Rohan Paul@rohanpaul_ai · X53
AI 摘要
高盛研究报告指出，AI数据中心融资正从传统公司资产负债表转向基础设施、私募股权、房地产、私人信贷等另类资产，AI正变得像管道、收费公路一样的实物资产基础设施项目。NYU教授Damodaran对比互联网泡沫时警告：AI的资本支出规模是史上最大基础设施投资，且大部分依赖私人债务融资。一旦市场修正，债务违约将不仅限于股东，而会溢出至全社会，社会成本远超互联网泡沫。
Goldman Sachs Research： AI data centers are no longer being financed mainly by traditional corporate balance sheets.
They are increasingly funded through alternative assets like infrastructure， private equity， real estate， and private credit.
i.e. AI is increasingly becoming a real-assets infrastructure story， not just a software or semiconductor story， data centers are now being financed like pipelines， toll roads， utilities， and warehouses.
dot-com bubble vs. a possible AI bubble. From the famous "Dean of Valuation", Professor Aswath Damodaran, of NYU Stern School of Business, "And that's the real ...