微软拟发债250亿美元支持AI基建扩张
Microsoft plans to raise $25 billion in debt as it pursues AI buildout
Microsoft on Thursday announced plans to issue $25 billion in bonds to finance infrastructure expansion using its S&P AAA rating. The company's capital expenditure target for 2026 is US$170 billion to meet the needs of customers such as Anthropic and OpenAI. The issuance is expected to be completed on November 4. Chief Financial Officer Amy Hood said on the earnings call that the company had mainly used leasing financing and had not yet tapped the bond market.
Microsoft used the bond market for the first time to finance AI infrastructure. The US$25 billion bond issuance under the AAA rating plus the US$170 billion capital expenditure target reflects that ultra-large-scale cloud manufacturers are shifting from leasing to public debt financing. For gold and foreign exchange, this strengthens the logic of high-yield bond supply driven by AI capital expenditures. It is worth paying attention to the potential impact of technology giants' debt expansion on credit spreads and US dollar funding, and observing the financing rhythm in comparison with Oracle's bond issuance on the same day.
微软在AI基础设施扩张下首次动用债券市场，可与同日甲骨文发债及同业现金流状况对照阅读。
来源：CNBC Top News · cnbc.com