穆迪警告:AI竞赛埋下巨大金融隐患,6620亿美元尚未计入科技巨头负债表

GateNews

BlockBeats 消息,2 月 25 日,知名评级机构穆迪发布行业深度报告指出,科技行业为构建人工智能基础设施而展开疯狂竞赛,已经制造出一个巨大的金融隐患。美国五大超大规模云服务提供商已累计承诺未来数据中心租赁金额高达 6620 亿美元,这些租赁尚未开始,因此目前不属于当期负债,完全未体现在它们的资产负债表上。但随着这些租赁在未来几年逐步启动,超过 5000 亿美元的数据中心活动将正式记录到资产负债表中。

穆迪在报告中分析了亚马逊、Meta、Alphabet(谷歌母公司)、微软和甲骨文的财务披露情况,并表示人工智能数据中心的空前建设规模正在对传统会计指标造成巨大压力。截至 2025 年底,五大科技巨头累计未折现的未来租赁承诺总额达到 9690 亿美元,其中超过三分之二即 6620 亿美元的部分属于尚未开始的租赁,根据美国公认会计原则(GAAP),这些公司目前无需将这些巨额义务记录在当期资产负债表上。这些「表外」承诺相当于隐性债务,一旦逐步转为表内负债,将显著增加调整后债务水平,并对财务灵活性和信用评级产生潜在影响。

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