<p>华尔街找到了一种新的投资人工智能（AI）的方法：向构建这些技术的公司借钱。在过去几周，<strong>Nvidia</strong>（NVDA +3.08%）出售了 250 亿美元的债券，<strong>Oracle</strong>（ORCL +0.60%）计划在今年筹集多达 500 亿美元，而 <strong>Amazon</strong>（AMZN +3.01%）自 2025 年初以来已借入超过 800 亿美元，因为 AI 基础设施支出推动了更广泛的融资热潮。Nvidia 的交易吸引了超过 850 亿美元的订单，超过了公司出售的三倍。</p>
<p>现在，埃隆·马斯克的 <strong>SpaceX</strong>（SPCX 3.55%）也想参与。据报道，银行家们正在准备至少 200 亿美元的债券发行，这距离该火箭和卫星公司的创纪录 首次公开募股（IPO） 仅几周。</p>
<p>那么，这些借款是信心满满、资金充裕的公司在为未来融资的标志，还是在麻烦来临前常见的杠杆？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU0OTcvYWktZGVidC5qcGcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU0OTcvYWktZGVidC5qcGcmdz0zODQw"/></p>
<p>图片来源：Getty Images。</p>
<h2>债券市场的巨大涌入</h2>
<p>Nvidia 本月的 250 亿美元销售是自 2021 年以来首次进入债券市场，需求远远超过供应，以至于公司将交易目标从最初的约 200 亿美元提高。Amazon 一直在以欧元到加元等多种货币发行债务，其最近的发行是该货币中最大的企业债券交易。</p>
<p>Oracle 计划将这笔资金分为债务和股权，并已标记出约 400 亿美元用于 2027 财年。</p>
<p>而 <strong>Alphabet</strong>（GOOG +1.58%）（GOOGL +1.29%）采取了不同的方式，通过出售股票和优先股而非债券筹集了约 850 亿美元。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet 股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA"/></p>
<h2>NASDAQ: GOOGL</h2>
<p>Alphabet</p>
<p>今日变动</p>
<p>(1.29%) $4.70</p>
<p>当前价格</p>
<p>$368.49</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.5 万亿</p>
<p>日内区间</p>
<p>$358.69 - $369.46</p>
<p>52 周区间</p>
<p>$162.00 - $408.61</p>
<p>成交量</p>
<p>79.9 万</p>
<p>平均成交量</p>
<p>3000 万</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.23%</p>
<p>但对于那些选择债务融资的公司来说，债务水平是否令人担忧？在大多数情况下，我认为并不是。</p>
<p>对于最大的借款者来说，数据是令人安心的。Nvidia 在其 2026 财年第四季度（截至 2026 年 1 月 25 日）净收入接近 430 亿美元——超过了它刚刚筹集的 250 亿美元。而且全年收入增长了 65%，达到约 2160 亿美元。这样一家盈利丰厚的公司不需要借款来生存。但这确实为这家芯片制造商创造了更多的选择空间。</p>
<p>类似的逻辑适用于 Amazon 和 Alphabet。两者都经营着极其盈利的 云计算 业务，这些业务产生的现金足以覆盖它们的债务利息。但更多的现金使这些公司能够更积极地投资于 AI 增长机会。</p>
<h2>并非所有借款者都是平等的</h2>
<p>但也有一些公司在与其基础业务相比时，借款的金额令人担忧。</p>
<p>例如，Oracle 在纸面上是盈利的，但其自由现金流在 2026 财年（截至 2026 年 5 月 31 日）约为负 240 亿美元，因为 资本支出 飙升至近 560 亿美元。而且其债务现在超过了 1000 亿美元。</p>
<p>SpaceX 是最明显的例子，因为它根本没有盈利。该公司在 2025 年损失了近 50 亿美元，而在 2026 年第一季度，它在 46.9 亿美元的收入中损失了 42.8 亿美元。这种亏损大部分源于它从马斯克的 xAI 吸收的 AI 部门，该部门去年在仅 32 亿美元的收入中报告了 64 亿美元的运营亏损。其传闻中的债券发行计划可能不会用于新的增长，而是用于再融资到期于 2027 年的过桥贷款。</p>
<p>公平地说，SpaceX 确实有大合同在手。谷歌已同意从 2026 年 10 月到 2029 年 6 月每月支付 9.2 亿美元的计算能力，还有一项披露的 Anthropic 协议，可能总额约为 450 亿美元。当然，这两项协议都包括终止权。</p>
<h2>投资者应该担心吗？</h2>
<p>目前的借款情况确实值得关注。但在大多数情况下，这似乎并不是一个主要问题。至少目前还不是。Nvidia、Amazon 和 Alphabet 看起来都是在强势基础上进行建设。然而，Oracle 的资产负债表看起来更为紧张。不过，该公司在杠杆下仍有可观的盈利收入。</p>
<p>另一方面，SpaceX 的潜在债券发行则更令人担忧。不过，我不会将这一趋势单独解读为警告信号。但现金消耗者比现金机器更值得密切关注，因为他们实际上需要资金，并且如果 AI 建设的回报时间超过债券市场的预期，他们的容错空间最小。</p>

