交易员称，与甲骨文债券挂钩的信用违约互换成本在近期交易中大幅上升，因为投资者对这家软件巨头为融资一波人工智能数据中心而积累的债务日益担忧。甲骨文今年已发行数十亿美元债券，用于资助长期云计算合同，包括与OpenAI相关的交易。
The cost of credit-default swaps tied to Oracle's bonds has jumped sharply in recent sessions, traders said Monday, as investors grow warier of the debt the software giant has piled up to finance a wave of artificial-intelligence data centers. Oracle has issued tens of billions of dollars in bonds this year to fund long-term cloud-computing contracts, including deals tied to OpenAI.
几位信贷策略师表示，互换定价反映了对甲骨文现金流能否跟上其借贷步伐的怀疑，尽管该公司的基本面业务仍然盈利。股票投资者大多对此不以为意，使甲骨文股价远高于2026年的低点，但债券市场定价则更为谨慎。
Several credit strategists said the swap pricing reflects doubts that Oracle's cash flow will keep pace with its borrowing, even though the company's underlying business remains profitable. Equity investors have largely shrugged off the concern, keeping Oracle shares well above their 2026 lows, but bond-market pricing has moved more cautiously.
分析师称，甲骨文的债务负担已成为更广泛的人工智能建设的风向标，因为其许多最大合同都取决于其他科技公司的持续支出。他们表示，信用利差持续扩大将是投资者重新评估整个行业人工智能相关资本支出步伐的早期迹象。
Analysts said Oracle's debt load has become a bellwether for the broader artificial-intelligence buildout, since many of its largest contracts depend on continued spending by other technology companies. A sustained widening in credit spreads, they said, would be an early sign that investors are reassessing the pace of AI-related capital spending across the sector.