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帅帅的爸爸
10-14 18:20
地府钱?
知名投资者:SpaceX十年内或值50万亿美元,马斯克称“你估得还太低!”
帅帅的爸爸
10-08
3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心]
美光目标价被投行大幅上调,最高3000美元
帅帅的爸爸
10-06
一边唱多一边减持,是心太善把钱让给散户赚吗?
AMD苏姿丰:芯片需求仍将“非常高”,呼吁AI企业加强安全合作
帅帅的爸爸
10-06
都是信口开河了
大摩:AI内存短缺将持续数年,三大路径破局,存储与异构算力迎结构性机会
帅帅的爸爸
10-01
就是图个新鲜
推出22天下载突破500万!Muse“火爆”超过当年ChatGPT
帅帅的爸爸
10-01
机器人就是个玩具
美光科技CEO:除了数据中心 下一个巨大的增量市场将是物理AI
帅帅的爸爸
09-29
又在骗散户去接盘
七巨头“杀估值”近尾声!Muse与Astra点燃“AI FOMO交易”,科技股大反攻蓄势待发
帅帅的爸爸
09-28
加息都解决不了问题,难道降息去火上浇油?
Bill Ackman“炮轰”美联储:加息可能是个错误,AI热潮将让通胀更难控制
帅帅的爸爸
09-23
预测市盈率都90了,还合合理?那缅A也合理
为何AMD万亿市值来得合情合理
帅帅的爸爸
09-18
没钱买数据了,只能去垃圾堆里翻找
SpaceX旗下AI部门盯上“破产数据”!拟收购困境初创企业客户及运营信息,加码Grok模型训练
帅帅的爸爸
09-16
黄皮是怕自己的高价卡没人买
英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”
帅帅的爸爸
08-27
现在还在强挽AI叙事吹票,高开低走一碗大面没跑了。
帅帅的爸爸
08-27
$SpaceX(SPCX)$
每天都是拉尾盘,非奸即盗
帅帅的爸爸
08-26
对应7.94万亿美元市值,呵呵,真是敢随便吹
英伟达财报前夕华尔街高喊“闭眼买入”!看涨至350美元并直言:市场错把AI霸主当成了输家
帅帅的爸爸
08-20
这么大的利好,股价居然没怎么涨,你来给大伙说说这是怎么回事
帅帅的爸爸
08-18
OPENAI还能蹦跶多少天都是未知数,老黄这是自寻死路
英伟达核弹级战略曝光!老黄宣布联手奥特曼圈地圈电,狂卷16GW算力霸权
帅帅的爸爸
08-11
100亿只占伯克希尔现金储备的3%都不到,就当建底仓了,追高买的论调完全是鬼扯
帅帅的爸爸
08-11
不就是东大玩剩的融资租赁模式嘛
回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”
帅帅的爸爸
07-21
Replying to
@阿肉
:你敢不敢加仓//
@阿肉
:自己看看逻辑通么 低成本和开源不代表不要token 你低成本吸引更多人用这是对ai的利好不是利空 你只利空O和A而已
帅帅的爸爸
07-16
AI硬件支出见顶的迹象越来越明显
IBM创纪录暴跌,高盛警告:AI资本开支转向或坐实“软件熊市”
去老虎APP查看更多动态
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17:18","market":"sh","language":"zh","title":"知名投资者:SpaceX十年内或值50万亿美元,马斯克称“你估得还太低!”","url":"https://stock-news.laohu8.com/highlight/detail?id=2675122353","media":"智通财经","summary":"智通财经APP获悉,在投资行业深耕56年的亿万富翁投资者罗恩·巴伦认为,SpaceX未来十年估值可能高达50万亿美元,较当前估值接近25倍增长空间。巴伦在采访中还表示,其公司自2017年以来已向SpaceX投资约25亿美元,持有该公司1.25%股份。截至6月,该持股价值约250亿美元。8月,他表示Baron Capital希望再投资10亿美元,并预计将从SpaceX持股中赚取“数千亿美元”。