千祥云集xyq
02-07
这场“人类史上最大规模的基础设施建设”由“极高”的算力需求驱动
巨头砸钱6500亿加剧担忧，黄仁勋“灭火”：AI需求火爆，庞大支出合理、可持续
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tg-height=\"240\"/></p><p style=\"text-align: justify;\">黄仁勋讲话正值投资者对持续高投入下AI能否获得可观的回报产生严重质疑，并且由于Anthropic发布的新工具引发了AI颠覆传统软件商业模式的恐慌，科技股惨遭抛售。高盛分析师甚至悲观地将当前的软件业与本世纪初被互联网颠覆的报纸类比。</p><p style=\"text-align: justify;\">周五的报道指出，过去两周公布的最新财报和指引以及此前公开的计划显示，2026年，英伟达的关键客户Meta、亚马逊、谷歌和微软的计划资本支出将合计达到约6500亿美元，较2025年增长约60%。6000多亿美元的支出规模远超全球多个中等经济体的GDP，其中大部分资金将用于购买英伟达的芯片。</p><p style=\"text-align: justify;\">华尔街见闻稍早提到，过去一周，市场对AI投资效率的担忧引发剧烈抛售。据FactSet数据，微软、英伟达、亚马逊、谷歌母公司Alphabet、Meta及甲骨文等科技巨头的市值累计蒸发约1.35万亿美元。</p><p style=\"text-align: justify;\">上周四，公布第二财季资本支出超预期猛增66%后，微软股价收跌10%，市值一日蒸发3570亿美元，创美股史上第二大个股单日市值跌幅，本周四盘后公布预计2026年资本支出较上年增50%后，亚马逊周五逆市大跌，早盘刷新日低时跌约10%，收跌近5.6%。</p><h2 id=\"ai\">AI公司正盈利 支出将持续增长</h2><p style=\"text-align: justify;\">黄仁勋周五表示，所有这些科技公司的现金流将开始上升，AI基础设施的建设将持续七到八年。他强调，AI已经变得“非常有用且非常强大”，其采用率变得“极高”。</p><p style=\"text-align: justify;\">黄仁勋说：“只要人们继续为AI付费，AI公司能够从中获得利润，它们就会不断翻倍、翻倍、翻倍、翻倍。”</p><p style=\"text-align: justify;\">他援引具体案例说明英伟达客户如何利用AI盈利。Meta正在使用AI将原本在CPU上运行的推荐系统转变为使用生成式AI和智能体的系统；亚马逊云服务AWS对英伟达芯片的使用将影响这家零售巨头的产品推荐方式；微软将使用英伟达驱动的AI改进其企业软件。</p><p style=\"text-align: justify;\">黄仁勋特别称赞了OpenAI和Anthropic这两家领先的AI实验室，称它们都在"赚大钱"。英伟达去年向Anthropic投资100亿美元，黄仁勋本周早些时候还表示，将大举投资OpenAI的下一轮融资。他说：“如果它们能拥有两倍的算力，收入将增长四倍。”</p><p style=\"text-align: justify;\">他还指出，英伟达过去售出的所有图形处理器（GPU）——甚至包括六年前的A100芯片，目前都在被租用，反映出对AI算力的持续需求。黄仁勋认为，与互联网初期建设不同，现在没有闲置的基础设施。</p><h2 id=\"6500\">6500亿美元支出创纪录</h2><p style=\"text-align: justify;\">据周五报道，Alphabet、亚马逊、Meta和微软四家公司预计2026年的资本支出将达到约6500亿美元，这是本世纪以来无可比拟的投资热潮。每家公司今年的预算预计将接近或超过它们过去三年的总和，其中任何一家的支出都将创过去十年任一家公司单年资本支出的最高纪录。</p><p style=\"text-align: justify;\">具体而言，Meta表示全年资本支出将升至最多1350亿美元，同比可能跃升约87%。在截至2025年12月末的公司第二财季，微软的资本支出增长66%至375亿美元，分析师预计，在截至2026年6月的2026财年，微软的资本支出将接近1050亿美元。</p><p style=\"text-align: justify;\">Alphabet本周三公布的资本支出指引高端为1850亿美元，超出分析师预期以及美国大量行业的支出规模。亚马逊周四宣布计划2026年投入2000亿美元资本支出，同样导致股价暴跌。