投资人对这种过度集中以及科技债券的长存续期间感到担忧。虽然科技公司占整体市场未偿债务本金的比例不高，但由于他们倾向于发行长天期债券，大幅增加了在市场中的风险权重，且AI投资最终能否带来预期回报的不确定性也加剧了潜在风险。
随著大量AI相关债券涌入，市场已经开始出现疲态与重新定价的迹象。近期科技业投资级债券的信用价差明显扩大，例如 Meta、亚马逊及 SpaceX 等公司最近的发债案均遭遇需求疲软，或在次级市场出现利差急遽飙升的状况。
Large technology companies are issuing massive amounts of bonds to fund artificial intelligence (AI) infrastructure, profoundly impacting the US corporate bond market. According to Duration Times Spread (DTS), a key metric for measuring risk, the bonds of the top six tech giants now exert a greater influence on market returns than those of the six largest Wall Street banks.
Investors are expressing concern over this concentration and the long duration of tech bonds. While tech firms account for a relatively small proportion of the market's outstanding principal, their tendency to issue long-dated debt significantly increases their risk weighting in the market, and the uncertainty over whether AI investments will yield expected returns exacerbates potential risks.
As a deluge of AI-related bonds floods in, the market is already showing signs of fatigue and repricing. Credit spreads for tech investment-grade bonds have widened noticeably recently, and recent debt issuances by companies like Meta, Amazon, and SpaceX have faced weak demand or experienced sharp spread widening in the secondary market.