在内的另类资产巨头，一直在争相为人工智能融资，为全球最大的科技公司的基础设施建设安排数十亿美元资金。阿波罗上周牵头为SpaceX提供了400亿美元的融资，用于购买人工智能芯片；今年早些时候，它还牵头为博通和Anthropic达成了一笔350亿美元的交易。
Alternative-asset giants including Apollo and Blackstone Inc. have been charging into the race to finance AI, arranging billions of dollars for the buildout by the world’s largest technology companies. Apollo co-led a $40 billion financing for SpaceX last week to fund its purchase of AI chips, and earlier this year it led a $35 billion deal for Broadcom and Anthropic.
阿瑟恩还表示，将对任何单一发行人的投资级风险敞口限制在总投资资产的1%至1.5%，并汇总不同结构下的投资。
Athene also said it caps investment-grade exposure to any single issuer at 1% to 1.5% of gross invested assets, aggregating investments across different structures.
泽尔特表示，阿波罗正在优先投资于资本结构中更高级别的项目，并在该公司发放的贷款中采取更具防御性的姿态。
Zelter said Apollo is prioritizing investments that are more senior in the capital structure and taking a more defensive posture in the loans the firm’s making.
“合乎逻辑的结论是撤离风险，采取防御性部署，并为进攻的机会做好准备，”泽尔特说。
“The logical conclusion is to take risk off, position defensively and prepare for the opportunity to play offense,” Zelter said.