美国中期选举的结果可能会扩大大型科技公司与较小的人工智能（AI）基础设施公司之间的差距。对新数据中心项目的可能限制，可能会有利于已经拥有足够计算能力的大型科技公司，同时让较小的公司更难扩张。
The results of the US midterm elections could widen the gap between large technology companies and smaller artificial intelligence (AI) infrastructure firms. Possible restrictions on new data centre projects could benefit big technology companies that already have enough computing capacity while making it harder for smaller companies to expand.
民主党在关键州长选举中的胜利，引发了人们对美国数据中心建设更严格规则的担忧。据CNBC报道，这些发展也加剧了投资者对新数据中心项目能否按时获得批准以及公司如何为其建设融资的担忧。
Democratic victories in key gubernatorial races have raised concerns about tighter rules for building data centres in the US. These developments have also increased investor worries about whether new data centre projects will get approval on time and how companies will pay for their construction, according to CNBC.
在得克萨斯州，民主党当选州长吉娜·希诺霍萨提议全州暂停新数据中心项目的许可。然而，据报道，已经在建的项目将被允许继续。周三，微软和亚马逊的股价各自上涨超过6%。相比之下，AI基础设施公司CoreWeave的股价下跌了约10%。OpenAI承诺在选民反弹后支付数据中心的全部电力成本为什么大型科技公司有优势摩根大通全球基本面研究董事总经理兼联席主管詹姆斯·沙利文表示，借贷成本的差异正在扮演大型科技公司与较小AI基础设施公司之间日益扩大的差距中的重要角色。
In Texas, Democratic governor-elect Gina Hinojosa has proposed a statewide pause on permits for new data centre projects. However, projects that are already under construction would reportedly be allowed to continue. On Wednesday, Microsoft and Amazon shares each rose more than 6%. In contrast, shares of AI infrastructure company CoreWeave fell around 10%.OpenAI pledges to pay full power costs for data centres after voter backlashWhy big tech companies have an advantageDifferences in borrowing costs are playing a major role in the growing gap between large technology companies and smaller AI infrastructure firms, according to James Sullivan, managing director and co-head of global fundamental research at JPMorgan.
沙利文周四在接受CNBC《亚洲早间新闻》采访时表示，较小的云基础设施公司（也被称为新云公司）的借款成本已显著增加。
Speaking to CNBC's Squawk Box Asia on Thursday, Sullivan said the cost of borrowing money has increased significantly for smaller cloud infrastructure companies, also known as neoclouds.
超大规模云服务商拥有优势，因为它们服务于更广泛的客户群，拥有更多元化的收入来源。这使得它们更容易筹集资金并管理财务压力。
Hyperscalers have an advantage because they serve a wider range of customers and have more diversified sources of revenue. This makes it easier for them to raise money and manage financial pressure.
沙利文表示，这些公司之间股市表现的差异，很大程度上与现有数据中心容量价值的增长有关。
Sullivan said the difference in stock market performance between these companies is largely linked to the growing value of existing data centre capacity.
他解释称，当供应限制导致建设新数据中心变得更加困难时，已拥有算力的公司会变得更有价值。数据中心建设面临新风险中期选举结果可能使公司更难获得新数据中心项目的批准。更严格的地方规定和许可延迟可能会拖慢建设进度，并影响对AI基础设施的投资。
He explained that when building new data centres becomes more difficult because of supply restrictions, companies that already have computing capacity become more valuable. Data centre construction faces fresh risksThe midterm election results could make it more difficult for companies to get approval for new data centre projects. Tighter local rules and delays in permits could slow down construction and affect investment in AI infrastructure.BMI warned that a major slowdown in data centre construction and AI investment could lead to a bigger-than-expected fall in overall investment.
BMI警告称，数据中心建设和AI投资大幅放缓可能导致总投资出现超预期的下滑。《商业时报》援引BMI在中期选举后的分析报道了这一点。
The Business Times reported this, citing BMI's analysis after the midterm elections.
然而，新限制的影响可能因数据中心项目预计投入运营的时间而异。预计2027年投入运营的大部分数据中心产能已在建设中。
However, the impact of new restrictions may differ depending on when a data centre project is expected to become operational. Much of the data centre capacity expected to become operational in 2027 is already under construction.US stocks surge as oil plunges below $100 on Iran war hopes after Democrats' winInvestment bank Nomura highlighted this risk in a note released on Wednesday following the midterm election results.
民主党获胜引发伊朗战争希望破灭，油价跌破100美元，美股飙升投资银行野村证券在周三中期选举结果公布后发布的研报中强调了这一风险。野村证券表示，因监管收紧以及能否获得必要批准存在不确定性，计划于2028年投产的项目可能面临延期。小型AI公司面临融资危机英伟达支持的新云公司CoreWeave、Nebius和Iren的股价在10月均至少下跌了30%。投资者日益担忧这些公司将如何筹集资金为其昂贵的AI基础设施项目提供资金。CoreWeave的借贷相关风险指标也出现大幅上升。
Nomura said projects scheduled for 2028 could face delays because of tighter regulations and uncertainty over whether they will receive the necessary approvals. Smaller AI companies face a financing crisisShares of Nvidia-backed neocloud companies CoreWeave, Nebius and Iren each fell at least 30% in October. Investors were increasingly concerned about how these companies would raise money to fund their expensive AI infrastructure projects. CoreWeave has also seen a sharp rise in its borrowing-related risk indicators.
其五年期信用违约互换（CDS）利差已突破1100个基点。其财务状况也使其更容易受到电价、借贷成本以及再融资现有债务条件变化的影响。大型科技公司可能进一步获益。较小AI基础设施公司面临的日益增长的财务压力，可能为大型科技公司创造更多机会。财务状况更强大的超大规模云服务商可能能够以更低成本确保数据中心容量，如果较弱的公司难以继续其项目的话。
Its five-year credit default swap (CDS) spread has crossed 1,100 basis points. Their financial position also makes them more vulnerable to changes in electricity prices, borrowing costs and the conditions under which they can refinance existing debt. Big tech could gain further advantageThe growing financial pressure on smaller AI infrastructure companies could create more opportunities for large technology companies. Financially stronger hyperscalers may be able to secure data centre capacity at lower costs if weaker companies struggle to continue their projects.
它们还可能从因财务困难而被迫削减扩张计划的较小运营商手中收购数据中心资产。这可能进一步巩固大型科技公司在AI行业的地位，因为它们将能够获得更多基础设施，而较小的竞争对手则难以筹集资金和扩张。
They could also acquire data centre assets from smaller operators that are forced to reduce their expansion plans because of financial difficulties. This could further strengthen the position of large technology companies in the AI industry, as they would have access to more infrastructure while smaller competitors struggle to raise funds and expand.