</p><p style=\"text-align: justify;\">媒体汇编数据显示，相比上述硅谷巨头，包括美国最大的汽车制造商、工程机械制造商、铁路公司、国防承包商、无线运营商、快递公司，以及埃克森美孚、英特尔、沃尔玛、通用电气分拆的子公司在内，21家公司2026年的合计支出预计仅为1800亿美元。</p><p style=\"text-align: justify;\">DA Davidson分析师Gil Luria表示，微软等前述四家科技巨头“将提供AI算力的竞争视为下一个赢家通吃或赢家拿走大部分的市场，它们都不愿输掉这场竞争”。</p><h2 id=\"d1dc0f22\">华尔街担忧投资效率与产能过剩</h2><p style=\"text-align: justify;\">华尔街对如此庞大的支出反应不一。Meta和Alphabet股价上涨，但亚马逊和微软遭到市场惩罚。四家公司自发布最新财报和展望以来，总市值已缩水超9500亿美元。</p><p style=\"text-align: justify;\">GAM Investments投资总监Paul Markham指出，当前市场正被“情绪传染效应”笼罩。他说：“围绕大语言模型建设所需的天量资本支出、最终回报周期，以及潜在的产能过剩疑虑，已成为持续压制市场情绪的结构性问题。”</p><p style=\"text-align: justify;\">Theory Ventures投资人Tomasz Tunguz表示，这些科技巨头曾是“现金制造机”，可“现在它们突然需要那些现金，而且需要更多，所以它们在借钱”。据媒体统计，2025年，与AI相关的公司和项目从债务市场筹集了至少2000亿美元，预计仅2026年的相关债券发行规模就将达到数千亿美元。</p><p style=\"text-align: justify;\">Tunguz曾发表博客文章将AI热潮与过去的投资狂潮进行比较，他说这些狂潮并不总是以好结局收场，但“在上升过程中，它们都是经济的巨大催化剂”。</p><p style=\"text-align: justify;\">帮助企业整合数据和软件的公司Boomi的CEO Steve Lucas表示：“我不会质疑AI的潜力，但我绝对会质疑其发展的时间框架，而且我会强烈质疑其经济效益。”</p><p style=\"text-align: justify;\">目前尚不清楚这些公司能否执行其宏大计划。随着数据中心建设升级，它们已在争夺有限的电工、水泥车和台积电工厂生产的英伟达芯片。Luria表示：“已经存在瓶颈，未来也会有。”</p><h2 id=\"9c79820e\">黄仁勋周二曾为软件股"灭火"</h2><p style=\"text-align: justify;\">这不是黄仁勋本周首次为市场焦虑“灭火”。周二晚间，在软件股遭遇抛售后，他在思科系统公司的活动上表示，本周软件股抛售是“世界上最不合逻辑的事”。</p><p style=\"text-align: justify;\">黄仁勋说，软件产品是工具，AI将使用这些工具，而不是重新发明它们。他反问：“有一种观念认为工具正在衰落、并被AI取代。你会使用螺丝刀还是发明一把新螺丝刀？”</p><p style=\"text-align: justify;\">他表示，英伟达自身已经广泛采用此类工具，因此员工能腾出时间更多地专注于公司擅长的事：设计半导体和计算机系统。</p><p style=\"text-align: justify;\">周二软件相关股票连续第二天下跌，投资者担心Anthropic等AI模型开发商发布的工具最终将使公司内部的大量工作实现自动化。一只美国软件股ETF当天跌幅达4.1%，至4月以来最低水平，AppLovin和Unity Software是板块最大跌幅股之一。</p><p style=\"text-align: justify;\">摩根大通分析师Toby Ogg表示，投资者投资科技的意愿仍然很低。他在报告中写道：“我们现在所处的环境是，该板块不仅在被证明无罪之前就有罪，而且现在在审判之前就被判刑了。”</p><p style=\"text-align: justify;\">不过一些分析师对抛售的严重程度提出质疑，称制造公司运营必需工具的软件公司很难被颠覆。Jefferies分析师Brent Thill表示，Intuit提供专有数据和帮助客户处理复杂美国税法的系统，相对于AI具有优势。