The artificial intelligence boom is entering a new and riskier phase. Global capital expenditure on chips, data centres and cloud infrastructure has, so far, been driven by hyperscalers, funded largely through their vast internal cash balances. But the projected scale of computing power needed for generative AI is now prompting a shift towards more leveraged, opaque and circular financing structures, which raises the economic stakes riding on the technology’s success.
人工智能熱潮正步入一個更新且更高風險的階段。迄今，全球在芯片、數據中心和云基礎設施上的資本開支，主要由超級規模云商推動，資金多來自其龐大的內部現金儲備。但生成式人工智能所需算力的預期規模，正推動融資方式轉向更高杠桿、更不透明、且循環嵌套的結構，從而抬升押注該技術成功所承擔的經濟賭注。
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