Building a datacenter is supposed to be a “safe” investment in normal times, so banks give private credit and mortgages to finance them.
作者敏锐地指出了AI泡沫破裂的金融传导机制：当AI训练需求不及预期，被视为“安全资产”的数据中心将沦为不良资产。银行因坏账收紧贷款，进而引发流动性危机。这打破了人们对AI基础设施稳赚不赔的迷思，揭示了技术革命背后的信贷杠杆风险，其破坏力将远超科技行业本身。