跳到正文
Rohan Paul· @rohanpaul_ai · X·· 2026-06-20AI 评分66
AI 导读

摩根士丹利估计,到2028年全球数据中心建设资本支出约2.9万亿美元,资金来源包括超大规模企业现金流1.4万亿美元、公司债2000亿、证券化信贷1500亿、私人信贷/资产融资/合资债务8000亿等。AI资本支出愈发依赖信贷,损失可能超出股东范围。NYU教授Damodaran指出,与互联网泡沫不同,AI资本支出规模史无前例且大部分由债务融资(尤其是私人资本),一旦调整,违约和困境将蔓延至整个社会,而非仅股东受损。

正文 · 原文

Morgan Stanley estimates about $2.9 trillion capital expenditure of global data-center construction through 2028.

With funding sources including $1.4T from hyperscaler cash flows, $200B corporate debt, $150B securitized credit, $800B private credit / asset-based finance / JV debt, and $350B other capital.

i.e. AI capex is increasingly credit-funded, so losses could spill beyond shareholders.

引用Rohan Paul@rohanpaul_ai
dot-com bubble vs. a possible AI bubble. From the famous "Dean of Valuation", Professor Aswath Damodaran, of NYU Stern School of Business, “And that’s the real big difference between the dot-com boom and bust and the AI boom. We don’t know whether there’ll be a bust. History suggests there will be a bust. The dot-com boom and bust had no huge capital expenditure in that cycle. In fact, there was very little traditional CapEx, or even R&D, driving it. People started apps. They basically started going on it. This has been the biggest infrastructure run-up I think I’ve ever seen in business. You can go back and compare it to the automobile business 100 years ago. The amount of money that’s being put into AI CapEx is immense, which means that when the correction comes, the pain will be more intense. And herein lies the second problem. The dot-com boom and bust was almost entirely equity-funded. You think, so what? Well, when the bust came, those shareholders lost 60%, 70%, 80%, or 90% of their money. You felt sorry for them, but the loss was restricted to the shareholders. The problem with the AI CapEx boom is that not only is it immense, but a big chunk of it is funded with debt, and the debt is coming from private capital rather than banks. There’s a very real chance that if there’s a correction and companies start having problems, that problem is going to show up as distress and default, and that really doesn’t stay restricted. It spills over into the rest of society. I’m not saying it’s going to be 2008, but 2008 is an example of what happens when lenders overreach, when they lend money at too low a rate, and the correction comes. The pain spills over. So that is my concern with this big market illusion: the potential societal cost of having to deal with debt coming due that you’re unable to pay. It’s much more painful than your share price dropping 90% and you feeling the pain." ---- From "Excess Returns" YouTube channel, (link in comment)
在 X 查看被引用的帖子

来源:Rohan Paul · x.com