SPCX

英伟达

亚马逊

<p>主要科技公司，包括英伟达、甲骨文、亚马逊和 SpaceX，正在借贷数十亿美元来资助人工智能基础设施。虽然像英伟达和亚马逊这样的盈利巨头借款是为了增长的灵活性，但对于像 SpaceX 和甲骨文这样高负债的现金消耗者，市场上出现了担忧。分析师表示，这一趋势尚未构成警告信号，但建议密切关注盈利能力较低的借款者</p>

<p>Wall Street has found a new way to bet on artificial intelligence (AI): lending money to the companies building it. Over the past few weeks, <strong>Nvidia</strong>( NVDA +3.08%) sold $25 billion of bonds, <strong>Oracle</strong>( ORCL +0.60%) laid out a plan to raise as much as $50 billion this year, and <strong>Amazon</strong>( AMZN +3.01%) has now borrowed more than $80 billion since the start of 2025 as AI infrastructure spending drives a broader financing rush. Nvidia's deal drew more than $85 billion in orders, over three times what the company was selling.</p>
<div class="lb-trans"><p>华尔街找到了一种新的投资人工智能（AI）的方法：向构建这些技术的公司借钱。在过去几周，<strong>Nvidia</strong>（NVDA +3.08%）出售了 250 亿美元的债券，<strong>Oracle</strong>（ORCL +0.60%）计划在今年筹集多达 500 亿美元，而 <strong>Amazon</strong>（AMZN +3.01%）自 2025 年初以来已借入超过 800 亿美元，因为 AI 基础设施支出推动了更广泛的融资热潮。Nvidia 的交易吸引了超过 850 亿美元的订单，超过了公司出售的三倍。</p>
</div><p>Now Elon Musk's <strong>SpaceX</strong>( SPCX 3.55%) wants in. Bankers are reportedly preparing a bond offering of at least $20 billion, coming just weeks after the rocket and satellite company's record-setting initial public offering (IPO).</p>
<div class="lb-trans"><p>现在，埃隆·马斯克的 <strong>SpaceX</strong>（SPCX 3.55%）也想参与。据报道，银行家们正在准备至少 200 亿美元的债券发行，这距离该火箭和卫星公司的创纪录 首次公开募股（IPO） 仅几周。</p>
</div><p>So is all this borrowing a sign of confident, cash-rich companies funding the future -- or the kind of leverage that tends to surface right before trouble?</p>
<div class="lb-trans"><p>那么，这些借款是信心满满、资金充裕的公司在为未来融资的标志，还是在麻烦来临前常见的杠杆？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU0OTcvYWktZGVidC5qcGcmdz0zODQw" alt="A bar chart with a trend line highlighting a growth trend." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F875497%2Fai-debt.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>A massive rush into the bond market</h2>
<div class="lb-trans"><h2>债券市场的巨大涌入</h2>
</div><p>Nvidia's $25 billion sale this month was its first trip to the bond market since 2021, and demand ran so far ahead of supply that the company lifted the deal from an initial target of about $20 billion. Amazon has been issuing debt in currencies ranging from euros to Canadian dollars, with its most recent offering the largest corporate bond deal ever in that currency.</p>
<div class="lb-trans"><p>Nvidia 本月的 250 亿美元销售是自 2021 年以来首次进入债券市场，需求远远超过供应，以至于公司将交易目标从最初的约 200 亿美元提高。Amazon 一直在以欧元到加元等多种货币发行债务，其最近的发行是该货币中最大的企业债券交易。</p>
</div><p>Oracle plans to split that funding between debt and equity, and has flagged about $40 billion more for fiscal 2027.</p>
<div class="lb-trans"><p>Oracle 计划将这笔资金分为债务和股权，并已标记出约 400 亿美元用于 2027 财年。</p>
</div><p>And <strong>Alphabet</strong>( GOOG +1.58%)( GOOGL +1.29%) took a different route, raising about $85 billion through a sale of stock and preferred shares rather than bonds.</p>
<div class="lb-trans"><p>而 <strong>Alphabet</strong>（GOOG +1.58%）（GOOGL +1.29%）采取了不同的方式，通过出售股票和优先股而非债券筹集了约 850 亿美元。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOGL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOGL</h2>
<div class="lb-trans"><h2>NASDAQ: GOOGL</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>Alphabet</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(1.29%) $4.70</p>
<div class="lb-trans"><p>(1.29%) $4.70</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$368.49</p>
<div class="lb-trans"><p>$368.49</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.5T</p>
<div class="lb-trans"><p>$4.5 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$358.69 - $369.46</p>
<div class="lb-trans"><p>$358.69 - $369.46</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$162.00 - $408.61</p>
<div class="lb-trans"><p>$162.00 - $408.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>799K</p>
<div class="lb-trans"><p>79.9 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>30M</p>
<div class="lb-trans"><p>3000 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.23%</p>
<div class="lb-trans"><p>0.23%</p>
