美联储金融稳定报告聚焦 AI 相关市场风险

Fed releases financial stability report > AI is now the top financial risk for Wall Street. 87% of the market pros the New York Fed polled named it, up from 50% in spring. > The Fed says “market enthusiasm for super intelligence” is part of why stock valuations are so high. > Debt raised for AI infrastructure passed $680B by October. That’s about 5x all of 2023 and about 31% of investment-grade corporate borrowing. > Big tech and chipmakers also carry over $3T in future leases and guarantees, so their real AI exposure may be far larger than their reported debt. > GPU makers guarantee the value of the chips they sell to AI firms and often invest in those same buyers, which creates “circular financing.” > The largest US banks have close to $1T of exposure to big tech, data center builders and the vehicles that finance them. > Hyperscaler spending as a share of GDP may soon pass the 1990s telecom boom.