AI数据中心融资利差走阔与GPU租赁期限错配延续，亚洲AI服务器和电力设备链未出现公司级订单利空

# 美股盘后催化 7/11: AI数据中心融资利差扩大，GPU租赁期限错配成为供应链负面变量

- 美股会话: 2026-08-04
- 方向: NEGATIVE；类型: 供需/价格；规划重大性: 7/10
- 映射模式: macro_context
- 美股驱动（规划器初判，需独立核验）: 事实：Goldman和Moody's相关访谈均提到AI相关债务发行、私募信贷和数据中心证券的投资者开始更关注集中度、利差和期限结构；Bloomberg主持人称自去年以来发行的数据中心证券中约75%-80%交易利差宽于发行。Moody's还提到GPU融资常见五至六年租约，而数据中心租期可达15年，存在收入期限错配。推断：这不是立即否定AI需求，但会提高neocloud、数据中心开发商和高估值供应链的折现率。

## 本催化相关美股真实收盘行情

- CoreWeave (CRWV.US): 91.9 +7.16%
- Nebius (NBIS.US): 225.74 +6.19%
- Super Micro (SMCI.US): 31.69 +10.65%
- Dell (DELL.US): 467.27 +8.92%
- Equinix (EQIX.US): 1051.53 +1.95%
- Digital Realty (DLR.US): 193.89 +1.40%

## 亚太映射假设（仅候选，必须查证）

- 纬颖 (6669.TW) [TW/供应商/mixed]: 若AI数据中心客户融资成本上升，服务器订单节奏可能波动；但已签长期客户仍支撑出货。；核验问题: 核实其客户集中度、订单取消条款和neocloud敞口。
- 广达 (2382.TW) [TW/供应商/mixed]: AI服务器需求强，但融资压力可能使非头部客户放缓部署。；核验问题: 区分hyperscaler与neocloud订单占比。
- HD Hyundai Electric (267260.KS) [KR/供应商/mixed]: 数据中心电力订单长期向好，但项目融资成本上升可能影响新项目开工速度。；核验问题: 核实订单是否由投资级hyperscaler直接背书。

## 必答问题

- 哪些亚洲供应商对neocloud和低评级数据中心开发商敞口最大？
- GPU残值假设是否已体现在租赁融资价格中？
- 利差扩大是否会传导到实际订单推迟？

## 原始证据全文（2 条）

### [E0004] Bloomberg TV+ | 2026-08-04 14:30 UTC | 盘中
「Bloomberg TV+」直播转录 22:00–22:30
URL: http://39.105.42.197:20307/event/live
【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-04 22:00–22:30(Asia/Shanghai),共 148 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[22:00] able,That's a very interesting question by a lot of indicators, the consumer, the average consumer.
[22:00] Lower end consumer, they are under stress. There is no doubt about that, but there is a strange disconnect there where most of the consumption in the United States.
[22:00] Is driven by the top 10%. And actually, it's not even the top 10%. It's really the higher end. the top 5 and the two percentage points.
[22:00] sense there is a disconnect where most of the consumption is coming from wealth and the higher end consumer. So the stress.
[22:00] You see and in the lower end consumer tends to not get reflected in the headline GDP numbers and the headline.😊
[22:00] Eity return number, so there is that little bit of disconnecting inherently how the U economy has transformed over time Ron, always such a pleasure to have you.
[22:00] Thank you so much for joining and Johnny Day of Foitzy Russell and a check on your equity market that is trading at all time highs for the S&P 500.
[22:00] At 7668 just want to note that the nasdaq still has a ways to go before it gets there it needs to trade above 30,000 in order to be an.
[22:01] Time high, again, the dow was already there yesterday if you follow the Dow10 year yields, those are coming in again, and drawing was just talking about.
[22:01] phenomenon where we're seeing these companies that were already so linked to what yields were doing because they longer duration aka tech now.
[22:01] Com even more so, so yields come down, you see equities rally and that is because of brrenent crude brrent crude back below $80 a barrel for the first time.
[22:01] Mid july that's trading at 7982 let's look at some of the movers on our radar this morning with that is nora good morning nora good.
[22:01] Three stocks of the move for you palantte here, let's kick things off there up 23% on track for its best day in a year and a half.
