Econ Papers Daily / 研究评论
在为风险转出资产负债表之前为人工智能建设融资
Financing the AI buildout before the risks go off balance sheet
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摘要
The AI boom is usually discussed as a contest over models, chips, and productivity. This column argues that it is also a large physical infrastructure and credit cycle. The policy priority is not to call the peak, but to measure who owns the assets, who owes the debt, and where contingent obligations will land if demand disappoints.
中文摘要
人工智能热潮通常被讨论为一场围绕模型、芯片和生产率的竞赛。本专栏认为，它同时也是一场规模庞大的实体基础设施与信贷周期。政策优先事项不是判断峰值何时到来，而是衡量谁拥有这些资产、谁背负债务，以及如果需求令人失望，或有负债将落在何处。