人工智能现在也成了一个债务泡沫，悄然超越所有银行，成为市场上最大的板块.pdfVIP

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⼈⼯智能现在也成了⼀个债务泡沫，悄然超越所有银⾏，

成为市场上最⼤的板块

BYTYLERDURDENTHURSDAY,OCT09,2025-10:44AM

Lastweekwepublishedalengthyarticlediscussingindetailthecurrentgenerations(becauseevery

generationhasone,justask

GlobalCrossing)infinitemoneycirclejerkcirculardeals

whichhave

becomethedejourstapleoftheAIbubbleandwhich,simplified,looksomethinglikethis...

上周我们发表了⼀篇⻓篇⽂章，详细讨论了当代（因为每⼀代⼈都有这么⼀个时期，问问环球电讯就知道了）

的“⽆限资⾦”循环交易，这类交易已成为当下⼈⼯智能泡沫的主要特征，简单来说，其模式⼤致如下……

...or,usingaslightlymoresophisticatedvariationfromBloomberg,likethis...

……或者，⽤彭博社的⼀个稍复杂些的变体，是这样的……

...whichJPMsMichaelCembalestdescribedlaconicallyasfollows...

……摩根⼤通的迈克尔·森巴莱斯特对此简短地描述如下……

Oracle’sstockjumpedby25%afterbeingpromised$60billionayearfromOpenAI,anamount

ofmoneyOpenAIdoesn’tearnyet,toprovidecloudcomputingfacilitiesthatOracle

hasn’tbuiltyet,andwhichwillrequire4.5GWofpower(theequivalentof2.25Hoover

Damsorfournuclearplants),aswellasincreasedborrowingbyOraclewhosedebttoequity

ratioisalready500%comparedto50%forAmazon,30%forMicrosoftandevenlessatMeta

andGoogle.

在获得OpenAI承诺的每年600亿美元后，甲⻣⽂的股价飙升了25%。⽽这笔钱OpenAI⽬前尚未赚

到，甲⻣⽂也尚未建成相关的云计算设施，且这需要4.5吉瓦的电⼒（相当于2.25座胡佛⽔坝或4

座核电站），此外，甲⻣⽂还需增加借款，其资产负债率已达500%，相⽐之下，亚⻢逊为50%，

微软为30%，Meta和⾕歌则更低。

ThereisnowayforOracletopayforthiswithcashflow.Theymustraiseequityordebtto

fundtheirambitions.Untilnow,theAIinfrastructureboomhasbeenalmostentirelyself-funded

bythecashflowsofaselectfewhyperscalers.Oraclehasbrokenthepattern.Itiswillingto

leverageuptohundredsofbillionstoseizeashare.Thestableoligopolyiscracking…The

implicationsarep