科技巨头在资料中心基础设施上的巨额资本支出正引发投资者日益加剧的不安。Alphabet因历史上首次出现自由现金流为负而遭到市场抛售，Meta也因坚持大规模投资计划并拒绝转售多余资料中心容量而股价承压。尽管微软的AI收入开始加速成长，其股价仍较去年高点下跌约百分之十五，整体半导体股也在近一个月内大幅回落。
市场焦虑的根源有多重因素。首先，尽管短期支出依然强劲，华尔街可能预期资本支出即将见顶，但科技公司的言论并未支持这一判断。其次，虽然微软和Google的合并订单积压已从一年前不到五千亿美元跃升至一点二兆美元，但其中高度集中于OpenAI和Anthropic等尚未证明自身客户需求的公司，且中国模型的崛起和企业对AI过度使用的管控都为定价前景蒙上阴影。（关键数字：1.2）
更深层的结构性变化也令人担忧。Meta的自由现金流在最新一季大幅下滑，Alphabet长期债务从一年前的一百一十亿美元飙升至近一千亿美元，并额外筹集了八百五十亿美元的股权融资。信用评级机构穆迪指出，随著大型科技公司转变为「资产密集型」企业，其与资本、风险和信用的关系正在被重新定义。这些因素单独来看或许不足以触发抛售，但综合在一起，足以解释为何投资者的焦虑水平正持续攀升。
Massive capital expenditure on data centre infrastructure by major tech companies is provoking growing investor unease. Alphabet was punished by the market after burning through cash for the first time as a public company, while Meta's stock suffered after it doubled down on heavy investment and dashed hopes of reselling surplus capacity. Even Microsoft, which reported meaningful AI revenue acceleration, remains roughly fifteen per cent below its peak, and semiconductor shares have also fallen sharply over the past month.
Several factors underpin the anxiety. Wall Street may believe peak capex is approaching, yet nothing in the companies' guidance supports that view. Although combined order backlogs at Microsoft and Google surged to 1.2 trillion dollars, this demand is heavily concentrated on OpenAI and Anthropic, neither of which has proven its end-customer base can absorb all that capacity. Meanwhile, the rise of competitive Chinese models and corporate crackdowns on excessive AI usage—so-called tokenmaxxing—cast doubt on sustained pricing power and profitability.
A deeper structural transformation is also unsettling markets. Meta's free cash flow dropped sharply, and Alphabet's long-term debt ballooned from eleven billion to nearly one hundred billion dollars in a single year, supplemented by an eighty-five-billion-dollar equity raise. Moody's has warned that these technology giants are becoming asset-heavy businesses whose relationships with capital, risk, and credit are being fundamentally redefined. No single explanation is fully convincing on its own, but taken together these pressures explain the mounting unease over whether the AI-fuelled data centre boom can be sustained.