[22:01] When you've raised both its revenue and its profit outlooks, the CEOo al carp calling demand for the company's aI software quoteotherworldly.
[22:01] safefe to say investors like that now over to heavy machinery or maybe shall we call it AI caterpillar crushing second quarter expectations.
[22:02] AndBeating on both profit and revenue, you are seeing shares up about 6%, turns out that the company is also benefiting from the AI boom too.
[22:02] Strong demand for the power equipment, helping run data centers. we are seeing shares, of course, to the upside and finally mdonald's post.
[22:02] the second quarter in a row the company says customers are still watching their pockets so it's leadinging into value meals to keep customers.
[22:02] Think an egg Mc muffin, coffee, a hash brown, guys be honest, you're definitely craving a hash brown right now, I'm sure we are seeing shares up about 1.
[22:02] 4our% right now though those are your more movers, Sandra, thank you very much always making us hungry with these normal li we'll catch up with the in about.
[22:02] 20 minutes time coming up first Goldman sachs chief credit str amanda linenon just joins the show to discuss Ai risk and debt markets that's coming up next.
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[22:05] 🎼In the most red story on the terminal today or one of the most, the rats may finally be on the run. horrible video. I'm so sorry.
[22:05] Look at this new york city says that its war on rats is showing results report sightings are down 22% through july actually it's kind of cute i take that back.
[22:06] Fewest since the pandemic officials credit sealed trash containers that keep rodents from feeding however some neighborhoods are still seeing spikes.
[22:06] Experts say that more data is needed away from the world of rats into banking, wells Fargo is launching tokenized deposits for commercial clients.
[22:06] Blockcha to enable real time cross border payments, the program starts with U dollar and british pound transactions and willll expand next year.
[22:06] The bank says that clients won't need to change how they bank while gaining faster 24/7 payment capabilities and jp morgan is stepping up.
[22:06] AI push on wall street, the bank hired an nyu ai professor to join its new quantitative finance group where the focus is using machine.
[22:06] learning to improve electronic trading from generating trading signals to executing trades elsewhere loan investors are students.
[22:06] Starting to push back as aI related debt continues to grow, pimco president christian Str wade here on bloomberg open interest yesterday.
[22:06] The beauty of AI is that it's disrupting technology and it's generating a lot of excitement through that disruption, of course.
[22:07] The downside risk is that it's disrupting through its technology and so you could see a lot of disruption risk down the road.
[22:07] You don't want to have too much risk in any one project or in the whole conflict, so that's something that we're very much keeping an eye on it's a great opportunity.
[22:07] But you want to be moderate and measured in how you deploy into itLet's continue the conversation usda.
[22:07] ss chief credit strategist, it feels like everywhere you look, there is this conversation concern about concentration risk happening, whether it's in private.
[22:07] Markets or public, which pinmco of course, looks at both of them, whether it be equity markets, and because of that, you are now starting to see some of the spreads widen whether.
[22:07] Loans, whether it be cdS on some of these ai related companies is there real pushback happening in these markets and if so, is that push?
[22:07] Back warranted well good morning thank you for having me i would say yes, the concentration theme has come up in a few different facets in the credit market one.
[22:08] As AI related issuance broadly has accelerated the credit market, investors are becoming more mindful about the various exposures they have, not just in their credit portfolio.
[22:08] But also in equities and because credit investors don't share in the upside of our equity peers, we tend to pay more attention to the concentration risk.
[22:08] I think some of the pushback that you're seeing in other markets, I would separate that from the AI narrative and a lot of that is just the software narrative.
[22:08] Some of these software refinancings are coming through the market, and keep in mind many of these transactions were kind of struck in the 2021 era.
[22:08] Of very elevated valuations and very low rates and so some of these capital structures just need to be right sized, we tend to not pay a ton of.
[22:08] Attention to maturity walls across the credit market, but here in loans and in private credit, the 2028 maturity walls do matter.
[22:08] Expect to see more differentiation from the investor base as these different business models flow through, and it will really be up to investors to determine how much of the.
[22:08] I right sizing a capital structure and how much of it is actually parsing through potential business disruption risk from AI it pushing.
[22:09] There's one way or another into different kinds of capital structures as they try to figure out which is going to be the safest and yet bring you the return.
