MSX US Stock Daily Observations: AI Giants’ Debt Financing Is Setting New Records
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AI is shifting from "funding with profits" to "expanding through debt," a key signal of this cycle.
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- Core Viewpoint: Tech giants are moving from "using profits to invest" to "relying on debt expansion" to finance AI data centers. In 2026, U.S. AI-related bond issuance has surged over tenfold to $182 billion. While demand certainty is high, whether returns can outpace interest costs has become a key risk point, making interest rate-sensitive, highly leveraged GPU new clouds particularly vulnerable.
- Key Elements:
- Amazon topped the list with $92 billion in bond issuance this year, and in a rare move stated it would "not borrow further this year," reflecting a temporary peak in its AI investment plans.
- The six major AI issuers have issued $182 billion in bonds this year, a surge of more than ten times compared to approximately $13 billion in the same period last year, indicating an exponential increase in the scale of debt financing.
- Oracle raised $66 billion through off-balance-sheet SPVs, totaling $91 billion and ranking second, showcasing the widespread use of structured financing strategies.
- CoreWeave's interest-bearing debt reached $25 billion, with quarterly interest payments already consuming about a quarter of its revenue, highlighting the financial pressure on highly leveraged GPU cloud companies.
- MSX believes that the capital expenditure guidance and free cash flow in the July 30 earnings reports of Amazon, Microsoft, and others will be the watershed for determining whether bond market risks turn into hidden dangers or strengths.
過去不缺錢、幾乎從不舉債的科技巨頭，正集體湧入債市為 AI 資料中心「輸血」。根據 MSX 整理，2026 年內美國 AI 相關舉債已刷新紀錄，玩家從超大規模雲端廠商，一路蔓延到高槓桿的 GPU 新雲。
數據一分鐘
- 亞馬遜年內發債 920 億美元登頂，並罕見表態「年內不再舉債」
- 6 大 AI 發行人年內發債 1820 億美元，較去年同期約 130 億暴增逾 10 倍
- 甲骨文靠表外 SPV（660 億美元）衝到第二，合計 910 億
- CoreWeave 有息債務 250 億美元，單季利息已吞掉約四分之一營收
MSX 認為，AI 正從「用利潤投入」轉向「靠舉債擴張」，這是本輪週期的關鍵訊號：需求確定性夠高，但風險也從股東悄悄轉移到了債市。真正的分水嶺在於回報能否打敗利息，巨頭信用好、扛得住，而高槓桿的 neocloud 對 AI 需求與利率最敏感。7/30 亞馬遜、微軟等財報的資本開支指引與自由現金流，將決定這筆越滾越大的債，是底氣還是隱患。
【 美股 RWA 每日觀察】是由頭部 RWA 交易平台 MSX 麥通出品的標誌性日報。依託強大的宏觀研究能力，為用戶捕捉全球傳統美股、流動性變化及 RWA 代幣化市場的核心脈搏，前瞻佈局優質資產。
關於 MSX 麥通
MSX 是頭部的 RWA 交易平台，致力於提供安全、高效、透明的全球金融市場准入。作為全球最早的鏈上美股交易平台之一，MSX 始終走在行業前沿，以持續創新引領市場變革。平台深度融合區塊鏈技術與合規框架，全面提供超過 300 種美國代幣化股票和 IPO 前（Pre-IPO）資產的現貨及衍生品交易，完美彌合了傳統金融（TradFi）與數位資產行業之間的鴻溝。圍繞「讓優質資產自由流通」的核心使命，MSX 目前已構建起涵蓋美股現貨與永續合約、幣幣交易、Pre-IPO 和麥通研究院等多元化的數位金融服務體系，旨在為全球投資者提供全時段、高效能的優質資產參與入口。
官方網站： https://msx.com/
風險提示：宏觀經濟及美股市場波動劇烈，本文內容僅供麥通研究院學術與研究觀察參考，不構成任何投資建議。
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