</div><p>But for those who are going the debt route, has the level of debt been concerning? For the most part, I don't think so.</p>
<div class="lb-trans"><p>但对于那些选择债务融资的公司来说，债务水平是否令人担忧？在大多数情况下，我认为并不是。</p>
</div><p>For the biggest borrowers, the math is reassuring. Nvidia earned nearly $43 billion in net income in its fiscal fourth quarter alone (the period ended Jan. 25, 2026) -- more than the entire $25 billion it just raised. And full-year revenue climbed 65% to about $216 billion. A company minting profits like that doesn't need to borrow to survive. But it does create more optionality for the chipmaker.</p>
<div class="lb-trans"><p>对于最大的借款者来说，数据是令人安心的。Nvidia 在其 2026 财年第四季度（截至 2026 年 1 月 25 日）净收入接近 430 亿美元——超过了它刚刚筹集的 250 亿美元。而且全年收入增长了 65%，达到约 2160 亿美元。这样一家盈利丰厚的公司不需要借款来生存。但这确实为这家芯片制造商创造了更多的选择空间。</p>
</div><p>Similar logic applies to Amazon and Alphabet. Both run enormously profitable cloud businesses, and the cash those operations generate comfortably covers the interest on their debt. But more cash sets up these companies to invest more aggressively in AI growth opportunities.</p>
<div class="lb-trans"><p>类似的逻辑适用于 Amazon 和 Alphabet。两者都经营着极其盈利的 云计算 业务，这些业务产生的现金足以覆盖它们的债务利息。但更多的现金使这些公司能够更积极地投资于 AI 增长机会。</p>
</div><h2>Not all borrowers are created equally</h2>
<div class="lb-trans"><h2>并非所有借款者都是平等的</h2>
</div><p>But there are also some companies borrowing concerning sums when measured up against their underlying businesses.</p>
<div class="lb-trans"><p>但也有一些公司在与其基础业务相比时，借款的金额令人担忧。</p>
</div><p>For instance, Oracle is profitable on paper, but its free cash flow ran about $24 billion negative in fiscal 2026 (the year ended May 31, 2026) as capital expenditures jumped to nearly $56 billion. And its debt now tops $100 billion.</p>
<div class="lb-trans"><p>例如，Oracle 在纸面上是盈利的，但其自由现金流在 2026 财年（截至 2026 年 5 月 31 日）约为负 240 亿美元，因为 资本支出 飙升至近 560 亿美元。而且其债务现在超过了 1000 亿美元。</p>
</div><p>SpaceX is the starkest case, because it isn't profitable at all. The company lost nearly $5 billion in 2025, and in the first quarter of 2026, it lost $4.28 billion on $4.69 billion in revenue. Much of that bleeding traces to the AI unit it absorbed from Musk's xAI, which reported a $6.4 billion operating loss last year on just $3.2 billion in revenue. Its rumored planned bond sale likely wouldn't fund new growth so much as refinance a bridge loan coming due in 2027.</p>
<div class="lb-trans"><p>SpaceX 是最明显的例子，因为它根本没有盈利。该公司在 2025 年损失了近 50 亿美元，而在 2026 年第一季度，它在 46.9 亿美元的收入中损失了 42.8 亿美元。这种亏损大部分源于它从马斯克的 xAI 吸收的 AI 部门，该部门去年在仅 32 亿美元的收入中报告了 64 亿美元的运营亏损。其传闻中的债券发行计划可能不会用于新的增长，而是用于再融资到期于 2027 年的过桥贷款。</p>
</div><p>To be fair, SpaceX does have big contracts lined up. Google has agreed to pay $920 million per month for computing power from October 2026 through June 2029, and there's a disclosed Anthropic arrangement that could total about $45 billion. Of course, both of these arrangements include termination rights.</p>
<div class="lb-trans"><p>公平地说，SpaceX 确实有大合同在手。谷歌已同意从 2026 年 10 月到 2029 年 6 月每月支付 9.2 亿美元的计算能力，还有一项披露的 Anthropic 协议，可能总额约为 450 亿美元。当然，这两项协议都包括终止权。</p>
</div><h2>Should investors be worried?</h2>
<div class="lb-trans"><h2>投资者应该担心吗？</h2>
</div><p>The borrowing going on is certainly something worth watching. But, for the most part, it doesn't quite look like a major concern. At least not yet. Nvidia, Amazon, and Alphabet look like they're building from a position of strength. Oracle's balance sheet, however, looks more stretched. Still, the company has meaningful, profitable revenue beneath the leverage.</p>
<div class="lb-trans"><p>目前的借款情况确实值得关注。但在大多数情况下，这似乎并不是一个主要问题。至少目前还不是。Nvidia、Amazon 和 Alphabet 看起来都是在强势基础上进行建设。然而，Oracle 的资产负债表看起来更为紧张。不过，该公司在杠杆下仍有可观的盈利收入。</p>
</div><p>SpaceX's potential bond sale, on the other hand, is a bit more concerning. Still, I wouldn't read the trend as a warning sign on its own. But the cash-burners are worth watching far more closely than the cash machines, because they actually need the money, and have the least margin for error if the AI build-out takes longer to pay off than the bond market expects.</p>
<div class="lb-trans"><p>另一方面，SpaceX 的潜在债券发行则更令人担忧。不过，我不会将这一趋势单独解读为警告信号。但现金消耗者比现金机器更值得密切关注，因为他们实际上需要资金，并且如果 AI 建设的回报时间超过债券市场的预期，他们的容错空间最小。</p>
</div>

