在信贷市场为人工智能融资

2 December 2025 | 9:22 AM China Standard Time Dani WojdylaGoldman Sachs Services (Hong Kong) LimitedGlobal Banking & Markets We continue to field questions around credit spreads and AI issuance from equity investors. 我们继续收到来自股票投资者关于信用利差和人工智能发行的问题。 Given interest, we are hosting awebinar this Thurs Dec 4th@ 4pm HKT on ‘Funding AI inCredit Markets’ with Sara Grut (GIR Credit Strategist) and Abel Elizalde (Co-Head ofMarket Strats & Head of Credit Market Strats in GBM)in order to address recent FAQs, theoutlook of credit markets and AI issuance, credit spreads & more. Please registerhere. 鉴于兴趣浓厚，我们将于本周四12月4日th下午4点（香港时间）举办题为“在信贷市场为人工智能筹资”的网络研讨会，主讲人为Sara Grut（GIR信用策略师）和Abel Elizalde（GBM市场策略联合主管兼信用市场策略主管），以回应近期常见问题、展望信用市场与人工智能发行、信用利差等内容。请在此注册。 AI‐related issuance in credit markets has been a major theme this year - GIR Credit Strategists trackabout $200 billion of AI‐related net supply YTD (which is 2x the volume from 2024 and 30% of all net supplyin that market, Chart 1 below). 与人工智能相关的信贷市场发行今年已成为一个主要主题——GIR信用策略师追踪到今年迄今约2000亿美元的与人工智能相关的净供应（是2024年交易量的两倍，占该市场所有净供应的30%，见下方图表1）。 This is set to continue. The largest hyperscalers could add another $700 billion in debt to their balancesheets over the next couple of years, without materially stressing balance sheet, based on GIRportfoliostrategists’ AI capex assumptions. 这一趋势将持续。根据GIR投资组合策略师对人工智能资本支出的假设，最大的超大规模云服务商在未来几年可能在其资产负债表上再增加约7000亿美元的债务，而不会对资产负债表造成实质性压力。 While this has raised concerns in private credit, flagged as the obvious canary especially in light of AIinfrastructure build-out reachingprivate markets, GIR continue to push back on the notion that private credit in itself is a systemic risk (seehereandhere). 尽管这在私募信贷中引发了担忧——鉴于人工智能基础设施建设扩展到私人市场，私募信贷被标记为明显的“金丝雀”——GIR仍继续反驳私募信贷本身构成系统性风险的观点（见此处和此处）。 Increasing supply remains an important trend to stay in front of given the potential for ‘crowding out’ in IGleading to wider spreads and reaction function in equities. 在投资级（IG）可能被“挤出”导致利差扩大并在股票市场引发反应的情况下，供应增加仍然是一个需要提前关注的重要趋势。 Next week will be crucial as we will haveORCLearnings on 12/9(Oracle CDS has been of mind ongearing concerns as they take on a $300b contract with OpenAI) as well as theDec FOMCmeeting (Fedin blackout pre-next week with the market now pricing in a 99% probability of a cut in Dec). 下周将至关重要，我们将在12月9日迎来甲骨文（ORCL）的财报（鉴于其与OpenAI签订了3000亿美元合同，甲骨文的信用违约互换（CDS）引发了关于杠杆问题的关注），同时还有12月的联邦公开市场委员会（FOMC）会议（美联储在下周前进入寂静期，市场目前预计12月降息的概率为99%）。 Look forward to hosting Sara & Abel to discuss ‘Funding AI in Credit Markets’ on Thurs Dec 4that 4pmHKT – please pre-registerhere. 期待于12月4日（周四）下午4点香港时间主办Sara & Abel，讨论“在信贷市场为人工智能提供资金”——请在此处预先注册。 -Dani——达尼 Relevant notes:相关笔记： The trajectory of AI Capex and the next beneficiaries of corporate AI adoption[GIR US Strategy] 人工智能资本支出（Capex）的轨迹以及企业采用人工智能的下一个受益者[GIR美国策略] Hedges for EQ investors including baskets on AI (and private credit)[GS Baskets Team] 为股票投资者的对冲措施，包括关于人工智能（以及私募信贷）的组合篮子[高盛篮子团队] Thoughts from FICC Floor - recent dynamics/risks in credit from Sara & Abel[Adam Crook] 来自FICC交易大厅的想法——关于最近信用市场动态/风险的观点，来自Sara和Abel [Adam Crook] Thoughts from FICC Floor – thoughts re AI supply from Abel[Adam Crook] 来自FICC交易大厅的想法——关于AI供给的看法，来自Abel [Adam Crook] Chart 1: AI-related supply accounts for 30% of total net supply in the USD market this year 图表 1：与 AI 相关的供给占今年美元市场总净供给的 30% flow color from our sales & trading desks,as well as ourkey trade ideas. 请于香港时间12月4日星期四下午4点参加由Sara Grut和Abel Elizalde主持的“在信贷市场为人工智能融资”网络研讨会。我们将讨论信贷市场为人工智能融资的前景、来自我们销售与交易台的交易流颜色，以及我们的主要交易想法。 Access Webinar-LinkorMeeting ID: 948 2493 5656,Passcode: 047419 访问网络研讨会-链接或会议ID：948 2493 5656，密码：047419 Goldman Sachs agrees to host these calls/webcasts on the basis that no third party speaker will provide confidential or material, non-publicinformation. These calls/webcasts are strictly for clients of Goldman Sachs. They are not intended for media and are off the record. Inaddition, by attending these calls/webcasts, you provide Goldman Sachs the right to record and re-distribute the call/webcast information.The views of any third party speakers do not necessarily reflect those of Goldman Sachs. 高盛同意主办这些电话/网络直播的前提是任何第三方发言人不会提供机密或重大未公开信息。这些电话/网络直播仅面向高盛客户。它们不面向媒体，并且不公开记录。此外，通过参加这些电话/网络直播，您授予高盛记录并重新分发通话/网络直播信息的权利。任何第三方发言人的观点不一定代表高盛的观点。 If you or any part of your organisation is subject to the research inducement rules of the United Kingdom or a member state of the EuropeanUnion implementing the Markets in Financial Instruments Directive 2014/65/EU (MiFID II) please ensure that your organisation has enteredinto a separate agreement with GS for the payment of research services. If you have any questions, please contact your GS representative. 如果您或您组织的任何部分受英国或欧盟成员国为实施2014/65/EU《金融工具市场指令》（MiFID II）而制定的研究诱因规则约束，请确保您的组织已与GS签订了单独协议以支付研究服务费用。如有任何疑问，请联系您的GS代表。 representative or athttp://www.gs.com/research/hedge.html 关于本文提及的发行人（如有）所适用的研究披露，可通过您的高盛代表或访问http://www.gs.com/research/hedge.html获取。 Notice to Australian Investors 致澳大利亚投资者注意事项 When this doc