Investors are losing confidence that revenues from the AI boom will be sufficient to support the vast debt piles financing data centres, pushing bonds backing some of the largest US infrastructure projects into increasingly stressed territory.
投资者正对AI投资热潮所带来的营收是否足以支撑为数据中心融资的巨额债务失去信心，这使得支持美国一些最大基础设施项目的债券越来越深地陷入压力区间。
Prices of bonds issued to fund prominent data centres where Meta, Nvidia, Oracle and others will become tenants — such as “Hyperion”, “Sopaipilla” and “Project Excalibur” — have fallen well below par in recent weeks.
近几周，为大型数据中心（例如Hyperion、Sopaipilla和Project Excalibur）项目融资的债券的价格已显著跌破面值。Meta、英伟达(Nvidia)、甲骨文(Oracle)等公司将成为这些数据中心的租户。
Investors are also dumping debt issued by so-called neocloud companies — of which the best known is Nvidia-backed CoreWeave — who have been the most aggressive in how they finance the AI build-out.
投资者还抛售由所谓“新云”(neocloud)公司——其中最知名的是英伟达支持的CoreWeave——发行的债务。这些公司为AI基础设施建设融资的方式最为激进。