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n巨头砸钱6500亿加剧担忧，黄仁勋“灭火”：AI需求火爆，庞大支出合理、可持续\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-07 05:37 北京时间 <a href=https://wallstreetcn.com/articles/3765198><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>黄仁勋周五称，这场“人类史上最大规模的基础设施建设”由“极高”的算力需求驱动，AI已变得“非常有用且非常强大”，其采用率变得“极高”，只要人们继续为AI付费，英伟达盘中曾涨近9%。企业就能从中获利。周二软件股大跌后，他说，软件股抛售是“世界上最不合逻辑的事”，AI将使用软件这种工具，而不是重新发明。在科技巨头不断加大AI领域支出激化市场的泡沫担忧之际，英伟达CEO黄仁勋公开发声“灭火”，为动辄...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3765198\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f51e0887617e5ccdb1f56ab9d6b7e088","relate_stocks":{"LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) 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INC"},"source_url":"https://wallstreetcn.com/articles/3765198","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2609429512","content_text":"黄仁勋周五称，这场“人类史上最大规模的基础设施建设”由“极高”的算力需求驱动，AI已变得“非常有用且非常强大”，其采用率变得“极高”，只要人们继续为AI付费，英伟达盘中曾涨近9%。企业就能从中获利。周二软件股大跌后，他说，软件股抛售是“世界上最不合逻辑的事”，AI将使用软件这种工具，而不是重新发明。在科技巨头不断加大AI领域支出激化市场的泡沫担忧之际，英伟达CEO黄仁勋公开发声“灭火”，为动辄数千亿美元的投入背书。美东时间2月6日周五，黄仁勋在接受采访时表示，科技行业激增的AI基础设施资本支出是合理、恰当且可持续的，这场“人类史上最大规模的基础设施建设”由“极高”的算力需求驱动。黄仁勋作出上述表态当天，本周五AI概念股全线反弹。尾盘刷新日高时，英伟达股价涨至187美元，日内涨约8.8%，收涨近7.9%，扭转五连跌，摆脱周四所创去年12月17日以来收盘低谷，本周仍累跌约3%。黄仁勋讲话正值投资者对持续高投入下AI能否获得可观的回报产生严重质疑，并且由于Anthropic发布的新工具引发了AI颠覆传统软件商业模式的恐慌，科技股惨遭抛售。高盛分析师甚至悲观地将当前的软件业与本世纪初被互联网颠覆的报纸类比。周五的报道指出，过去两周公布的最新财报和指引以及此前公开的计划显示，2026年，英伟达的关键客户Meta、亚马逊、谷歌和微软的计划资本支出将合计达到约6500亿美元，较2025年增长约60%。6000多亿美元的支出规模远超全球多个中等经济体的GDP，其中大部分资金将用于购买英伟达的芯片。华尔街见闻稍早提到，过去一周，市场对AI投资效率的担忧引发剧烈抛售。据FactSet数据，微软、英伟达、亚马逊、谷歌母公司Alphabet、Meta及甲骨文等科技巨头的市值累计蒸发约1.35万亿美元。上周四，公布第二财季资本支出超预期猛增66%后，微软股价收跌10%，市值一日蒸发3570亿美元，创美股史上第二大个股单日市值跌幅，本周四盘后公布预计2026年资本支出较上年增50%后，亚马逊周五逆市大跌，早盘刷新日低时跌约10%，收跌近5.6%。AI公司正盈利 支出将持续增长黄仁勋周五表示，所有这些科技公司的现金流将开始上升，AI基础设施的建设将持续七到八年。他强调，AI已经变得“非常有用且非常强大”，其采用率变得“极高”。黄仁勋说：“只要人们继续为AI付费，AI公司能够从中获得利润，它们就会不断翻倍、翻倍、翻倍、翻倍。”他援引具体案例说明英伟达客户如何利用AI盈利。Meta正在使用AI将原本在CPU上运行的推荐系统转变为使用生成式AI和智能体的系统；亚马逊云服务AWS对英伟达芯片的使用将影响这家零售巨头的产品推荐方式；微软将使用英伟达驱动的AI改进其企业软件。黄仁勋特别称赞了OpenAI和Anthropic这两家领先的AI实验室，称它们都在\"赚大钱\"。英伟达去年向Anthropic投资100亿美元，黄仁勋本周早些时候还表示，将大举投资OpenAI的下一轮融资。他说：“如果它们能拥有两倍的算力，收入将增长四倍。”