科技企业AI借款潮推高信用违约互换价格并扰动市场
Why Tech’s AI Borrowing Binge Is Rattling Markets
微软、英伟达、Meta和亚马逊等科技公司的信用违约互换价格自2025年秋季以来大幅上涨，部分价格超过翻倍。甲骨文和博通等第二梯队科技公司的涨幅更明显，市场因此质疑人工智能热潮能否带来足以支撑行业借款潮的回报。
October 16, 2026 at 3:17 PM UTC
The market for credit-default swaps, financial instruments that function much like insurance policies for Wall Street’s debt trades, rarely attracts attention when everything is going well. But when the cost of insuring a company’s debt starts climbing, more often than not it’s a warning that concerns are building beneath the surface.
Now, that alarm is sounding for some of the world’s most prominent technology businesses: Prices of credit default swaps for companies including Microsoft Corp., Nvidia Corp., Meta Platforms Inc. and Amazon.com Inc. have surged since fall 2025, in some cases more than doubling. The increases are even more pronounced for the second tier of tech giants such as Oracle Corp and Broadcom Inc. The gains suggest investors are questioning whether the artificial intelligence boom will ultimately generate returns large enough to justify the industry’s borrowing binge.
来源：Bloomberg Markets · bloomberg.com