# 摩根士丹利：全球数据中心建设资本支出约2.9万亿美元，AI资本支出依赖债务融资或引发社会级风险

- 来源：Rohan Paul (@rohanpaul_ai)
- 发布时间：2026-06-20 05:54
- AIHOT 分数：66
- AIHOT 链接：https://aihot.virxact.com/items/cmqlgwh3f006msljgvxcuj6tr
- 原文链接：https://x.com/rohanpaul_ai/status/2068090173259387164

## AI 摘要

摩根士丹利估计，到2028年全球数据中心建设资本支出约2.9万亿美元，资金来源包括超大规模企业现金流1.4万亿美元、公司债2000亿、证券化信贷1500亿、私人信贷/资产融资/合资债务8000亿等。AI资本支出愈发依赖信贷，损失可能超出股东范围。NYU教授Damodaran指出，与互联网泡沫不同，AI资本支出规模史无前例且大部分由债务融资（尤其是私人资本），一旦调整，违约和困境将蔓延至整个社会，而非仅股东受损。

## 正文

Morgan Stanley estimates about $2.9 trillion capital expenditure of global data-center construction through 2028.

With funding sources including $1.4T from hyperscaler cash flows， $200B corporate debt， $150B securitized credit， $800B private credit / asset-based finance / JV debt， and $350B other capital.

i.e. AI capex is increasingly credit-funded， so losses could spill beyond shareholders.

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