– 这是CNBC于2026年11月4日为中国中央电视台制作的财经新闻报道脚本。
– This is the script of CNBC's financial news report for China's CCTV on November 04, 2026.
人工智能基础设施不断增长的资本需求，正推高美国科技公司的债务融资成本。彭博社汇编的数据显示，美国投资级科技公司发行债务时支付的利率溢价，相较于更广泛的市场已攀升至2003年以来的最高水平。为缓解这些借贷成本，众多公司已开始寻求跨市场融资。与美国市场相比，欧元区提供相对较低的基准利率，已成为受欢迎的发行中心。
Growing capital requirements for artificial intelligence infrastructure are driving up debt financing costs for American technology companies. Bloomberg compiled data shows that the interest rate premium paid by US investment grade tech firms over the broader market when issuing debt has climbed to its highest level since 2003. To mitigate these borrowing costs, numerous companies have begun pursuing cross market financing. The eurozone, offering relatively lower benchmark interest rates compared to the US market, has emerged as a favored issuance hub.
然而，融资渠道的扩大并不意味着可以无限获得低成本资本。随着债务发行量激增，投资者可能会要求更高的收益率，迫使企业提供更高的利率以吸引买家购买新债券。
However, expanded financing channels do not guarantee unlimited access to low cost capital. As debt issuance volumes swell, investors may demand higher yields, forcing corporations to offer elevated interest rates to attract buyers for new bonds.
科技公司面临的财务压力已体现在其资本配置策略中。数据显示，微软、Alphabet、亚马逊、Meta和甲骨文的股票回购在今年前三个季度同比下降83%，从818亿美元降至136亿美元。除了削减对股东的现金回报，回购的急剧收缩还威胁着支撑科技股长期估值的关键支柱。
Financial pressures facing technology firms are already evident in their capital allocation strategies. Data indicates that share repurchases across Microsoft, Alphabet, Amazon, Meta, and Oracle plunged 83% year over year in the first three quarters of this year, dropping from 81.8 billion dollars to 13.6 billion dollars. Beyond reducing cash returns to shareholders, this sharp contraction in buybacks threatens a key pillar supporting tech stock valuations over the long term.
每股收益是评估企业盈利能力的关键指标，一些分析人士指出，市场对每股收益的关注远超自由现金流。历史上，当企业回购并注销股票时，股本减少会推高每股收益，即使净利润没有增长。随着回购规模大幅收缩，对每股收益的这种机械性支撑正在减弱，企业需要依靠实际利润扩张来推动每股收益上升。然而，人工智能投资回报仍不确定，新建数据中心带来的折旧费用上升，对企业盈利能力构成了额外拖累。
Earnings per share serves as a crucial metric for evaluating corporate profitability, with some analysts noting that market focus on earnings per share far outweighs that on free cash flow. Historically, when corporations repurchased and retired shares, the reduced share count boosted earnings per share even without net income growth. With buyback volume contracting sharply, this mechanical support for earnings per share wanes, requiring companies to rely on actual profit expansion to drive per share earnings higher. However, while return on investment for artificial intelligence remains uncertain, rising depreciation expenses from new data center buildouts present an additional drag on corporate profitability.
随着人工智能资本支出扩大，市场关注的焦点已超越融资能力和回购可持续性，转向这一投资周期能否持续，以及放缓可能引发多大波动。路透社援引分析人士的话指出，在中东冲突推高能源价格、加剧经济压力的背景下，若非人工智能支出，美国经济可能已经陷入衰退。若人工智能支出放缓，其影响可能波及全球，尤其是考虑到外国投资者对美国资产市场的敞口。
As artificial intelligence capital expenditure expands, market attention extends beyond fundraising capacity and buyback sustainability to whether this investment cycle can persist, and how much volatility a slowdown might induce. Reuters cited analysts pointing out that amid Middle East conflicts elevating energy prices and intensifying economic strain, the US economy might already be in recession were it not for artificial intelligence spending. Should artificial intelligence expenditures decelerate, the fallout could ripple globally, particularly given foreign investors' exposure to US asset markets.
NATHAN SHEETS 全球首席经济学家 花旗集团 “经济中有太多地方正在显现通胀压力。我认为，目前也许我们抵御增长放缓的保护是人工智能投资，出口和生产都非常强劲。”
NATHAN SHEETS Global Chief Economist Citigroup "There are so many places where there are inflationary pressures manifesting themselves in the economy. I think that at the moment maybe our protection against a slowing of growth is AI investment, exports, production are just so robust."
CONSTANCE HUNTER 首席经济学家兼研究主管 企业集团 “在美国，许多增量增长和消费来自财富效应，而这当然在很大程度上受到股市人工智能热潮的推动，因此我认为存在显著的集中风险。如果人工智能热潮减弱，我认为你将看到相当严重的连锁反应。”
CONSTANCE HUNTER Chief Economist and Head of Research Economist Enterprise "In the U.S., a lot of the incremental growth and consumption is coming from the wealth effect, and of course, that is really being fueled by the AI boom in terms of the equity market, so there is, I think, significant concentration risk. If we see the AI boom falter, I think you're going to see pretty significant fallout."