谷歌大幅加码AI投资，税收优惠或成助推器

金十数据2025-07-25

据部分分析师称，Alphabet(GOOGL.O)似乎正在将新获得的税收优惠用于购买更多人工智能芯片，而其科技巨头同行们可能也会效仿。这家科技巨头周三宣布，将今年的资本支出预期从750亿美元上调至850亿美元，令华尔街侧目。谷歌表示，其云业务仍面临供应限制，这种紧张状况可能会持续到2025年，公司看到了继续投资AI基础设施的机会。Alphabet披露称，最新一个季度约三分之二的资本支出用于服务器，...

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Act》（《美丽大法案》）在短期内的“最大受益者”。原因是公司拥有约260亿美元的研发递延税务资产以及充足的现金税基，使其能够充分利用加速摊销这些资产的机会。诺瓦克认为，该税收法案可能为Alphabet的自由现金流带来积极影响，但他也在财报发布前指出，谷歌可能会将这些税收优惠视为“继续投资并加深其竞争护城河以及在其产品体系内扩展生成式AI能力的额外灵活性”。华尔街对谷歌AI定位仍存疑，其他巨头会跟进吗？增加资本支出的决定出台之际，华尔街仍对Alphabet在AI领域的定位存有疑虑。其他大型科技公司会跟随Alphabet吗？诺瓦克周三在报告中写道：“这次投资扩张是投资者在下周Meta与亚马逊发布财报前应重点考虑的重要因素，因为他们也可能会从类似的投资驱动型税收优惠中受益。”诺瓦克在更早的报告中指出，亚马逊(AMZN.O)与Meta Platforms(META.O)没有足够大的现金税基来完全加速摊销其递延税务资产，但他认为它们将在多年跨度中逐步受益。他写道，亚马逊“在相对基础上持续保持较高的支出水平，并且拥有比竞争对手更多可抵扣的研发费用”，这将使其明年可能获得约150亿美元的自由现金流收益，并有机会将其中一部分用于GPU及其他芯片采购。Meta方面，“已强调其正在建设多个数吉瓦级集群，每个集群都将需要数十万块英伟达GPU。同时，随着公司继续扩展基础设施以支持改进的广告推荐与定向、商业消息传递、Meta 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