摩根大通、摩根士丹利、SMBC和MUFG等投资银行正在积极转移半年前承销的AI数据中心债务1。这些金融机构面临内部风险限制，通过向非银行投资者转移高风险贷款部分来规避风险敞口过度集中，部分案例中银行甚至愿意打折出售1。由摩根大通和MUFG主导的一个银行团花费超过六个月时间，试图分配一笔380亿美元的建设债务1。
市场对AI基础设施融资可持续性的担忧日益加深。甲骨文的信用评级在7月被标普下调至BBB-（垃圾级上方一级）1，其五年期信用违约互换利差在10月初攀升至约151个基点，为2009年以来水平，后续更升至203个基点，创18年新高1。与此同时，科技巨头的债券需求明显萎缩——Alphabet、Amazon、Meta、Microsoft和甲骨文的债券订单簿从2月份的约5倍缩减至7月份的2倍以下1。融资环境的恶化与美国国债收益率上升密切相关，10年期美国国债收益率本月达到5.304%，为2002年以来最高1。
融资需求的巨大缺口使局面更加紧张。甲骨文本财年目标融资超过400亿美元，用于德州、威斯康星州和新墨西哥州的数据中心项目1。新兴数据中心运营商的融资成本远高于科技巨头——CoreWeave租赁纸张定价7.00%-9.875%，而超大规模企业租赁债券仅为5.70%-7.875%1。
Major investment banks including JPMorgan, Morgan Stanley, SMBC, and MUFG are undertaking significant risk transfers to divest themselves of AI data center loans they underwrote just months ago 1. The banks face internal risk exposure limits and are working to redistribute the riskiest portions of these loans to non-bank investors, with some institutions willing to accept discounted prices to complete the offloading 1.
A prominent example illustrates the challenge: a banking consortium led by JPMorgan and MUFG has spent over six months attempting to distribute $38 billion in construction debt 1. The difficulty in placing these assets reflects broader market skepticism about AI infrastructure financing. Credit conditions have tightened significantly, with debt order books for tech giants Alphabet, Amazon, Meta, Microsoft, and Oracle shrinking from approximately five times oversubscribed in February to less than two times in July 1. Meanwhile, 10-year U.S. Treasury yields reached 5.304% this month, the highest level since 2002, with auction yields hitting 5.30%, the highest since 2000 1.
Oracle, a major borrower for AI data center expansion, has faced particular credit deterioration. The company's five-year credit default swap spread surged to 203 basis points, marking an 18-year high 1, while S&P downgraded its credit rating in July to BBB–, just one notch above junk status 1. Oracle is targeting over $400 billion in financing this fiscal year for data centers in Texas, Wisconsin, and New Mexico 1, and has sued Wisconsin's Public Service Commission seeking over $7 billion in collateral 1. The pricing disparities are also evident: CoreWeave's lease financing is priced at 7.00%-9.875%, significantly higher than the 5.70%-7.875% range for hyperscale lease debt 1.
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