[22:09] ssers that are looking for certainty of financing, customization, kind of a bespoke solution, the private markets are worthy.
[22:09] Gravitate more and I would say there's a lot of demand from investors in the private markets by pre estimates, there's four and a half trillion of dry powder.
[22:09] Globally across all those strategies, So that's pretty meaningful. I think for solutions that fit more cleanly into a syndicated transaction right now.
[22:09] Because there're still a relatively low cost of capital. and so that's a good solution. I think what is most striking from our perspective is this kind of interplay across asset.
[22:09] That we'ved because our view is that debt financing will play a larger role in this AI build out so that open and.
[22:09] Receptivity, openness and receptivity of the credit markets has become more relevant for equity investors and our high level view is that we're not concerned.
[22:10] About access to capital, but we just don't expect, for example, the U. iG bond market to do all the heavy lifting of the financing and that it will be a more new.
[22:10] across Well, you've talked about this that we have an overlap in borrowers in both syndicated credit and.
[22:10] D lending, you're seeing them use both channels, one of the things you also point out with that that especially in direct lending, I'm assuming this is what you're referring to.
[22:10] The standard measures of credit risk have kind of changed, or what are the more important metrics to be looking at in this environment?
[22:10] So a lot of investors will look at default activity and kind of missing the nuances under the surface that in private credit, we can have covenant defaults.
[22:10] That aren't necessarily the case in the syndicated market really the first default is a payment default those have very different outcomes, so for that reason we focus.
[22:10] More on realized losses in private credit and then in terms of signpost to watch, we focus on things like non arual rates and payment and kind, so basically.
[22:10] Paying your debt with additional principal as opposed to cash interest, the high level view is that through the first quarter, so that's the most recent data that we have.
[22:11] We're seeing a modest uptick in non acral rates and it's very consistent with the view that this is a market of dispersion, but not widespread market disruption.
[22:11] That will be key to watch, however just like liquid credit, private credit is very growth sensitive, so right now the growth backdrop is arguably.
[22:11] Enough for credit that will be key and then beyond that kind of this left tail that we're watching, both in liquid and private credit of companies that.
[22:11] Aren't yet kind of growing into their capital structures even a couple years after the pandemic now, that will be, I think, where we would be most focused.
[22:11] And potential signs of stress how sanguine are investors about interest rates, which is a nice way of saying does the F matter at this point it does?
[22:11] It absolutely matters, I would say for credit, it's a bit of an inverse reaction in that higher yields actually deploy a lot of our investor base into.
[22:11] MarketBecause they're incentivized to capture these all in yields, I would say, though, the speed and the drivers of the rate moves are really what matter to our market.
[22:12] If rates are elevated because growth is holding in well, and maybe there's optimism around productivity around AI that.
[22:12] Different backdrop than if rates are rising because inflation expectations are becoming unanchored, which is not the view by many market participants.
[22:12] Speak to so i think for now it's been a backdrop that's very manageable what our equity colleagues have also noted alongside us however, is that the speed of that rate.
[22:12] Backrup really matters and so if rates are selling off in a disorderly way, that confidence of that yield based investor really diminishes to deploy an our.
[22:12] And so that tailwind doesn't work as well. if we don't get cuts, though, and maybe we even get hikes, how much of an issue is that for the direct lending universe when.
[22:12] F this backlog of private equity action, part of it, maybe some can kicking, and I guess across the whole industry much?
[22:12] Has there just been can kicking, waiting for a more rate friendly environment so a hike, while not the base case of our economists would certainly be an unwelcome.
[22:12] It meant for floating rate borrowers that are already managing through higher cost inputs from higher commodities, the software potential overhang that we mentioned earlier.
[22:13] So wouldn't be a welcome development in terms of how have the markets kind of managed through this environment we've seen a lot of amed.
[22:13] Aivity, even in commercial real estate, parts of the credit market, I think the distinction as this moves forward is, are you a good business model?
[22:13] Bridging to the other side of a potentially temporarily stretched balance sheet, or are you just a business model that will not grow into your capital structure.
[22:13] So I would say again, going back to this point on dispersion but not widespread disruption, it hasn't been a material headwind to the market.
