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Rohan Paul· @rohanpaul_ai · X·· 2026-06-20AI 评分64
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高盛指出,AI竞赛已形成5.3万亿美元资本支出周期(覆盖2025–2030年超大规模云商AI及数据中心投入)。基础设施融资正面临困境:少数巨头无法无限发债,数据中心组合复杂(土地、电力、网络、冷却、服务器),融资分散于多种渠道。AI资本支出估算增速已快于实际建设,瓶颈或从模型需求转向融资能力、电力与项目执行。NYU教授Damodaran对比互联网泡沫:前者几乎无资本支出、靠股权融资,损失限于股东;AI泡沫资本支出巨大且大量依赖债务(私人资本而非银行),一旦调整,违约将外溢至全社会,痛苦程度远超股价暴跌。

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Goldman Sachs is now saying the AI race has become a $5.3T capital-spending cycle.

with that figure covering expected hyperscaler spending on AI and data centers from 2025 through 2030.

AI infrastructure is starting to strain normal financing channels, because the same few hyperscalers cannot endlessly push debt into public bond markets without investors worrying about issuer concentration.

A data center is not one asset, because it combines land, power access, network links, buildings, cooling, and AI servers, so the financing naturally spills across infrastructure funds, real estate funds, private credit, and corporate bonds.

Goldman signals that AI capex estimates are rising faster than actual data center construction, which means the bottleneck may shift from model demand to financing capacity, power availability, and project execution.

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)
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来源:Rohan Paul · x.com