金吾财讯 | 贝莱德（BLK）在报告中指出，AI基础设施建设提速叠加政府大规模举债，资本争夺日趋激烈，预计到2030年美国年度融资需求或将突破7.5万亿美元。报告提到，AI建设融资需求叠加高企的政府债务，催生自全球金融危机与新冠疫情之后最激烈的资本竞争。数据显示，2026年AI及数据中心相关债券占美国投资级债券发行量的14%，2025年该比例为5%，过去十年仅为1%。贝莱德认为，即便市场担忧前沿AI模型研发进度放缓，本轮融资热潮仍有望延续。当前多数AI算力被用于模型推理，而非新模型训练，意味着前沿模型迭代放缓的背景下，算力需求依旧可以维持高位。
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