ICM economists say that tech giants may maintain AI investments in the short term

According to Sina Finance, the Democratic Party has clearly won the election, leading the market to expect that the United States may strengthen regulation on the artificial intelligence industry and data center construction. Michael Clowater, an economist and portfolio manager at ICM Investment Bank, stated in a report that the likelihood of a real shift in U.S. artificial intelligence policy direction seems low, and large-scale cloud service providers are expected to temporarily stick to their existing investment plans.

Clowater pointed out that large-scale cloud service providers are an important source of long-term bond supply. Affected by this issuance trend, U.S. tech giants have become a unique issuer group in the investment-grade bond market over the past two years, with the traditional market correlation between credit ratings and bond spreads only applicable to a limited extent.