Alphabet公布的季度财报进一步加剧了抛售潮，该公司上调了全年资本支出预测，显示新债发行的洪流将持续不断。Alphabet 2046年到期的债券殖利率上升约9个基点至6.11%，Oracle部分2030年到期债券殖利率上升17个基点至约6.09%，微软和亚马逊的信用违约互换价格也被推高，反映出投资者对风险上升的担忧。今年AI相关借贷总额已达约三千五百亿美元，投资级债券基金在截至周三的一周内遭遇七十一亿美元的资金净流出，为2020年4月以来最大规模。
市场供给压力持续加大，贝莱德正计划发行超过一百二十亿美元债券以资助Meta在德州的数据中心建设，巴克莱银行也将今年美国投资级债券发行总量预测从一点六万亿美元上调至一点九万亿美元。业内人士指出，科技公司的债券发行规模已可与六大银行匹敌，供给疲劳正在逐周加速，市场正面临AI资本支出焦虑、油价冲击与利率重新定价的三重打击。（关键数字：12, 1.6, 1.9, 20）
Bonds issued by major US technology companies including Alphabet, Oracle, Microsoft, and Amazon fell sharply on Thursday as investors grew increasingly anxious about the massive debt-driven AI investment boom. The selloff was compounded by surging oil prices exceeding $100 per barrel amid escalating Middle East tensions, which stoked inflation fears and pushed longer-term bond yields higher, threatening to raise borrowing costs for companies pouring hundreds of billions of dollars into artificial intelligence infrastructure.
Alphabet's quarterly earnings report intensified the downturn after the company raised its full-year capital expenditure forecast, signaling continued heavy debt issuance. Yields on Alphabet's 2046 bonds rose approximately 9 basis points to 6.11%, while Oracle's 2030 debt saw yields climb 17 basis points to around 6.09%. Credit default swaps on Microsoft and Amazon debt were also bid up. AI-related borrowing has reached roughly $350 billion this year, and US high-grade bond funds experienced $7.1 billion in outflows for the week ending Wednesday, the largest since April 2020.
Supply pressures show no signs of easing, with BlackRock planning to sell over $12 billion in bonds to finance a Meta data center in Texas, and Barclays raising its full-year US investment-grade issuance forecast from $1.6 trillion to $1.9 trillion. Market participants warn that tech hyperscalers now rival the largest banks as top investment-grade issuers, and even the rumor of another $20 billion deal causes the entire complex to reprice wider—a clear sign that supply fatigue is accelerating week by week across all asset classes.