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| | AI借贷潮挤压美国本土债市 | | | 华尔街日报 ｜ 2026-09-09 | | | |
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scroll 0 1 人工智能军备竞赛引发的借贷浪潮正将美国企业推向大西洋彼岸。在美国债券市场被AI相关融资需求严重挤占之际，美国企业赴欧发债规模正在加速创下历史纪录。
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周三，亚马逊完成首次英镑债券发行，Uber Technologies完成欧元市场首次发行，当日共有六家美国企业在欧洲发债。据彭博汇编数据，这是欧洲市场单日接纳美国发行人数量最多的一次。
在周三交易完成之前，今年美国企业在欧洲债市的发行规模已达1490亿欧元（约合1730亿美元），仅次于2025年创下的全年历史纪录。
这一趋势的背后，是美国债券市场承受的巨大压力正在向欧洲市场传导，同时也折射出跨国企业在融资策略上的深层转变。分析人士警告，随着欧洲市场持续吸纳更多美国债务，其估值优势或将逐渐消退。
AI借贷潮挤压美国债市，超大规模科技企业另谋出路
美国本土债市的拥挤局面，根源在于AI领域爆发式的资本开支需求。
亚马逊、Alphabet等超大规模科技企业（hyperscaler）的密集发债行为，已对其他发行人形成明显的"挤出效应"，并被市场人士部分归咎于推高美国国债收益率。
据彭博报道，CreditSights分析师Jordan Chalfin等人在周三的客户报告中写道：
"美元债券市场的技术性压力已令人相当痛苦。大规模美元巨型交易通常伴随较大的发行溢价，进而推高收益率曲线。因此，超大规模科技企业正在多元化其融资来源。"
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