纽约，11月9日讯 银行和信贷投资者正在加强对人工智能相关债务交易的审查，并对增加对借款人的风险敞口持谨慎态度，原因是最近的市场抛售以及对该技术增长轨迹的看法发生变化。
NEW YORK, Nov 9 - Banks and credit investors are upping their scrutiny of AI-related debt deals while showing reluctance to increase exposure to borrowers, jolted by the recent market selloff and changing sentiment toward the technology’s growth trajectory.
几家银行，就在几周前还在争相为人工智能交易提供资金，如今已向市场参与者表示，即使涉及该领域顶尖科技公司的担保，他们也不愿为额外交易提供融资，这是根据多位银行和信贷消息人士的说法。
Some banks, which just a few weeks ago were lining up to fund AI deals, are now telling market participants they would be reluctant to finance additional deals even when they involve guarantees from the sector’s marquee technology companies, according to several banking and credit sources.
贷款收缩因最近股市下跌而加剧，该下跌周四使纳斯达克100指数蒸发了2.5万亿美元的市值，并导致该指数进入调整区间。美国中期选举结果也加剧了人们对数据中心监管加强的担忧。
The lending pullback has been exacerbated by a recent drop in the stock market, which erased $2.5 trillion in market value on Thursday from the Nasdaq 100, and sent the index into a correction. The US midterm election results are also adding anxiety about more oversight of data centers.
人工智能数据中心建设可能放缓，这可能会抑制贷款增长，并削减来自贷款、债券发行和股票发行的投资银行费用，这些业务此前帮助融资了该领域的快速扩张。
A potential slowdown in AI data center construction could curb loan growth and dent investment banking fees from the loans, bond sales and stock offerings that have helped finance the sector’s rapid expansion.
根据两位消息人士的说法，这一变化发生在过去几天内。一些贷款人表示，即使交易由Anthropic和Google等公司提供担保，他们也不愿提供融资，消息人士没有透露贷款人的具体名称。
The change, according to two sources, has come in just the past few days. Some lenders have shown reluctance to finance deals even if they are backstopped by names such as Anthropic and Google , the sources said, without specifying names of the lenders.
Anthropic拒绝就其最近的借款发表评论。Google也拒绝发表评论。
Anthropic declined to comment on its recent borrowing. Google declined to comment.
“过去一年里，人们对向新云公司、任何建设数据中心或某种人工智能资产的公司提供债务融资都充满了毫无节制的热情，”Ropes & Gray律师事务所金融合伙人克里斯·波吉（Chris Poggi）表示，他指的是那些向开发人工智能的企业出租强大人工智能计算能力的公司，这些能力通常围绕先进芯片构建。
"Over the past year there was unbridled enthusiasm to provide debt to neoclouds, anyone who was building data centers or some sort of AI asset," said Chris Poggi, finance partner at Ropes & Gray, referring to companies that rent out powerful AI computing capacity, often built around advanced chips, to businesses developing AI.
“债务投资者的账本已满，现在他们正在评估，自己是否已经在今年将风险敞口扩大到极限。”即便如此，由于借款需求巨大，AI贷款市场即将迎来更多供应。高盛研究部预计，全球超大规模云服务商的债务发行量将在2027年达到4200亿美元，比其对2026财年2500亿美元的估计高出60%以上。
"Debt investors’ books have become full and now they are assessing if they have extended themselves as much as they’re going to extend themselves this year." Even so, much more supply is coming to the AI loan market because borrowing needs are so high. Goldman Sachs Research projects global hyperscaler debt issuance will reach $420 billion in 2027, more than 60% above its estimate of $250 billion for fiscal 2026.
投资者和贷款人还在对经济衰退情景下的现金流进行压力测试，并仔细审查支撑AI基础设施项目的合同细节，包括服务义务、运营期限，以及大型科技客户在什么条件下可能削减或终止承诺，两位知情人士表示。
Investors and lenders are also stress-testing cash flows for economic downturns and scrutinizing contractual details underpinning AI infrastructure projects, including service obligations, operational deadlines and the conditions under which large technology customers could reduce or terminate commitments, two of the sources said.
这些交易中的许多都相当复杂。芯片制造商通常为为AI公司购买先进芯片而提供的高级债务提供担保，并担保数据中心长期租赁的付款。直到最近，银行和私人信贷参与者一直对这类贷款感兴趣，因为这些担保确保了债务偿付。
Many of these deals are fairly complex. Chipmakers typically backstop the senior debt that will finance the purchase of advanced chips for an AI company and also guarantee payments on the long-term lease of the data centers. Banks and private credit players have until recently been attracted to such loans because of the guarantees that ensure debt payments.
