Chii chaitika
Mafemu eBig Tech, anosanganisira Meta, Nvidia, uye Broadcom, akashandisa mabhiriyoni mazana matatu emadhora mu 'residual value guarantees' (RVGs) mugore rapfuura kutsigira nzvimbo dzeAI data uye kutenga semiconductor. Nekushandisa mota dzechinangwa chakasarudzika (SPVs) kubata midziyo uye kuvimbisa kukosha kwavo kweramangwana, makambani aya anodzivirira kurekodha chikwereti chakazara pamapepa awo emari, achiabvumira kuchengetedza maredhisheni echikwereti kunyangwe hukuru hwekushandiswa kwemari hunodarika kuyerera kwemari iripo ikozvino.
Kugadzirisa mutengo wakakura weAI zvivakwa, hyperscalers uye chipmakers vari kuwedzera kutendeukira kune yakasara kukosha vimbiso. Muchimiro ichi, SPV inosimudza mari yekuvaka nzvimbo dzedhata kana kutenga machipisi, nepo Big Tech femu ichivimbisa mutengo wepasi weasset. Izvi zvinobvumira iyo femu kudzivirira kukwereta zvakananga, izvo zvingangokanganisa mashizha avo uye zvikwereti zvikwereti.
Meta yashandisa nzira iyi kune yayo 'Hyperion' data centre muLouisiana, ichipa 28 bhiriyoni garandi. Broadcom yakaita zvakafanana mukubhadhara mari kwevatengesi, ichitora mari inosvika mabhiriyoni makumi maviri nemapfumbamwe emadhora muzvisungo zvekupa maAI machipisi kuAnthropic. Nvidia yanga ichinyanya kuita zvehasha, ichipa 105 bhiriyoni vimbiso kuSB Energy yeOpenAI data center project muOhio.
Iyo tsika inoshandisa nzvimbo yegrey muUS GAAP accounting zviyero. Nekuda kwekuti zvitsidzo izvi zvikwereti zvinosungirwa, kazhinji hazvizadzise 'zvine musoro zvakati' zvinofanirwa kunyorwa sechikwereti. Nekuda kweizvozvo, nepo makambani aya achishuma kushandiswa kwemari hombe, njodzi dzemari dzakabatanidzwa dzinoramba dzakavanzwa muzvinyorwa zvezasi zvezvinyorwa zvavo zvemari.
Masangano ekukweretesa zvikwereti akaita seS&P Global neMoody's vatanga kugadzirisa ongororo yavo kuti vazvidavirire nezvezvisungo izvi zve-off-sheet. S&P, semuenzaniso, inowedzera mutsauko uripo pakati peiyo yakavimbiswa kukosha uye inotarisirwa kushushikana kutengeswa kukosha kwezvinhu kune simba rekambani, izvo zvinogona kuwedzera mabhiriyoni kune yakashumwa nhamba dzezvikwereti.
Kwakabva mashoko: finance.biggo.com ↗
Nei zvichikosha
Iri zano rezvemari rinovharidzira mwero chaiwo wehuwandu hwemakambani, zvichigona kuvhara njodzi dzakakura dzechikwereti kubva kune vanoisa mari. Sezvo mashandisirwo emari ezvivakwa zveAI ari kufungidzirwa kusvika madhora 1.2 bhiriyoni panosvika 2027, kuvimba ne-off-balance-sheet mari kunogadzira kusagadzikana kwechimiro. Kana kudiwa kweAI kukatadza kuzadzisa tarisiro kana kudzikira kwehardware kuchikwira, zvikwereti izvi zvinogona kupinda muchikwereti chaicho, zvichikanganisa kugadzikana kwemari kwemafemu makuru epasirose tekinoroji.
Kuvimba nezvisungo izvi kunofambiswa nemukaha unowedzera pakati pekushandiswa kwemari ine chekuita neAI uye kuyerera kwemari. Nekushandiswa kwemari muna 2026 kumakambani makuru emakore anotarisirwa kusvika pamadhora mazana manomwe emadhora, kuburitswa kwechinyakare chebhondi kuri kuita kushomeka sezvo zvichikanganisa kudzikira kukiredhiti.
Pane njodzi yakakura yekusawirirana. Kunyange zvivimbiso zviri zvenguva refu, iyo iri pasi peAI hardware iri pasi pekukurumidza kupera. Kana iyo indasitiri ikavaka huwandu hunodarika kudiwa, kana kana hunhu hwehardware hukadzikira, iyo 'selling put options' chimiro chezvivimbiso izvi zvinogona kukonzera kunetsa kwemari panguva yekuderera.
Iko kusangana kwenjodzi kwakakwira, neOpenAI uye Anthropic inoverengera chikamu chikuru che hyperscalers' order backlogs. Kana aya makambani eAI emuganho akatarisana nematambudziko emari, iwo hyperscalers anopa vimbiso anozoratidzwa zvakananga kune mhedzisiro yekuderedzwa kweasset.
Interactive Mechanism: Iyo Inonyatsoshanda
Ongorora ari pasi tekinoroji kuseri kwekusimudzira uku uchipindirana.
What is the best response when AI Models Explained makes a mistake in production?
Zvekutarisa zvinotevera
Vagadziri vemari vanofanirwa kutarisisa kota rondedzero zvinyorwa zvekuchinja muhuwandu hwevimbiso. Kudzikira kwenhamba idzi panotanga kurojeswa kungaratidza kuti modhi iri kushanda sezvakarongwa, ukuwo kuwedzera kwezvisungo zvevimbiso kana kubviswa chinyararire kwemapuratifomu kunogona kuratidza kuti zvinhu zviri pasi zviri kutadza kuchengetedza kukosha kana kuti mari yemhando yave kutadza kugadzikana.
Tarisa kune zvinoburitswa mumafirita ekota maererano neukoshi hwese hwezvirambidzo zvasara. Kana huwandu uhu huchikura, zvinoratidza kuvimba kuri kuwedzera pamari yekuregeresa-sheet kuitira kuchengetedza kukura kweAI.
Tarisa mashandiro eAI-yakatarisana nedata center mapurojekiti. Kana varidzi vakatadza kumutsiridza marendi kana kuti hardware ichida kuchinja, zviitiko zve 'trigger' zvezvivimbiso izvi zvinowanda, izvo zvinomanikidza zvikwereti izvi pamapepa ezvikwereti emakambani anovimbisa.
Cherekedza tsananguro yemasangano anokweretesa maringe nezvikwereti. Kumwe kugadziridzwa kwekuwedzera kuverengera neS&P kana Moody's kunogona kuratidza kuti musika uri kutanga kutengesa munjodzi idzi dzakavanzwa zvine hukasha.