投資人對這種過度集中以及科技債券的長存續期間感到擔憂。雖然科技公司佔整體市場未償債務本金的比例不高，但由於他們傾向於發行長天期債券，大幅增加了在市場中的風險權重，且AI投資最終能否帶來預期回報的不確定性也加劇了潛在風險。
隨著大量AI相關債券湧入，市場已經開始出現疲態與重新定價的跡象。近期科技業投資級債券的信用價差明顯擴大，例如 Meta、亞馬遜及 SpaceX 等公司最近的發債案均遭遇需求疲軟，或在次級市場出現利差急遽飆升的狀況。
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.