JPMorgan nâng dự báo đầu tư vào hạ tầng AI lên 5,5 nghìn tỷ USD, các ông lớn chuyển sang huy động vốn qua nợ

The Huoxing Finance report states that JPMorgan Chase strategist Tarek Hamid and his team have raised their forecast for total AI infrastructure investment by 2030 to $5.5 trillion, an increase of $400 billion from their November last year projection. The bank noted that in this massive data center investment race, approximately $4.1 trillion will be financed through debt, with loans averaging 85% coverage of total project costs, indicating that AI capital expenditures have shifted toward a financing model centered on debt markets. Since November last year, global bond issuances related to AI and data centers have exceeded $300 billion. The latest prominent example comes from chip giant NVIDIA, which completed the pricing of a $25 billion investment-grade bond offering this Monday—its first return to the bond market in five years. The offering, conducted in seven tranches (with maturities ranging from 2 to 30 years), attracted demand of up to $85 billion, resulting in a final issuance size 25% higher than initially planned. The report emphasizes that although tech giants such as NVIDIA, Alphabet, and Amazon are generating substantial cash flows from the AI boom—NVIDIA is projected to generate over $200 billion in free cash flow this fiscal year—these companies are still issuing hundreds of billions in bonds. This suggests that such bond issuances are not driven by a need for funding, but rather reflect credit markets validating the valuation of AI assets.