AllianceBernstein Says AI Slowdown Calls Won't Derail Tech Fundraising

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AllianceBernstein Holding LP fixed-income specialists say calls to slow artificial intelligence development will not stop major technology companies from pressing ahead with fundraising and capital spending. "These are long-term fundraising plans," said Thierry Taglione, a senior investment strategist in fixed income at the firm, referring to financing by hyperscalers and data-center operators, adding that 10-year tenors and beyond won't be derailed by weekend news. The comments follow statements by leaders of the world's biggest AI platforms that the pace of developing their most advanced models should slow due to potential safety issues, a shift that has contributed to some correction in sector equity valuations. AB still expects top AI hyperscalers to keep increasing nominal capital expenditures in the near term and forecasts spending of more than $1 trillion next year, though it sees spending slowing over the next few years and eventually fading, creating a drag on overall US economic growth over time. Bond issuance linked to major global hyperscalers and data centers has reached more than $330 billion year-to-date, an unprecedented volume that has contributed to pressure at the long end of the US Treasury curve, according to AB, which still sees selective opportunities and favors companies with strong free cash flow and lower leverage. Eric Liu, AB's co-head of Asia fixed-income, said Chinese technology companies have been more disciplined on spending and borrowing, focusing more on talent than big data center buildouts, a divergence already visible in relative bond valuations.

Impact on stocks 1

Financials▲ · 1 stocks
AllianceBernstein Holding L.P.
AB
± Mixedrelevance

AB strategists comment on hyperscaler AI fundraising and bond issuance, but the article reports no company-specific financial event for AB itself.

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