带泡沫的苹果
03-10
你可以讨厌资本，但你不能否认资本的眼光
大摩：AI基建才刚开始，英伟达不是思科，远没到1999年
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霸气威武
03-10
霸气威武
脱实向虚 虚空作画
带泡沫的苹果
:
没办法呀，别人玩的就金融与科技和服务业
什么也没有了～
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08:11","market":"hk","language":"zh","title":"大摩：AI基建才刚开始，英伟达不是思科，远没到1999年","url":"https://stock-news.laohu8.com/highlight/detail?id=2418075892","media":"华尔街见闻","summary":"2000年网络泡沫期间，思科的收入增长率达到了59%，而其前瞻市盈率高达138倍。如今的英伟达市盈率仅为30倍，但其收入增长率却达到了90%。","content":"<html><head></head><body><blockquote><p>2000年网络泡沫期间，<a href=\"https://laohu8.com/S/CSCO\">思科</a>的收入增长率达到了59%，而其前瞻市盈率高达138倍。如今的<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>市盈率仅为30倍，但其收入增长率却达到了90%。</p></blockquote><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>周五大跌似乎验证了“<a href=\"https://laohu8.com/S/CSCO\">思科</a>时刻”的到来。但<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>认为，无论是从两者所处的科技环境、自身实力和估值上看，英伟达都不是当年的思科。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>Shawn Kim分析师团队本周发布报告，对比了互联网泡沫与当前的AI热潮，强调当前AI基础设施投资热潮仅仅处于初期阶段，尚未达到互联网1999年的泡沫水平。</p><blockquote><p>AI基础设施建设仅仅是一个开始。 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c4616e4326c718904d732530261ec5d4","relate_stocks":{"LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4525":"远程办公概念","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU0353189763.USD":"ALLSPRING US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","BK4585":"ETF&股票定投概念","LU0079474960.USD":"联博美国增长基金A","LU0971096721.USD":"富达环球金融服务 A","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP 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每个超大规模企业都在构建基础设施，以便尝试在该基础设施之上构建应用程序、工具和服务。今天，正在进行的AI数据中心加速计算建设只是第一阶段，但这只是构建所有AI应用程序的支柱，增加了一个颠覆性的技术层（大型语言模型），成本更低，上市更快。互联网泡沫从1994年12月开始，到2000年3月达到顶峰，期间经历了多次回调。英伟达首次上调销售预期是在2022年5月，Chat GPT在2022年11月才被广泛讨论。从时间上看，我们尚未达到1999年的泡沫水平。尤其是，GPU投资才刚刚起步，大摩认为，AI供应链的投资增长将会对其产生乘数效应：每100美元的云资本支出将转化为30-40美元的AI收入，这意味着在GPU上的投资将成倍增加。除了GPU之外，AI供应链的增长还将为HBM、定制芯片设计、制造和测试等领域带来机遇。另外，考虑到GPU开发技术复杂，如一块Grace Hopper 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