【中金：AI资本开支催生3.5万亿美元融资需求 债务偿还能力成关键考验】中金发布研报称，AI资本开支正快速扩张，大型云厂商资本开支占收入比或从2023年12%升至2027年40%以上，未来五年催生约3.5万亿美元外部融资需求，主要由投资级债券和私募资本承接。核心挑战在于AI应用需形成每年约1万亿美元收入方能覆盖债务成本，且利润率需达约50%、折旧年限约5年。该行测算27-32年大型云厂商债券到期进入高峰期，每年到期规模约280亿美元，相比24-26年上升60%，再融资压力上升。
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