摩根大通认为DeepSeek周一引发的万亿美元股市市值蒸发对债市几无影响，不过对波动率普遍上升的担忧可能对信用利差产生负面影响。
尽管股市下跌，高评级债券利差平均走阔1个基点，CDX投资级债券指数扩大0.7个基点。
Eric Beinstein和Nathaniel Rosenbaum等摩根大通信用策略师周二在一份报告中写道，鉴于DeepSeek技术进展与高评级信用风险之间的间接联系，“这是一个合乎逻辑的结果”。
这是因为纳斯达克100指数中前五大成份股 —— 苹果、微软、英伟达、亚马逊和Meta —— 在该指数中的权重合计达到42%，但仅占高评级未偿债券的2.4%。
剔除微软和亚马逊的租赁业务，上市公司的净债务均为负，即现金多于债务。
“总而言之，这些发行人的股价波动不是信用市场的问题，”分析师写道。
其次，近来金融板块债券一直跑赢股市。
虽然周一美国国债收益率走低将投资级债券的平均收益率推至六周低点，但总回报率已经回升，这应该会提振需求。
最后，分析师们认为人工智能需求带来的潜在电力需求变化对公用事业板块影响不大。
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