2026 年预测：资金紧张的甲骨文发行以芯片为抵押的债务

Predictions 2026: Cash-Strapped Oracle Issues Chip-Backed Debt 2026年预测：资⾦紧张的甲⻣⽂发⾏以芯⽚为抵押的债务 The move could make it easier for Oracle to get its data centers ready for customers likeOpenAI. 此举可能会让甲⻣⽂更容易为像OpenAI这样的客户做好数据中⼼准备。 By作者：Miles KruppaMiles Kruppa Oracle has areal problem: It’scommitted to buildinghuge chip-filled data centers for OpenAI, but it doesn’t have thecash to do so. 甲⾻⽂正⾯临⼀个真正的问题：它承诺为OpenAI建设装满芯⽚的超⼤规模数据中⼼，但却没有⾜够的现⾦来完成这⼀任务。 So far, the company has moved pretty quickly in the construction of the data center’s physical buildings, but it will soonneed tofill those structures with Nvidia chips to power OpenAI’s model training and ChatGPT usage. These chips are thepriciest part of assembling any such data center, and if Oracle can’t come up with the funds, it could miss its window topurchase the servers and end up losing business. 到⽬前为⽌，该公司在数据中⼼实体建筑的建设上推进得相当迅速，但很快就需要⽤英伟达芯⽚填满这些结构，以⽀持OpenAI的模型训练和ChatGPT的使⽤。这些芯⽚是组装此类数据中⼼中最昂贵的部分，如果甲⾻⽂⽆法筹集到资⾦，可能会错过购买服务器的窗⼜期，最终失去业务。 I see an answer to Oracle’s problem: the asset-backed securities markets. I think the company will get creative andstructure a transaction where it raises debt by collateralizing the chips it already owns—and then use those funds tobuy more chips. 我认为解决甲⾻⽂问题的答案在于资产⽀持证券市场。我认为该公司会发挥创意，设计⼀笔交易，通过将其已拥有的芯⽚作为抵押来融资举债，然后再利⽤这些资⾦购买更多芯⽚。 This story is part of our 2026 Predictions series. These are educated guesses of what could happen next yearbased on reasoned analysis, deep prior reporting—and a dash of amused speculation.Previously, we talkedabout how Applewill reverseits AI slump. 这篇报道属于我们的《2026年预测》系列。这些内容是基于理性分析、以往深⼊报道以及略带调侃的推测，对明年可能发⽣之事作出的有根据的猜想。此前，我们曾讨论过苹果将如何扭转其在⼈⼯智能领域的低迷状态。 Such a deal could allow Oracle to secure lower ratesand raise more money than if it were to exclusively tap the publicbond markets for general-purpose debt—as it did in September to raise $18 billion. Oracle could tailor the debt to therisk levels of its cloud customers, offering lower yields for slices backed by Nvidia spending and higher yields for thosebacked by OpenAI’s contract. Oracle could also keep the debt offits balance sheet by setting up a special-purpose vehicleto hold the chips, helping it retain its low investment-grade credit rating. 这样的交易可能使甲⾻⽂获得更低的融资利率，并筹集到⽐仅通过公开债券市场发⾏⼀般⽤途债务更多的资⾦——正如它在9⽉份为筹集180亿美元所采取的做法。甲⾻⽂可以根据其云客户的风险⽔平来定制债务结构，对由英伟达⽀出⽀持的部分提供较低收益率，⽽对由OpenAI合同⽀持的部分则提供较⾼收益率。甲⾻⽂还可以通过设⽴⼀家持有芯⽚的特殊⽬的实体，将这些债务置于资产负债表之外，从⽽有助于其维持较低的投资级信⽤评级。 With asset-back securities, companies raise debt against everything from home equity loans to data center leases. Theypool the assets together to lower the risk that one goes bad, slicing up the cashflows for investors. Conservativeinvestors can buy lower yielding but safer slices, while others can take more risk in exchange for higher payouts.Companies have issued more than $800 billion of the debt in 2025, with the largest chunk backed by auto loans. 通过资产⽀持证券，企业可以以从住房净值贷款到数据中⼼租赁等各种资产作为抵押来筹集债务资⾦。它们将这些资产打包在⼀起，以降低单个资产出现问题的风险，并将现⾦流切分给投资者。保守型投资者可以买⼊收益较低但更安全的分层，⽽其他投资者则可以承担更多风险以换取更⾼回报。2025年，企业已发⾏超过8000亿美元的此类债务，其中最⼤的⼀部分由汽车贷款⽀持。 As an additional sweetener for investors, Nvidia could commit to repurchasing the chips supporting the debt if Oracledefaults, a common arrangement in other kinds of asset-backedfinancings. Nvidia has already committed to invest upto $100 billion in OpenAI, so it wouldn’t be much of a stretch to backstop the debt offering in this way—so long as ithelps boost GPU sales. 作为额外的“甜头”，英伟达可以承诺在甲⾻⽂违约时回购为该债务提供⽀持的芯⽚，这在其他类型的资产⽀持融资中是常见安排。英伟达已承诺向OpenAI投资⾼达1000亿美元，因此以这种⽅式为债务发⾏提供兜底并不算太⼤的跨越——只要这有助于提振GPU销量。 Try askingDeep Research to… 不妨试着向“深度研究”提出以下问题…… IsGoogle actually a threat to OpenAI and Nvidia? Whatis next for Apple after the recent executiveexodus? ⾕歌真的会对OpenAI和英伟达构成威胁吗？ 近来多名⾼管离职之后，苹果接下来将⾛向何⽅？ Whatmajor market shifts will define the AI Agentcompetitive landscape in 2026? Howdoes Broadcom factor into the AI chip race withNvidia, AMD and others? 哪些重⼤的市场变化将定义2026年AI Agent的竞争格局？ 博通在与英伟达、AMD等公司展开的AI芯⽚竞赛中扮演着怎样的⻆⾊？ Investors have shown a willingness to stomach unconventional debt structures in 2025, such as the $27 billion offeringfor Meta’s massive Hyperion data center in Louisiana arranged by investmentfirm Blue Owl Capital rather than thetech company itself. Lenders are always searching for places they can earn extra yield without taking on too much risk,something a chip-backed deal for Oracle could offer. 2025年，投资者已经表现出愿意接受⾮传统债务结构的态度，例如由投资公司蓝猫资本（Blue Owl Capital）⽽⾮科技公司⾃⾝安排的、为Meta在路易斯安那州的⼤型Hyperion数据中⼼筹集的270亿美元融资。放贷⽅始终在寻找既能获得额外收益、又不必承担过⾼风险的机会，⽽以芯⽚作为担保的甲⾻⽂交易正可能提供这样的选择。 There’s some precedent for chip-backed lending. CoreWeave, the AI cloud upstart, has raised about $13 billion in chip-backed debt sold to private investors.Valor Equity Partners, a big backer of Elon Musk’s companies, israising$20 billionfor a special-purpose vehicle to buy Nvidia chips and rent them to xAI. 以芯⽚作为抵押进⾏融资已有先例。AI云计算新创公司CoreWeave已向私⼈投资者出售约130亿美元的芯⽚抵押债务。埃隆·马斯克旗下多家公司的⼀⼤⽀持者Valor Equity Partners正在为⼀个特殊⽬的载体募集200亿美元，⽤于购买英伟达芯⽚并