[22:13] Nor do we expect it to be, but I do think for these companies that we're kind of lagging in an environment of above trend growth and low rates.
[22:13] Just another headwind that they need to contend with is there a timeframe for when you've got to write those people off and?
[22:13] I always say that bad loans are made at good times is there something to worry about here right so the 2028 maturity walls are very key here especially.
[22:14] Or the leverage loan and private credit market because they do have some heavy software concentration on the bright side, we've actually seen some of these amended extend activity.
[22:14] Go fairly well in that sector, but I do think as we get closer to that maturity wall, there will need to be some more nuanced conversations around.
[22:14] Is the viability of the business model and can it really grow into its capital structure, but for now, I would say the market is still taking its time and evaluating.
[22:14] Those stories right Amanda, so great to have you on thank you for joining us Amanda lineham of Goldman Sachs ahead we look forward to.
[22:14] SpX earnings joining us will be Phantom space CEO jim cantrell, one of the early employees at SpaceX this is boomberg open interest.
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[22:16] Can this really continue at this rate what we see in data as a consumer so spending?
[22:16] We're spend in America, that means economy is okay, and that probably means the rest of the markets and the construct and the final demand is there what are the potential?
[22:16] R they could potentially sty me some of the pipeline people are borrowring because they see opportunity, what it's equipment buying, what it's hiring, what it's building a plant, whether it's.
[22:16] 🎼Inory build up don boomer surveillance live every weekday he investors top executives global innovators.
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[22:17] Like no one else, ETFIQ Mondays on bloomberg.
[22:17] Just about under an hour into your trading day and we're still at all time highs if we hold at this level will' close.
[22:17] Well above them, about half of a percent over the all time high we hit in June 2nd, Nasdaq isn't there, but it is rallying outperforming.
[22:17] 2% the russell 2000 a good run to the dow also at a record all of that is really being helped not just by earnings but against that in the moment.
[22:17] What's happening in the macro landscape, brrenent crude falling is optimism that aman and Qatar have reached something of a temporary peace agreement.
[22:17] That will allow the st to be reopened so brent crew below $80 a barrel for the first time since mid july10 year yields down four basis points.
[22:18] So the rest of this board, a lot of it is really good earnings, good earnings from palantir, of 25% solid earnings from caterpillar.
[22:18] Donald's actually not very strong earnings, but those kind of flipped theyre getting a new head of the U. and the U. is where the weak spot was Kimberly clerk up%.
[22:18] But they trimmed their annual growth forecast SpaceX we're awaiting that we're going to get earnings after the bill and coming up we're going to talk more about it.
[22:18] Fantom space CEO jim krell on what the overall space universe is looking at as we get this report again' going.
[22:18] Lup period which means more selling a spacex share shortly after this earnings result, so a lot to watch out for we'll cover all of that for you.
[22:18] The other side of this break, you're watching Bloomberg Open interest.
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[22:22] SpaceX is set to report its first earnings after the be with investors watching.

### [E0020] Bloomberg TV+ | 2026-08-04 21:00 UTC | 收盘后
「Bloomberg TV+」直播转录 04:30–05:00
URL: http://39.105.42.197:20307/event/live
【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-05 04:30–05:00(Asia/Shanghai),共 158 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[04:30] So when you look at the demand for launch at the minute, most of SpaceX's launch is for its own service.
[04:30] So, you know, I guess the question is, is Elon going to be able to generate the demand downstream?
[04:30] To justify Starship launching as often and as much cargo as.
[04:30] So I think we lost shana's connection there, shanee, I do have one last question before.
[04:30] We let you go and this has to do with the idea of the singularity of what starship is and what it represents.
[04:30] You as a scientist, believe there could be any sort of meaningful competition to it right now falcon.
[04:30] for a while was the only game in town I assume assuming starship makes it on the timeline, it will be the only game on town.
[04:30] W, but there are a lot of other companies out there that think that they can actually be a player in this as well do you see the potential for real competition in this?
[04:31] It's really hard to say, I think, Elon Musk started really early and he got the full support of the US. government.
[04:31] And now he's been able to create essentially a monopoly in this space, it's going to be really, really hard.
[04:31] For a competitor to steal enough of that market share to make their own economics work. But again, let's not forget, Elon also.
