Nợ tài trợ cho trung tâm dữ liệu liên quan đến AI đang đối mặt với nhu cầu thị trường giảm nhiệt

The Huoxing Finance report states that on August 7, tech companies are heavily borrowing to finance AI investments, yet even in smaller markets, investor caution toward such debt is growing. According to insiders, two of the last three commercial mortgage-backed securities (CMBS) issued to finance data centers were forced to widen their pricing spreads from initial discussions to attract sufficient demand, including CMBS offerings by CyrusOne, backed by KKR, and QTS Realty Trust, backed by Blackstone. Meanwhile, over the past 12 months, risk premiums for CMBS linked to data centers have risen across the board. In mid-July, Pure Data Centres (Pure DC), a UK data center operator backed by Oaktree Capital, abandoned its planned record-breaking €1 billion bond issuance in favor of bank financing. At the time, the company was promoting an unsecured bond, but signs of market saturation in demand for AI-related data center debt emerged, compounded by sharp declines in CoreWeave’s stock and bond prices following news that Meta would build its own cloud infrastructure. Investors adopted a cautious stance on terms, leading the company to conclude that concurrent bank loan terms were more favorable, prompting it to cancel the bond offering. This wave of resistance has been dubbed by the market as “Luddite trades”—investors are now viewing AI data centers as risk assets similar to traditional office buildings and retail properties, concerned about overbuilding, tenant concentration, and asset depreciation due to technological obsolescence. In contrast to past enthusiasm for AI-themed debt, investors are currently tightening pricing standards for data center mortgages, demanding higher risk compensation. This trend creates a subtle tension with the flood of AI capital expenditures—tech giants continue to ramp up spending, yet pricing signals in the debt market have begun issuing cautious warnings.