为科技投资者软银集团投保违约的成本周五升至四年来最高，因对人工智能盈利能力的担忧动摇了全球金融市场。
The cost of insuring against a default for tech investor SoftBank Group jumped to its highest in four years on Friday as worries about AI profitability roiled the world’s financial markets.
据Markit数据，软银5年期信用违约互换（CDS）利差上升17.4个基点至462个基点，为2022年10月以来最宽。
The 5-year credit default swap spread for SoftBank rose by 17.4 basis points to 462 bps, according to Markit data, the widest since October 2022.
软银被视为人工智能投资前景的风向标，因其向前沿模型开发商OpenAI投资646亿美元，持有芯片设计商Arm 90%股份，并通过子公司SB Energy为数据中心开发提供融资。
SoftBank is seen as a bellwether for the prospects of AI investment due to its $64.6 billion investment in frontier model developer OpenAI, 90% stake in chip designer Arm and financing of data centre development through subsidiary SB Energy.
今年投资者加强了对软银财务状况的审视，因为软银以创纪录收益率承担更多债务为其OpenAI持股提供资金，而OpenAI将首次公开募股（IPO）推迟至2027年，导致投资回报前景被推后。
Investors have increased their scrutiny of SoftBank‘s finances this year as it has taken on more debt at record yields to fund its OpenAI stake, while prospects for a return on investment have been pushed back by OpenAI delaying its public offering to 2027.
民主党在本周美国中期选举中大获全胜，引发了对人工智能基础设施建设步伐放缓的担忧，加剧了为引领建设而举债企业的信用违约利差上升。
The Democratic Party’s sweeping wins at this week’s midterm elections in the US have sparked fears of a slowdown in the pace of AI infrastructure development, adding to a rise in the credit default spreads of firms that have taken on debt to lead the buildout.
9月，SB Energy申请公开上市，潜在估值达500亿美元，但媒体报道称上市已推迟至12月或更晚。
In September, SB Energy filed for a public listing at a potential valuation of $50 billion but media reports say the listing has been delayed until December or later.
IPO申报文件显示，基于与最终用户的合同，其预期收入约为4390亿美元，但目前没有任何运营中的数据中心，且高度依赖OpenAI。
The IPO filing revealed it expects revenue of some $439 billion based on its contracts with end-users but does not currently have any operational data centres and is substantially dependent on OpenAI.
“AI基础设施企业的信用状况一直在稳步下降，本周股票市场终于开始为数据中心开发放缓定价，但我认为我们短期内已触底，”新加坡Asymmetric Advisors的日本股票市场策略师Amir Anvarzadeh表示。软银股价周五下跌逾11%，自9月初以来已跌去近半。
“There’s been a steady decline in the credit standing of AI infrastructure firms and this week equity markets are finally pricing in a slowdown in data centre development, but I think we’ve hit the bottom near term,” said Amir Anvarzadeh, a Japan equity market strategist at Asymmetric Advisors in Singapore. SoftBank‘s share price fell more than 11% on Friday and has fallen by almost half since the start of September.
Futurum Group半导体与基础设施负责人Rolf Bulk周四在一份研究报告中写道，中期选举结果使美国三分之一的数据中心产能面临风险，因为计划中的数据中心位于州长可能会减缓开发的州份。
The midterm election results have put one-third of US data centre capacity at risk as the planned data centres sit in states where governors may slow development, Rolf Bulk, head of semiconductors and infrastructure at the Futurum Group, wrote in a research report on Thursday.