[04:31] Created his own demand. So a competitor is not only going to have to steal market share from the Falcon or Starship.
[04:31] Vehicle, they're going to have to get really good at generating their own demand to make the economics work. And we still haven't.
[04:31] seen any of these actual economics from the launch services yet. If they were profitable, we probably would have heard this.
[04:31] Before, so we don't even know if this segment by itself is ever going to be profitable. And this will ultimately decide whether or not a competitor.
[04:32] W to compete for what is ultimately a loss exercise, really great to have you here, really insightful Sha osllivan.
[04:32] An economist and former senior researcher at the har Business Schools Institute for Strgy and competitiveness and worked at naSA the jet proppulsion.
[04:32] And other places there as we continue to watch our Spacex shares under pressure as the conference call gets off the downdraft in those shares in the after.
[04:32] trade dragging down some other names as well ad did come out with its earnings it did beat and it did actually guide slightly higher than estimates.
[04:32] There was a bit of concern about margins as well as the capex spend, those shares down about 8%, dell marvell, intel also moving lower.
[04:32] In sympathy as well, we do want to talk a little bit more about data centers and maybe data centers right here on Earth because that's still where we're building them.
[04:32] So we want to dive a little bit deeper into some of those capX figures that we just heard SpaceX, second quarter capex.
[04:32] actually below estimates while amds will above estimates john Mediina joins us right now senior vice president global project in.
[04:33] Finance over at Moy's rating All right, Johnhn, I mean, where do we stand right now because it seemed like if we spoke to you, I don't know a few months ago.
[04:33] And seems investors were pretty comfortable with all of the borrowing that was going on to build out these data centers, certainly in the last few weeks, there's been a bit of a rethink of that.
[04:33] We've started to see some spreads widening and I was just doing the math earlier today on the bloomloberg terminal, I mean, the majority, the vast majority.
[04:33] 75, 80% of the data center securities that have been issued since last year since the beginning of last year are now trading wider.
[04:33] Then at issuance, what does that tell you thanks remain that's a good question and part of it has to do I think with not.
[04:33] Just market changes, but also where we are in the timing of the year itself right so a lot of these new projects that came to market were in the first,
[04:33] the year, so a lot of new capital was deployed, a lot of new investors, and so that's hitting the secondary, that's hitting different markets, and so you're seeing that kind of work.
[04:34] way through the broader market and in the second half of the year, often those allocations are already allocated right so capital can become tighter.
[04:34] Rreads may widen just because people have already deployed what they were allowed to invest for the year in that one sector and so you'll see it kind of probably the same thing.
[04:34] And next year and the year after because we're looking at a multiple year build out cycle here, so I think the widening spreads and then tightening.
[04:34] Spread is probably going to continue for several years, just depending on the sentiment, but the trend moving forward in terms of the need for capital and the need for more.
[04:34] Capital will continue's what's that cost of capital, though look like going forward I think the cost of capital does.
[04:34] on the risk, you're seeing, I think, different names, you know associated with certain spreads, I think we are seeing a higher spread risk, you know, particularly there was oneD.
[04:34] They priced, I think it's seven and a half percent,7 and a half percent, you know, going out to 2045, a similar deal, you know was much an8.
[04:34] April also 7 and a half percent we've seen things in a 6% range recently a deal priced in over 9% right in terms of it's 10.
[04:35] Was it below investment grade tenant,, so those will price even wider, but usually data center ratings,, sorry data center spreads and credits.
[04:35] To be in the six and a half,7 and a half percent pretty consistently, they kind of go up and down and when you're outside of that range, there is a reason you a much lower risk.
[04:35] Or potentially higher risk Well with regards to some of the some of the debt deals, the collateralized debt deals, I mean, there has been a lot of talk about.
[04:35] The payments that you're making are relative to the repayments that you'll have to make on whatever revenue is generated from that.
[04:35] A lot of talk about the value of these GPUs declining and creating a mismatch with regards to what's being taken in.
[04:35] The value of what you have and the value of what you have to pay back so it's interesting in the GPU financings we are seeing an increase in.
[04:35] And you'll see some of those come to market soon as well, they are borrowing over a period of time that's within the lease that's coming with the hyperscalear.
