專家警告人工智慧基礎設施投資過快可能引發財務風險
Experts warn of financial risks from rapid AI infrastructure investment
人工智慧（AI）基礎設施投資的迅速激增已成為一大爭論焦點。
The rapid surge in artificial intelligence (AI) infrastructure investment has become a major point of debate.
亞馬遜、微軟和 Meta 等科技巨頭正將數千億美元投入數據中心與硬體設備，到 2030 年全球相關支出可能達 7 兆美元。
Tech giants like Amazon, Microsoft, and Meta are pouring hundreds of billions into data centers and hardware, with global spending potentially reaching $7 trillion by 2030.
此情況與 1990 年代的光纖熱潮如出一轍，引發了人們對過度建設的擔憂。
This situation mirrors the 1990s fiber-optic boom, raising concerns about potential overbuilding.
一個主要的憂慮是用於資助這些項目的「循環融資」，這可能掩蓋了低盈利能力。
A key worry is the "circular financing" used to fund these projects, which may mask low profitability.
此外，AI 數據中心龐大的能源需求為項目創造了「執行風險」。
Additionally, the immense energy demands of AI data centers create "execution risk" for projects.
盡管有人認為這種支出是未來數位經濟的必要基礎，但另一派擔憂若 AI 需求未能實現，對債務和私人信貸的依賴可能會威脅金融穩定。
While some argue that this spending is a necessary foundation for a future digital economy, others fear that if AI demand fails to materialize, the reliance on debt and private credit could threaten financial stability.
歸根究底，許多組織目前從投資中獲得的回報甚微，導致了「生產力悖論」。
Ultimately, many organizations are currently seeing little return on their investments, leading to a "productivity paradox."
