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85% loan-to-value ratio + 4.1 trillion yuan in debt financing—this wave of AI infrastructure leverage has been pulled aggressively enough; the cash flow of super-large cloud providers is indeed their confidence.
Loans cover an average of 85% of the total project costs, and this high ratio is expected to drive total AI-related expenditures to reach $5.5 trillion by 2030, with about $4.1 trillion financed through debt.
Debt issuers are expected to utilize every capital market in each country to meet their growth financing needs.
JPMorgan believes that large tech companies, so-called super-scale cloud service providers, are sufficiently profitable, so even as debt issuance scales up, investors will remain confident.
The bank also speculates that these companies are currently borrowing heavily, partly to retain their large cash reserves in case of future economic deterioration and a significant rise in financing costs.