US Tech Giants Expected to Maintain Current AI Investment Plans

The Democratic Party's victory in the elections has led to market expectations that the US may strengthen regulations on the artificial intelligence (AI) industry and data centers. Michael Clowater, an economist at ICM Investment Bank, stated in a report that there will not be a significant shift in US AI policy direction in the short term, and therefore, hyperscale cloud service providers will continue to adhere to their existing investment plans. Clowater pointed out that hyperscale cloud service providers are an important source of long-term bond supply, and over the past two years, US tech giants have become a unique group of issuers in the investment-grade bond market. For this group, the traditional market correlation between credit ratings and bond spreads applies only to a limited extent.

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