摩根大通与高盛牵头为AI新云厂商Volta的50亿美元贷款融资，仅承保13亿美元定期贷款、拒绝承保37亿美元芯片贷款，凸显AI债务融资风险偏好收紧

JPMorgan Chase ( JPM ) and Goldman Sachs ( GS ), in leading a loan offering for new AI firm Volta Infrastructure Holdings, are taking an unusual move to curb their exposure to a $5B loan sale, according to a media report on Monday. The cautious approach comes as investors demand higher yields for debt tied to the artificial intelligence boom. The two banks have underwritten a $1.3B term loan for Volta. But they won't underwrite a $3.7B chip loan as they seek to cushion themselves from potential risks, Bloomberg News reported, citing people familiar with the deal. Funding the AI buildout, especially with deals for nascent players, has motivated lenders to turn to less conventional underwriting structures in the leveraged finance market, the people told Bloomberg. Banks are wary of putting too much risk on their balance sheets. Specifically, they're loath to repeat 2022 conditions, when markets froze as interest rates climbed, leaving lenders with large losses from the lower-yielding debt on their balance sheets. Volta, a startup backed by Nvidia ( NVDA ) and Dell ( DELL ) CEO Michael Dell, is a so-called neocloud AI company that will rent access to chips and other AI infrastructure. The funding will be used to build a data center complex in Norway by Volta in partnership with Bitdeer Technologies Group ( BTDR ). Anthropic (ANTHROP) has signed a six-year agreement for compute capacity. The $1.3B term loan will cover lease payments to Bitdeer to use the data center, while the $3.7B chip loan will be used to buy ~36K graphics processing units made by Nvidia, Bloomberg reported. JPMorgan Chase ( JPM ) stock rose 0.4%, while Goldman Sachs ( GS ) shares edged down 0.3% in late Monday trading before both banks are set to release Q3 earnings on Tuesday. Nvidia ( NVDA ), meanwhile, dropped 1.2% near the end of regular-session trading.