隨著 AI 支出疑慮加深，那斯達克10月恐蒸發2兆美元市值

（更正第8段約翰・比爾頓的職稱）(Corrects designation of John Bilton in paragraph 8)

約翰・M・切里安與沙什瓦特・喬漢報導By Johann M Cherian and Shashwat Chauhan

10月30日（路透）——以科技股為主的那斯達克100指數（Nasdaq 100）本月市值將蒸發逾2兆美元，原因是大型科技公司財報使投資人更加仔細檢視，投入人工智慧的數以十億計美元資金，能否夠快產生報酬。Oct 30 (Reuters) - More than $2 trillion in market value is set to be wiped from the tech-heavy Nasdaq 100 this month, as Big Tech earnings intensified investor scrutiny of whether the billions being poured into artificial intelligence can generate returns quickly enough.

這波市值蒸發規模將略高於 SpaceX 的整體市值。隨著人工智慧交易遭遇亂流，該指數10月至今已下跌逾5.8%；Meta Platforms（Meta Platforms）、Alphabet（Alphabet）及 Amazon.com（Amazon.com）等超大規模雲端業者在競相擴張人工智慧基礎設施之際，進一步上調支出預測。The wipeout would amount to slightly more than SpaceX’s entire market value. The index has fallen over 5.8% so far in October as the AI trade ran into turbulence, with hyperscalers Meta Platforms, Alphabet and Amazon.com raising spending forecasts further as they race to expand AI infrastructure.

人工智慧支出可能愈來愈龐大的前景令投資人不安，尤其借貸成本上升恐使以債務融資的投資變得更昂貴，也更難合理化。The prospect of ever-bigger AI outlays has unnerved investors, particularly as rising borrowing costs threaten to make debt-funded investment more expensive and harder to justify.

以下整理大型股目前為止的財報狀況；蘋果（Apple）預定下週公布財報，人工智慧指標股輝達（Nvidia）則預計於11月中公布。Here's a roundup of megacap earnings so far, with Apple set to report next week and AI bellwether Nvidia due mid-November.

科技股市值蒸發TECH WIPEOUT

Alphabet 週四創下有紀錄以來最大單日跌幅，因其搜尋廣告核心業務成績令人失望，且現金消耗大幅加速。Alphabet suffered its biggest one-day percentage drop on record on Thursday after disappointing results in the core business of search advertising and a massive acceleration in cash burn.

Meta 計畫籌措創紀錄的975億美元資金，加深市場對股東股權稀釋的憂慮，也引發外界擔心不斷增加的人工智慧支出，可能迫使其他大型科技公司更頻繁地轉向資本市場籌資。Meta's plans for a record $97.5 billion fund raise heightened concerns about shareholder dilution and whether mounting AI spending could force other Big Tech companies to increasingly tap capital markets.

微軟（Microsoft）與 SpaceX 則擺脫低迷氣氛，財報顯示人工智慧支出已開始帶來回報。Microsoft and SpaceX broke from the gloom, with results that showed AI spending starting to pay off.

摩根大通資產管理（JPMorgan Asset Management）多資產解決方案全球策略研究主管約翰・比爾頓（John Bilton）表示：「也許我們高估了成長可能有多強勁，但整體而言，他們並未轉為負成長。」"It may be that we've overestimated how strong the growth might be, but they're not going negative in aggregate," said John Bilton, global head of strategic research, multi-asset solutions at JPMorgan Asset Management.

「我們對資料有著無法滿足且持續成長的需求。」"We have an insatiable and growing demand for data."

債務規模上升RISING DEBT PILE

據報導，微軟正計畫透過逾9年來首次在美國發行投資等級債券，籌措約250億美元。在其他超大規模雲端業者中，Meta、亞馬遜（Amazon）與 Alphabet 過去4年已透過發債籌措數千億美元，令投資人擔心這些公司過度依賴此一籌資管道。Microsoft is reportedly planning to raise about $25 billion through its first US investment-grade bond sale in more than nine years. Among other hyperscalers, Meta, Amazon and Alphabet have issued hundreds of billions of dollars in bond sales over the past four years, worrying investors about overreliance on the medium for raising capital.

摩根士丹利（Morgan Stanley）預測，明年整體人工智慧基礎設施資本支出將突破1兆美元。Morgan Stanley forecast capital spending on AI infrastructure overall will surpass a trillion dollars next year.

防範債務違約的保險成本飆升COST TO INSURE AGAINST DEBT DEFAULT SURGE

人工智慧公司日益仰賴債務融資，正成為投資人的新風險，也挑戰了市場先前認為這波熱潮核心企業能免受總體經濟壓力影響的看法。AI companies’ growing reliance on debt funding is emerging as a new risk for investors, challenging the view that the companies at the heart of the boom are insulated from macroeconomic pressures.

這項憂慮正從股市擴散至信貸市場；投資人開始將融資成本上升，加上人工智慧支出回報放緩，可能擠壓先前被視為相對不受影響的公司這種可能性納入定價。The concern is spreading beyond stocks to credit markets, where investors are starting to price in the possibility that rising financing costs, combined with slower returns on AI spending, could squeeze companies previously viewed as relatively insulated.

營收強勁ROBUST REVENUE

自 ChatGPT 於2022年推出以來，美股「七巨頭」（Magnificent Seven）的營收一直維持強勁，顯示需求無法滿足，也或許說明為何即使回報時程仍不確定，投資人最初仍願意支持相關支出。Revenue across the "Magnificent Seven" has remained strong since ChatGPT's launch in 2022, showcasing insatiable demand and perhaps why investors were initially willing to back the spending, even as the timeline of payoffs remains uncertain.

亞馬遜的雲端運算金雞母亞馬遜雲端服務（Amazon Web Services）持續加速成長，Meta 則交出優於預期的營收成長並提出樂觀展望。微軟在最新財報中也預測雲端業務將強勁成長。Amazon's cloud computing cash cow, Amazon Web Services, continued to accelerate, while Meta offered better-than-expected revenue growth and an upbeat outlook. Microsoft also forecast strong cloud growth in its latest earnings report.

資本支出飆升SOARING CAPEX

大型科技公司過去一向大舉投資基礎設施，以建立並擴張雲端運算、線上廣告和電子商務等業務，但人工智慧熱潮已把資本支出推升至令人目眩的水準。Big Tech has historically spent heavily on infrastructure to build and expand businesses such as cloud computing, online advertising and e-commerce, but the AI boom has pushed capital expenditure to dizzying levels.

摩根大通（J.P. Morgan）預期，全球人工智慧資本支出到2030年將達5.5兆美元，且光是2026年就會支出9,000億美元。J.P. Morgan expects global AI capex to reach $5.5 trillion by 2030, and sees $900 billion being spent in 2026 alone.

摩根大通分析師指出，亞馬遜、Alphabet、Meta、甲骨文（Oracle）與微軟今年的人工智慧資本支出，很可能相當於這些公司自2022年11月 ChatGPT 推出以來的累計支出。This year's AI capex by Amazon, Alphabet, Meta, Oracle and Microsoft would likely equal their cumulative spend since the November 2022 launch of ChatGPT, J.P. Morgan analysts noted.

（沙什瓦特・喬漢、約翰・M・切里安與尼基特・尼尚特班加羅爾報導；梅達・辛格與阿曼達・庫柏補充報導；喬伊吉特・達斯編輯）(Reporting by Shashwat Chauhan, Johann M Cherian and Niket Nishant in Bengaluru; additional reporting by Medha Singh and Amanda Cooper; Editing by Joyjeet Das)