Rohan Paul@rohanpaul_ai · XBIS警告，AI热潮背后积累的债务可能引发金融冲击。风险不在AI本身，而在于围绕尚未被证明持久性的收入构建的杠杆化供应链。若AI需求不及预期，数据中心支出放缓，借款者难偿还，压力从科技蔓延至信贷市场。超大规模企业2025年债券发行超1000亿美元；表外工具将数据中心债务转移至私人信贷基金和保险机构；私人信贷基金5年内AI/IT敞口翻两番至约15%，部分零售基金已面临赎回压力。美国股市占MSCI全球指数约64%，家庭股票敞口高于以往周期。芯片商、超大规模企业间循环融资使真实需求更难判断。BIS认为AI仍可提升生产力，但融资结构假定这些提升能快速实现以支撑巨额固定成本。
Central bankers now fear the AI gold rush could seed the next major financial shock.
Bank for International Settlements （BIS） just issued one of its sharpest warnings yet about debt building behind the AI boom.
The danger is not AI itself； the danger is building a leveraged supply chain around revenue that has not yet proved durable.
The risk is that if AI demand disappoints， data-center spending could slow， borrowers could struggle to repay， and stress could spread from tech into credit markets.
AI demand pushed hyperscalers to spend heavily on chips， data centers， and power capacity， and that spending supported growth， trade， and easy financial conditions while equity investors priced in years of high earnings growth.