Rohan Paul· @rohanpaul_ai · X·· 2026-06-21AI 评分53
AI 导读
高盛研究报告指出,AI数据中心融资正从传统公司资产负债表转向基础设施、私募股权、房地产、私人信贷等另类资产,AI正变得像管道、收费公路一样的实物资产基础设施项目。NYU教授Damodaran对比互联网泡沫时警告:AI的资本支出规模是史上最大基础设施投资,且大部分依赖私人债务融资。一旦市场修正,债务违约将不仅限于股东,而会溢出至全社会,社会成本远超互联网泡沫。
正文 · 原文
Goldman Sachs Research: AI data centers are no longer being financed mainly by traditional corporate balance sheets.
They are increasingly funded through alternative assets like infrastructure, private equity, real estate, and private credit.
i.e. AI is increasingly becoming a real-assets infrastructure story, not just a software or semiconductor story, data centers are now being financed like pipelines, toll roads, utilities, and warehouses.
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