AI神话集体降温？2025年高点回撤TOP10曝光

中文投资网2025-12-23

2025年，AI依旧是全球资本市场最拥挤的赛道，但一个残酷的现实正在浮现：涨得最猛的方向，也往往是回撤最狠的地方。从云平台、服务器、GPU、定制芯片到算力核心，本轮AI行情的“主角们”，在冲上历史高点后，纷纷遭遇不同程度的深度回调。以下是我们整理出的2025从高点回撤TOP 10的AI核心股：1. “基建狂魔”集体降温在这份榜单中，CoreWeave（CRWV）与甲骨文（ORCL）成为AI基建赛道...

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Pullback/retracement's TOP10 high points in 2025 exposed","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"3NVD.UK":0.6,"NVDD":0.6,"NVDU":0.6,"NVDX":0.6,"NVDY":0.6,"CRWV":1.91,"ORCL":1.87,"NVD3.UK":0.6,"NVDS":0.6,"MRVL":1.83,"NVD":0.6,"SNVD.UK":0.6,"AMD":1.85,"NVIW.SI":0.6,"2NVD.UK":0.6,"NVDS.UK":0.6,"NVDA":0.9,"NVD2.UK":0.6},"content_text":"2025年，AI依旧是全球资本市场最拥挤的赛道，但一个残酷的现实正在浮现：涨得最猛的方向，也往往是回撤最狠的地方。从云平台、服务器、GPU、定制芯片到算力核心，本轮AI行情的“主角们”，在冲上历史高点后，纷纷遭遇不同程度的深度回调。以下是我们整理出的2025从高点回撤TOP 10的AI核心股：1. “基建狂魔”集体降温在这份榜单中，CoreWeave（CRWV）与甲骨文（ORCL）成为AI基建赛道中回撤幅度最受关注的代表。它们分别象征着AI浪潮中最激进的云算力扩张者与传统科技巨头向算力基础设施延伸的尝试。进入2025年后，围绕部分大型数据中心项目建设进度与投资回报的不确定性开始发酵，叠加持续高企的资本开支压力，市场情绪迅速转向谨慎。尤其是对CRWV而言，其高杠杆扩张模式在风险偏好降温后被重新定价。投资者逐渐意识到，AI基建并非短期“印钞机”，而是一场回报周期长、容错率极低的重资产博弈。2. “老二”的困境：AMD与MRVL的现实考验当英伟达（NVDA）依然稳居AI算力生态的核心位置时，其它参与者率先感受到了估值收缩的压力。AMD与Marvell在高点后的明显回撤，反映出市场对“非核心算力资产”增长确定性的重新审视。在AI这样高度依赖规模、生态与客户黏性的赛道中，领先者优势被不断放大，而追赶者必须持续证明自身在性能、成本或定制化能力上的不可替代性。一旦增长预期边际放缓，估值修正往往会先于基本面兑现，并且幅度远超市场最初的预期。2025年的回撤给所有投资者上了一课：AI概念不再是股价的免死金牌。展望2026，潮水退去，那些能把算力真正转化成真金白银利润的公司，才是下一波回升的领头羊。左右滑动查看更多","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2593541935","isCrawlerRequest":true}