他还指出，英伟达过去售出的所有图形处理器（GPU）——甚至包括六年前的A100芯片，目前都在被租用，反映出对AI算力的持续需求。黄仁勋认为，与互联网初期建设不同，现在没有闲置的基础设施。6500亿美元支出创纪录据周五报道，Alphabet、亚马逊、Meta和微软四家公司预计2026年的资本支出将达到约6500亿美元，这是本世纪以来无可比拟的投资热潮。每家公司今年的预算预计将接近或超过它们过去三年的总和，其中任何一家的支出都将创过去十年任一家公司单年资本支出的最高纪录。具体而言，Meta表示全年资本支出将升至最多1350亿美元，同比可能跃升约87%。在截至2025年12月末的公司第二财季，微软的资本支出增长66%至375亿美元，分析师预计，在截至2026年6月的2026财年，微软的资本支出将接近1050亿美元。Alphabet本周三公布的资本支出指引高端为1850亿美元，超出分析师预期以及美国大量行业的支出规模。亚马逊周四宣布计划2026年投入2000亿美元资本支出，同样导致股价暴跌。媒体汇编数据显示，相比上述硅谷巨头，包括美国最大的汽车制造商、工程机械制造商、铁路公司、国防承包商、无线运营商、快递公司，以及埃克森美孚、英特尔、沃尔玛、通用电气分拆的子公司在内，21家公司2026年的合计支出预计仅为1800亿美元。DA Davidson分析师Gil Luria表示，微软等前述四家科技巨头“将提供AI算力的竞争视为下一个赢家通吃或赢家拿走大部分的市场，它们都不愿输掉这场竞争”。华尔街担忧投资效率与产能过剩华尔街对如此庞大的支出反应不一。Meta和Alphabet股价上涨，但亚马逊和微软遭到市场惩罚。四家公司自发布最新财报和展望以来，总市值已缩水超9500亿美元。GAM Investments投资总监Paul Markham指出，当前市场正被“情绪传染效应”笼罩。他说：“围绕大语言模型建设所需的天量资本支出、最终回报周期，以及潜在的产能过剩疑虑，已成为持续压制市场情绪的结构性问题。”Theory Ventures投资人Tomasz Tunguz表示，这些科技巨头曾是“现金制造机”，可“现在它们突然需要那些现金，而且需要更多，所以它们在借钱”。据媒体统计，2025年，与AI相关的公司和项目从债务市场筹集了至少2000亿美元，预计仅2026年的相关债券发行规模就将达到数千亿美元。Tunguz曾发表博客文章将AI热潮与过去的投资狂潮进行比较，他说这些狂潮并不总是以好结局收场，但“在上升过程中，它们都是经济的巨大催化剂”。帮助企业整合数据和软件的公司Boomi的CEO Steve Lucas表示：“我不会质疑AI的潜力，但我绝对会质疑其发展的时间框架，而且我会强烈质疑其经济效益。”目前尚不清楚这些公司能否执行其宏大计划。随着数据中心建设升级，它们已在争夺有限的电工、水泥车和台积电工厂生产的英伟达芯片。Luria表示：“已经存在瓶颈，未来也会有。”黄仁勋周二曾为软件股\"灭火\"这不是黄仁勋本周首次为市场焦虑“灭火”。周二晚间，在软件股遭遇抛售后，他在思科系统公司的活动上表示，本周软件股抛售是“世界上最不合逻辑的事”。黄仁勋说，软件产品是工具，AI将使用这些工具，而不是重新发明它们。他反问：“有一种观念认为工具正在衰落、并被AI取代。你会使用螺丝刀还是发明一把新螺丝刀？”他表示，英伟达自身已经广泛采用此类工具，因此员工能腾出时间更多地专注于公司擅长的事：设计半导体和计算机系统。周二软件相关股票连续第二天下跌，投资者担心Anthropic等AI模型开发商发布的工具最终将使公司内部的大量工作实现自动化。一只美国软件股ETF当天跌幅达4.1%，至4月以来最低水平，AppLovin和Unity Software是板块最大跌幅股之一。摩根大通分析师Toby Ogg表示，投资者投资科技的意愿仍然很低。他在报告中写道：“我们现在所处的环境是，该板块不仅在被证明无罪之前就有罪，而且现在在审判之前就被判刑了。”不过一些分析师对抛售的严重程度提出质疑，称制造公司运营必需工具的软件公司很难被颠覆。Jefferies分析师Brent Thill表示，Intuit提供专有数据和帮助客户处理复杂美国税法的系统，相对于AI具有优势。","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":105,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":58,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/530184710764136"}
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