거대 AI기업 회사채 가산금리 급등…막대한 투자지출에 “수익률 보장 더”

The cost of borrowing for major artificial intelligence (AI) companies like Google, Amazon, Oracle, Microsoft, NVIDIA, and SpaceX has surged dramatically, reflecting the growing risk associated with their expanding capital investments in AI infrastructure. This increase in company bond yields and credit default swap (CDS) premiums is a response to the heightened borrowing dependence of these AI-focused enterprises.

CDS premiums, which serve as an indicator of credit risk, have also spiked significantly, with Oracle's premium reaching 196 basis points, SpaceX's 157, Brocade's 93, Meta's 81, and NVIDIA's 73 as of last March 13th. These figures substantially exceed the average CDS index for U.S. investment-grade corporate bonds, which stood at 51 basis points.

In the past month alone, the premium surge was most pronounced for Oracle, Brocade, SpaceX, NVIDIA, and Meta. The International Financial Center explained that CDS premiums reflect not only direct borrowing burdens but also risks from inadvertent financial support, such as guarantees provided for openAI data centers. Notably, NVIDIA reportedly offered $250 billion in financial guarantees for its openAI data center just last month, triggering an immediate 82 basis point surge in its CDS.

Additionally, the auction take-up for these hyper-scale companies' bonds has been dwindling. The take-up for bonds issued by these companies hit a low of 1.7 times their 2025 Q3 average of 4.4 times in the last two quarters, down from 3.3 times in the previous quarter. This trend contrasts sharply with the generally stable trend in the average spread between corporate bonds and Treasuries, which has remained at around 80 basis points this year.

The year-to-date capital expenditure guidance from the five hyper-scale companies - Microsoft, Google, Amazon, Meta, and Oracle - has surged 64% to $7,960 billion. While their combined operating cash flow is projected to increase by approximately $3,400 billion this year, their capital expenditure growth is expected to reach $5,340 billion.