[04:36] So five or six years, you're not seeing really an extension beyond that, but there is that risk of the data center that maybe has a 15 year lease.
[04:36] With that same tenant that only has a six year revenue lease, so they have to renew that or find another tenant, you know after that first five or six years.
[04:36] In order to continue to pay under their 15 year data center lease, that is that mismatch that you're talking about that we do see in some situations.
[04:36] What about the hidden risk a lot of people will say, okay, a lot of this is being done off balance sheet, you got SPVs, you got joint ventures.
[04:36] Track of how many circular deals are being made where nvidia sort of makes a quote unquote investment in this and then of course, obviously ends up collecting revenue.
[04:36] That company in return, how much of that can you accurately assess when trying to determine what the true?
[04:36] Credit value or credit or risk is when we're looking at these big companies, right while they do have these forwardly.
[04:36] unfulfilled liabilities, I think it's up to 1820 billion right now for the largest hyperscalers as of just about a few months.
[04:37] So a pretty large number, but that number also comes with revenue, so when we forecast forward, we forecast both the revenue and we look at that.
[04:37] Liability as well and a lot of the revenue growth we've also seen in recent earnings reports is increasing right because of this backlog of.
[04:37] For cloud services and other services are now being fulfilled so you're seeing even higher revenue growth that can cover that leverage that can cover that long term.
[04:37] those off balance sheet liabilities, and so I will say our analysts are all in touch with each other, are keeping track, are looking forward to what is yet to be,
[04:37] Reported because we are aware of what's under construction, but are also very conscious of the other side of that equation, it's not just a cost there.
[04:37] Revenue generation that is very much showing up now associated with these investments Johnhn always a pleasure John Mediina.
[04:37] You vice president of global project and infrastructure finance over at moody's ratings, keeping an eye on some of those debt financing deals to fund.
[04:38] Data centers, mean, our next guest is pushing headlong into data centers, a growing data center backlog of about $1.6 billion.
[04:38] On his book as his company expands to meet the power demand driven by aI ain yova is the chairman, president and ceo.
[04:38] Of Generac and he joins us right now, Aaronin, great to have you here on the program, anybody who thinks you're just you know the guy you go to when you need a generator.
[04:38] You know get yourself through a hurricane obviously hasn't been paying attention to your company, you've made a big pivot into the data center space you've gotten the certifications here.
[04:38] How much how big of a business do you think this can be for general thanks for having me on romaine.
[04:38] You're hitting the nail on the head here, a lot of people have thought of our company historically as kind of a consumer goods company in it, and we have been for 70 years selling generator.
[04:38] And backup power into that residential market primarily, but we've been growing a commercial and industrial business over the last 40 years.
[04:38] And in fact, over the last 10 years, we've pushed very hard into expanding that business, a number of acquisitions, and we just rolled out, as you indicated.
[04:39] product line that's geared directly towards a larger format backup for the data centers and it's going to be a big business, I mean, as you said, our backlogs.
[04:39] 1.6 billion already the last 90 days, we've recorded over a billion dollars in new business just in that know adding to that backlog.
[04:39] And we're working to triple our capacity there, we're trying to get close to $4 billion a year in capacity, and so I think when you step back what.
[04:39] We see in the future here is a company that's a lot better balanced, you know, between our residential business and our commercial and industrial business I mean you've talked about you and your executive.
[04:39] Its about a generational opportunity here that maybe you could even double your commercial business revenue in three to five years.
[04:39] But when I think about some of the large players, the large megawatt players, if you will, I think Catpillar, I think Cummins, I don't know, Roses Royce maybe.
[04:39] A few others here, are you able to compete with them now or is this sort of a ramp up to be able to be better more competitive?
[04:40] Yeah, those companies have been in this space for a lot longer than we have in terms of the high end of the product range that serves this end of the market.
[04:40] We're new to it,, but we've been in the commercial and industrial market backing up hospitals and backing up cold chain distribution centers and water treatment plants.
[04:40] for a long time, but this new product for us is going to compete head to head with those companies that you mentioned, and we're just bringing it online.
[04:40] This year we'll ship above $450 million worth of the product in that range, competing directly with those guys, and that's going to grow dramatic.
[04:40] In the years ahead, as you said, we had when we rolled out our investor day last in March, we said maybe we can double this side of our business.