Nvidia, Oracle, and Now SpaceX Are Borrowing Billions Amid the AI Boom. Is This a Warning Sign?

- 华尔街通过向人工智能公司贷款来获取投资机会。
- Nvidia 和 Amazon 等公司频繁借款以资助 AI 基础设施。
- SpaceX 的债券发行引发关注，因其尚未盈利。

Motley Fool

SpaceX

甲骨文

亚马逊每日 2 倍做多 ETF - Direxion

2 倍做多英伟达 ETF - GraniteShares

2 倍做多 ORCL ETF - Defiance

Roundhill AMZN WeeklyPay ETF

南方两倍做空英伟达

2 倍做空 NVDA ETF - T-Rex

1.5 倍做空英伟达 ETF - Tradr

2 倍做多英伟达 ETF - Direxion

GraniteShares 2x Long AMZN Daily ETF

亚马逊每日 1 倍做空 ETF - Direxion

南方两倍做多英伟达

英伟达期权收益策略 ETF - YieldMax

Direxion Daily SpaceX Bull 2X ETF

2 倍做空 NVDA ETF - GraniteShares

2 倍做多 NVDA ETF - T-Rex

1 倍做空英伟达 ETF - Direxion

2 倍做多SpaceX ETF

2倍做多SpaceX ETF - ProShares

2倍做多SpaceX ETF - GraniteShares

2倍做空SpaceX ETF - GraniteShares 

2倍做空SpaceX ETF - Leverage Shares

2倍做多SpaceX ETF - Defiance

ProShares Ultra NVDA

2 倍做多英伟达 ETF - Leverage Shares

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

NVDA 周配息 ETF - Roundhill

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

NVDA 期权收益策略 ETF - YieldMax

XI二南英伟-U

2 倍做多 MAG7 指数 ETF - Roundhill

Tradr 2X Short AMZN Daily ETF

Yieldmax Amzn Option Income ETF

Graniteshares YieldBOOST AMZN ETF

Kurv Yield Premium Strategy Amazon AMZN ETF

Direxion Daily ORCL Bull 2X ETF

Direxion Daily ORCL Bear 1X ETF

半导体 ETF - VanEck Vectors

费城交易所 半导体 ETF - iShares

半导体 3 倍做多 - Direxion

Invesco PHLX Semiconductor ETF

标普半导体 ETF - SPDR

动态半导体 ETF - Invesco

纳斯达克半导体 ETF - First Trust

谷歌-A

谷歌-C

NVIDIA Corporation

ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D

英伟达、甲骨文以及现在的 SpaceX 在 AI 热潮中借入数十亿美元，这是否是一个警告信号？