英国财政大臣里夫斯计划在预算案中提高所得税

The artificial intelligence (AI) boom is driving an unprecedented wave of corporate borrowing, with major technology firms securing tens of billions in debt to fund infrastructure projects. Fixed-income investors are now divided between caution and optimism, as highlighted by contrasting assessments from DoubleLine Capital’s Robert Cohen and bond market activity . Technology companies have aggressively tapped debt markets to support AI expansion. Alphabet Inc. recently sold $17.5 billion in U.S. bonds and €6.5 billion in European notes, following Meta Platforms Inc.’s $30 billion bond offering last week and Oracle Corp.’s $18 billion in September. These deals reflect a broader trend where cloud computing “hyperscalers” are projected to spend $3 trillion on infrastructure like data centers between 2025 and 2028, with half of that requiring external debt financing, according to Morgan Stanley . The scale of borrowing has raised concerns about overcapacity and profitability, as Cohen emphasized: “No one knows whether these huge capital projects will make money” . Bond market dynamics suggest strong investor appetite for AI-related debt despite these risks. Recent offerings by Meta and Alphabet drew robust demand, with the latter’s $30 billion bond deal ranking among the largest investment-grade corporate offerings on record . However, this confidence contrasts with warnings from fixed-income analysts. Cohen specifically highlighted unconventional financing structures, such as off-balance sheet funding, which could obscure risks for investors and related industries including power and chemicals . The surge in debt issuance is also reflected in broader market activity. Tradeweb Markets reported a 20.7% year-over-year increase in average daily trading volume for October 2025, with U.S. government bond activity rising 4.0% and European government bond volumes up 18.2% . Swaps and swaptions volumes grew 20.3% YoY, driven by global trade tensions, central bank rate cuts, and increased compression activity . While not directly tied to AI financing, these trends underscore a market environment accommodating large-scale borrowing. Market participants remain split on the sustainability of AI-driven debt. On one hand, Cohen argues that profitability must be proven for these projects to avoid a “severe reaction” if most fail to generate returns . On the other, bond market performance suggests investors are not yet pricing in significant risks. As one expert noted, “If there was a disaster brewing, that wouldn’t have happened” during recent strong bond offerings . This divergence highlights the tension between speculative growth and traditional risk management frameworks. The implications extend beyond individual companies. Morgan Stanley’s $3 trillion infrastructure forecast implies sustained pressure on global debt markets to accommodate AI expansion, while Cohen’s warnings about spillover risks point to potential instability in adjacent sectors. For now, the bond market’s confidence appears to outweigh caution, but the absence of clear profitability metrics for AI projects leaves uncertainty about long-term viability .