美股科技巨头因大规模投入AI基础设施建设，财务压力陡增，股价普遍承压。Alphabet和特斯拉二季度自由现金流均转为负值，其中Alphabet二季度资本支出超400亿美元，并将今年资本支出上限提高到2000亿美元以上[1]；特斯拉自由现金流恶化的同时营业利润率缩水至1.4%，股价暴跌14%[1]。截至周一美股收盘，Alphabet股价从5月高点408.37美元跌至326.56美元，跌幅超两成；特斯拉则从5月高点453.40美元跌至309.22美元，跌幅超三成[1]。Meta、亚马逊、微软、英伟达等其余四家巨头股价同样承压，分别从高点跌去13%至17%[1]，七姐妹指数整体下跌超10%[1]。
债市对这些科技巨头的前景表示明显担忧。Meta在德克萨斯州建造120亿美元数据中心的最新发债融资收益率已逼近垃圾债水平[1]，甲骨文因宣布未来一年投入700亿美元造数据中心而被标普下调信用评级至"BBB-"[1]。反映债务风险的信用违约互换（CDS）价格创历史新高，法国兴业银行美国股票策略主管马尼什·卡布拉指出"对于超级云计算厂商，关注CDS，而不是EPS"[1]。Neuberger Berman投资级业务全球共同主管戴维·布朗则表达了更深层的忧虑："最大的问题是，这种水平的资本支出是否会无限期增长"[1]。与大多数同行形成对比的是，苹果因AI投入相对保守，股价创历史新高，年初至今累计上涨超22%[1]。
The "Magnificent Seven" technology stocks have experienced significant declines as companies invest heavily in artificial intelligence infrastructure, straining their finances and raising concerns among both equity and debt investors.[1] Alphabet and Tesla reported negative free cash flow in the second quarter, while Meta and Amazon also face projected declines in this metric.[1] The broader index tracking these seven giants—Alphabet, Tesla, Meta, Amazon, Microsoft, Nvidia, and Apple—fell more than 10% from its May peak of 23,117.14 points to 20,732.35 points as of Monday's close.[1]
The capital expenditure levels have become particularly alarming for investors. Alphabet's second-quarter capital spending exceeded $40 billion, pushing the company's free cash flow into negative territory, and the company has raised its full-year capital spending cap to above $200 billion.[1] Tesla's second-quarter free cash flow also turned negative, with its operating margin shrinking to just 1.4%, triggering a 14% stock price collapse.[1] Alphabet's share price fell from a May high of $408.37 to $326.56 as of Monday, a decline of over 20%, while Tesla's dropped from $453.40 to $309.22, a loss exceeding 30%.[1] Meta, Amazon, Microsoft, and Nvidia experienced declines of approximately 13% to 17% from their respective May highs.[1]
Credit markets are increasingly reflecting concerns about the sustainability of these spending levels. The cost of credit default swaps for major cloud computing companies has reached historic highs, signaling heightened debt risk concerns.[1] Oracle has announced $70 billion in data center investments over the next year, prompting Standard & Poor's to downgrade its credit rating to 'BBB-'.[1] Meta's debt offering for a $12 billion data center project in Texas has attracted yields approaching junk bond levels.[1] According to market observers, investors should focus on credit default swap spreads rather than earnings per share when evaluating these companies, while some question whether this level of capital expenditure could continue indefinitely.[1] Apple stands as an exception among the group, with its stock reaching an all-time high, having gained over 22% year-to-date, as the company has maintained a more conservative approach to AI infrastructure investment.[1]