美银点名Alphabet：下一阶段AI浪潮中的最大赢家

爱集微2025-12-16

美国银行（美银）指出，随着人工智能（AI）产业进入下一阶段，投资人关注焦点正从资本支出（capex）强度，转向变现能力、投资报酬率与长期竞争优势，Google 母公司Alphabet ( GOOGL-US ) 因此成为最具优势的股票标的。美银在针对超大型云端服务商（hyperscalers）AI 支出与营收机会的全面检视中指出，市场对AI 能力、增量营收以及资本支出回报的情绪，预料将一路影响大型...

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亿美元，大幅攀升至2027 年超过6,000 亿美元。尽管未来的资本支出前瞻报酬率可能低于过往周期，但美银仍认为，只要企业能透过严格的营运成本控管与降低运算成本来提升效率，长期价值创造的环境依然有利。分析师指出，自研芯片是抵消折旧与基础建设密集度上升、减缓利润压力的关键工具。根据估算，投资后隔年所新增的EBITDA，预期可超过原始资本支出的20%，显示即使营收与资本支出比率较历史水准下滑，整体投资报酬仍可能维持正值。美银认为，未来AI 领导地位将取决于四大结构性护城河，包括前沿模型领先度、消费者通路、企业通路以及自研芯片能力，而Alphabet 是唯一在这四个面向皆具明显相对优势的公司，其基础来自Gemini 模型的持续发展、Tensor 处理器（TPU）需求成长、规模化的企业云端业务，以及多元的消费者平台，有利于同时支援模型训练与商业变现。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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