2025年的AI交易赢家仍是“卖铲人”，但最大赢家已不是英伟达

华尔街见闻2025-12-30

人工智能投资主题正在发生转移。随着大型云服务提供商向新数据中心投入数十亿美元，投资者正在抢购技术基础设施领域的"卖铲人"股票，而非此前主导市场的芯片巨头。这一轮AI交易的受益者已从英伟达等明星公司扩散至数据存储、电力供应、建筑承包等更广泛的产业链环节。据统计数据显示，数据存储公司在2025年主导了标普500指数涨幅榜。闪迪股价飙升近580%，成为该基准指数表现最佳的股票，西部数据公司位列第二，...

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Platforms和Alphabet因其庞大规模仍在推动市场，但它们的涨幅百分比已开始减弱。Allspring Global Investments投资组合经理Jake Seltz表示：\"当基准指数相当集中时，寻找能够推动销售和盈利增长的主题就变得很重要。AI显然是当前主导主题之一，这并不新鲜。所以我们正在拓宽视野，超越科技板块本身。\"不过，华尔街也存在担忧。Argent Capital Management投资组合经理Jed Ellerbroek将当前情况与疫情期间相比：\"疫情来袭时，世界需要更多口罩、洗手液等产品，但在6到12个月内就出现了供应过剩，那些供应这些东西的企业从最好的时期跌入最糟糕的时期。\"数据存储领域仍有增长空间华尔街预计数据存储板块在2026年将保持热度。不过，今年赢家的繁荣期可能即将结束。例如，分析师对Sandisk在2026年的平均目标价为264美元，较当前约244美元的价格仅上涨约8%。分析师认为Pure Storage Inc.等公司具有更大上涨空间。该股目前交易价为68美元，但预计2026年将达到94美元，涨幅达38%。其他与AI相关的数字存储股票包括NetApp Inc.和Dell Technologies Inc.。建筑和电力股成为新宠一系列与数据中心建设和供电相关的股票预计将继续上涨。Tortoise Capital Advisors投资组合经理Matt Sallee表示，该公司不持有任何云计算巨头的股票，而是专注于\"这些资金流向的卖铲人\"。Quanta Services Inc.是他的首选之一，该公司为公用事业和电信公司提供专业承包服务。其他承包商包括MYR Group Inc.、Primoris Services Corp.和MasTec Inc.。同时，布线相关公司同样受到追捧。Amphenol设计和制造用于数据中心的高速光纤和铜互连解决方案，Emcor Group Inc.则从事机械和电气建设。其他电力基础设施公司包括Vistra Corp.、Constellation Energy Corp.、GE Vernova以及生产备用发电机的Generac Holdings Inc.。冷却系统和软件领域值得关注数据中心需要专业的精密控温、通风和空调系统，为制造这些设备的公司创造了需求。Vertiv Holdings 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