随着超大规模云服务商和新兴云服务商竞相为数据中心、芯片和计算基础设施筹集更多债务，他们越来越多地遇到贷款人质疑，自己是否愿意对一个已经占据其贷款账本很大比例的行业增加更多风险敞口。
As hyperscalers and neoclouds race to raise additional debt for data centers, chips and computing infrastructure, they are increasingly running into lenders questioning how much additional exposure they want to a sector that is already taking up a large part of their loan book.
例如，在摩根大通，由其他产生收入的房地产支持的贷款（包括数据中心）在第三季度末的未偿余额为290亿美元。这是该银行第二大商业房地产风险敞口，占比12%，仅次于公寓楼。摩根大通拒绝置评。
At JPMorgan Chase, for instance, loans backed by other income-producing properties, which includes data centers, were at $29 billion outstanding at the end of the third quarter. They are the bank’s second-largest commercial real estate exposure at 12%, following apartment buildings. JPMorgan declined to comment.
这一比例较三年前的8%有所上升，当时数据中心类别在公寓楼、工业房地产和办公楼之后，排名第四。
That was up from 8% of the bank’s CRE loans three years ago, when the data center category ranked fourth after apartments, industrial properties and office buildings.
与直接贷款机构一样，投资者对将支持哪些交易也变得更加挑剔。据美国银行信贷分析师尤里·塞利格表示，今年以来，10年期超大规模云服务商债务的利差已扩大约50个基点，而与AI无关的高质量工业公司的利差则扩大了大约20个基点。Meta今年早些时候发行的债券以及SpaceX的债券价格均低于面值。在亚洲，一些银行正确保交易有现金流支持，并密切审查风险。
Like direct lenders, investors are becoming far more selective about which deals they will back. The spread on 10-year hyperscaler debt has widened by about 50 basis points year to date, versus roughly 20 basis points for high-quality industrial companies not tied to AI, according to Bank of America credit analyst Yuri Seliger. Bond prices of Meta, issued earlier this year, and SpaceX are trading below par. In Asia, some banks are making sure deals are backed by cash flow and scrutinizing risks closely.
“我们关注的这类交易，非常注重风险方面。因此我们围绕交易进行结构设计，以确保现金流确实存在，”新加坡OCBC集团首席执行官陈德隆周五在一次业绩简报会上表示。
"The kind of deals we look at, we are very focused on the risk aspect. So we structure the deals around to make sure that the cash flow is there," said Singapore’s OCBC Group CEO Tan Teck Long on Friday during an earnings briefing.
信贷疲软 这种回撤在风险较高的AI借款人中尤为明显，例如新云公司和独立数据中心运营商。
WEAKER CREDIT The pullback has been particularly pronounced among riskier AI borrowers such as neocloud companies and standalone data center operators.
据Baird股票研究称，甲骨文和CoreWeave等新云公司可能受到可能的建设延误或暂停令的影响。CoreWeave的股价今年以来已下跌35%，其债券价格在二级市场也大幅下跌。一些与数据中心和芯片相关的计划债券发行也被搁置。
Oracle and CoreWeave are among the neocloud companies that could be impacted by possible construction delays or moratoriums, according to Baird Equity Research. CoreWeave’s stock has fallen 35% year to date, and its bond prices have also dropped sharply on the secondary market. Some planned bond offerings linked to data centers and chips are also being shelved.
纳斯达克上市的新云公司Nebius此前曾考虑在9月发行高收益债券，但上个月决定不再推进，一位知情人士表示。这家AI云公司未回应路透社的置评请求。
Nasdaq-listed neocloud firm Nebius had been exploring a high-yield bond issue in September, but decided not to go ahead with it last month, one of the sources familiar with the matter said. The AI cloud company did not respond to a Reuters request for comment.
Nebius去年10月与花旗银行签订了一项35亿美元的高级担保贷款融资协议，用于数据中心开发、GPU采购及一般公司用途。
Nebius in October entered into a $3.5 billion senior secured loan facility provided by Citigroup, to use for data center development and GPU procurement and general corporate purposes.
“大多数银行和信贷投资者将采取观望态度，”3亿美元另类资产管理公司AIP的联合创始人兼首席执行官贾亚·巴拉表示，他指的是在中期选举中民主党赢得国会控制权后，AI增长将如何发展。您现在应该投资 2000 美元买入 JPM 吗？
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