[04:40] It's the commercial industrial side of our business, it actually looks and that was going to be a three to five year plan, it actually looks like we might do that next year so you know in terms,
[04:40] Just the uptake for this product line and the demand is incredible I mean, what are people using your generators for with regards to that?
[04:40] are they using it truly as backup or are we starting to see companies maybe run them kind of as bridge as a bridge until.
[04:41] Elect grid in those areas catches up with the actual buildout the products that we offer are specifically for emergency backup so grid.
[04:41] goes down or their prime source of power goes down, our generators start up and they take the place of that prime source of power and again.
[04:41] These are the same products that you would see on other types of commercial commercial applications, telecommunications, applications, hospitals and things like.
[04:41] So there are bridge power solutions that are needed, right, I mean, the grid interconnect queuees are growing at an incredible rate and so we've got a lot of.
[04:41] cent customers who are, you they're providing some other behind the meter power source initially, maybe turbines, maybe even reciprocating.
[04:41] you know, engine driven gen sets, but those are going to be temporary in nature, I think those ultimately these customers are going to want to be connected to the grid that's the you know,
[04:41] The lowest kind of cost way to get connected to the grid, most reliable source of power is going to be grid connected.
[04:42] You know backup power is an absolute must have in these applications, you've got to have five nines of uptime in you know any type of cloud compute or any type of.
[04:42] AI inference learning type of situation are you comfortable and I know right now you're so early kind of in this in this bill.
[04:42] Doub but I know you haven't named the customers, but it's still a small cohort of customers. Are you worried at all about some of the concentration risk with?
[04:42] to this new revenue that you're generating do you have confidence it will broaden we do, you know, as you mentioned, we've got two hyperscale.
[04:42] That we've inked deals with, those orders are going to be forthcoming and they're going to underpin a lot of our volume and our increase next year in 2.
[04:42] But we've also been adding colocators, so smaller data centers and when I say small, these are $100 million deals, $200 million,$300 million.
[04:42] DealSo in and of themselves, they're very sizable customers, but they pale in comparison, obviously to some of the hyperscale customers and in terms of what they.
[04:42] but obviously we want to broaden that out, you know, it's like the number one rule in anything in business is you don't want to have concentration of risk in anything inclusive of your customer.
[04:43] So there's going to be, you know there's a lot of developers out there, there's a lot of demand beyond the hyperscalers. We love the deals that we're putting together with these hyperscale customers, but the.
[04:43] are growing quite quickly as well you are by all intensive purposes, at least on Wall Street, pretty much valued now.
[04:43] Almost as an AI stock, but of course with that, and that's definitely benefited your stock, but of course with that comes a lot of volatility as you've seen.
[04:43] You're comfortable with that Well, I mean, I guess as comfortable as you can be with volatility in your stock I mean.
[04:43] up to 290 and then comes back down to 200 Today. It's up another $18 or whatever in one day. And you're right AI.
[04:43] Is choppy right I think there's a lot of things that are underpinning this in terms of the Capex spending you've been mentioning that on your program.
[04:43] And a lot of other programs haveve mentioned this as well, it 750 billion of Capex spending by hyperscalers in a single year, how sustainable is that?
[04:44] Over your skis, in terms of spending capex beyond your free cash flow generation, I mean, clearly, that's not sustainable, but does it go from $750 billion down to.
[04:44] 50 billion or is it something more like 400 billion on a go forward basis, I think there's a lot of things that that were pretty early innings here.
[04:44] In this build out story, but I can tell you that all the conversations we've had not only with the hyperscalealoid, but the developers themselves is that at least,
[04:44] The next five to seven years, what you're looking at here is a pretty massive build out, and I think that the AI trade while maybe choppy.
[04:44] The interim here I think over time, and you've seen this, you've seen what caterpiillars done, you've seen what Cs have done, you've seen what Generac's done, you've seen the returns here.
[04:44] I think that that's something you can look forward to for the near term Hey, Aaron really appreciate you joining us today, obviously fascinating.
[04:44] growthrow story here for genak we'll catch up with you soon i'm sureer yaf there the chairman president and CEO of a generaca.
[04:44] We continue to keep an eye on that conference call for SpaceX underway right now we are hearing from some of the executives on that call talking about.
[04:45] nearear term priorities in launching the mobile v2 satellites and of course, what goes on with starship joining us right now talk.
[04:45] bit more about this is Ed lud low, who i'm pretty sure has been listening in to that conference called I mean i've been saying this all hour.
[04:45] From last quarter are almost immaterial for a lot of folks out there, this is really about the long term story, of what are they articulating right now on the conference call?
[04:45] Yeah that all the business lines have momentum right there are some kind of operational updates, which is that you know right now SpaceX is,😊
[04:45] Benefiting a lot from the investment it made in its own data centers because it's renting out that capacity to third parties, namingly Anthropic and Google.
[04:45] And so the AI division, while the spending is concentrated there, it is allowed for some pretty positive numbers on the bottom line in isolation on that unit.😊
[04:45] And Musk is talking about that being the direction of travel, though end the year with two gigawatts of capacity installed and that they will continue to ramp up from that point.
[04:46] Orbital data centers, data centers in space are on track to launch next year, and they've gone with video as the exclusive compute provider.😊
[04:46] someth that broke just before the closing bell, but they basically explained they look at all the architectures and inous were the best so they went with it and that's a departure from their previous,😊
[04:46] Strategy where they said they'd look at all of the different compute platforms available, make reference designs and pick the best one, they picked the best one.
[04:46] Other than that, the thing we don't have, forward looking guidance, revenue, capital expenditures, but the CFOs talking Yeah, the CFO is talking.
[04:46] And hopefully we'll get some of those numbers on the capex side how much does that matter to investors i mean when i look at some of the plans that musk has laid.
[04:46] I mean, that sounds like that's going to cost a lot of money, but it doesn't seem like you have the same scrutiny over Capex that maybe we saw for the hyperscales.
[04:46] Some of the others, yeah, I mean, you know the liquidity position is they have $100 billion to play with right post IPO and what they did in the debt markets.😊
[04:46] The street thinks they'll say they'll spend $45 billion plus or minus this year. You know The compute side of it, what they're doing on earth.
[04:47] Well as what they hosted in space is expensive, you know AI is where the spending will be concentrated and it will impact supply chains right if they're going to be big.
[04:47] Spner on NviDdia compute, there is a Tesla exposure because of the joint direction with Terraab, that's their shed chip manufacturing.
[04:47] Initiative you know, the spending will matter, the level of it will matter all right there which point out that conference call.
[04:47] Still going on, you can type tiv on your bloomberg terminal to continue to see a live blog out that will continue with full coverage.
[04:47] On bloomberg television even into to balance of power, but as of right now you see the reaction in the shares in the post market here, SpaceX down.
[04:47] About7 percent this after reporting pretty much what we knew there is revenue growth, not necessarily profitability with the exception of the.
[04:47] OurLi business advanced micro devices they were also out with earnings, they did beat on several key metrics, their guidance relatively in line.
[04:48] But a few numbers came in light that conference call also underway those shares down about 7%, a lot of names in the broader AI space.
[04:48] Drag down we'll see if this flips into the cast session tomorrow morning at 930, but stick around right here on bloomberg television a lot more.
[04:48] And up the team at balanceal of Power, they take the baton up next.
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[04:48] 🎼R scoop on this you've been reporting about an activist investor coming up and trying to shake things at what's the latest. We've been that there was going to be an activist at some.
[04:48] 🎼ver technology national securityre in thets.
[04:49] Kingdom this is a really interesting space to watch we're expecting more consolidation as this is Bloomberg deals at Bloomberg andInvest I want to talk.
[04:49] About the broader deal in M&A environment, this is a moment in time we'll see how long we're here it's far too early to call there an under.
[04:49] In what's going on in private markets, because everyone's looking for additional AI cloud capacity and it.
[04:49] Very tough to build everybody wants to get things going and the IPO market is just one symptom of it is an early indicator of what we're going to see in the.
[04:49] MarketLet's go to scarlet food who's taking a closer look at drone companies with ongoing conflicts in the Middle East and Ukraine. there's renewed investor appetite for.
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[04:50] continue at this rate what we see in our data as a consumer so spending to consumer spending in America, that means economy is okay, and that probably means the rest.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。