截至周一,该基金持有905,118股SpaceX,SpaceX为其最大持仓,约占资产41%。","content":"<html><head></head><body><p>智通财经APP获悉,在投资行业深耕56年的亿万富翁投资者罗恩·巴伦认为,<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>(SPCX.US)未来十年估值可能高达50万亿美元,较当前估值接近25倍增长空间。他还称,SpaceX首席执行官埃隆·马斯克告诉他,这一预测可能仍偏保守。</p><p>SpaceX周二下跌逾4%,创两个多月来最差单日表现,今年迄今下跌3%。</p><p>巴伦的50万亿美元SpaceX估值论:不止于星链</p><p>巴伦在近期采访中表示:“10年后,我认为股价将达数千美元。我认为其估值将达20万亿、30万亿,甚至50万亿美元。埃隆觉得我估得太低。”他称,“从未见过”像SpaceX这样的公司,其潜力远不止火箭。</p><p>他将星链视为未来价值的主要来源。“仅星链未来十年就将值约14万亿至15万亿美元。”在8月采访中,巴伦给出更详细预测:星链年收入可能从150亿至170亿美元增长,并在十年内达到1万亿美元,年利润达7000亿至8000亿美元。</p><p>巴伦还看到轨道数据中心的更大机会。“太空中的数据中心,天哪,那太不可思议了。”他补充称,这些设施可避开地球上电力、水资源和许可限制,最终价值可能是星链的数倍。</p><p>摩根士丹利分析师亚当·乔纳斯也强调SpaceX的计算雄心。在投资者Sawyer Merritt于X分享的纪要摘录中,乔纳斯将“分布式推理云”列为该公司最被忽视的增长机会。他表示,物理AI系统网络扩张可能推动更大算力需求,并预计投资者未来一年将更关注这一主题。</p><p>SpaceX关注Ship 40隔热罩与发动机数据</p><p>巴伦的投资逻辑还取决于SpaceX降低入轨成本。他曾表示,星舰最终可能将发射成本从约1500美元/公斤降至150美元/公斤,使公司获得“巨大优势”。</p><p>SpaceX现已将第13次飞行使用的星舰上面级Ship 40运回星基地。该飞行器在印度洋溅落后幸存,并被运至得克萨斯州。公司称,该飞行器将提供关于已飞行隔热罩、猛禽发动机、航电及其他系统的“首开先河的数据”。</p><p>巴伦在采访中还表示,其公司自2017年以来已向SpaceX投资约25亿美元,持有该公司1.25%股份。截至6月,该持股价值约250亿美元。8月,他表示Baron Capital希望再投资10亿美元,并预计将从SpaceX持股中赚取“数千亿美元”。</p><p><a href=\"https://laohu8.com/S/RONB\">Baron First Principles ETF</a>(RONB.US)为投资者提供巴伦押注SpaceX的敞口。截至周一,该基金持有905,118股SpaceX,SpaceX为其最大持仓,约占资产41%。Baron First Principles ETF今年迄今下跌近1%,同期SPDR<a href=\"https://laohu8.com/S/CSPX.UK\">标普500 ETF</a> Trust(SPY.US)上涨15%,Invesco QQQ Trust(QQQ.US)上涨21%。</p><p>他给朋友的建议是继续加仓。“你应该买一些SpaceX,然后每个月持续买入。”他说,即使投资者醒来担心自己承担了过多风险,也应继续买入。</p><p>不过,他在8月表示:“我完全不知道这只股票短期会卖到什么价格。”他还提到,锁定期到期后,约2.7亿股SpaceX股票被做空,同时超过9.11亿股早期投资者股份已符合出售条件。</p><p>他的信心部分来自此前对马斯克的押注。巴伦称,其公司在2014年至2016年间向特斯拉投资4亿美元,迄今已赚约77亿美元。他预计这笔投资在未来10至15年将再增长五倍。</p><p>在Stocktwits上,SpaceX的散户情绪从一周前的看涨滑落至看空,消息量处于高位。不过,Baron First Principles ETF的情绪表现更好,维持中性,较一天前的看空回升,但过去三个月散户关注度下降,关注者减少逾10%。</p><p>一位用户表示:“个人认为我们才刚进入一轮重大调整的开端。我想看到125美元再次被测试,才会考虑开仓。”</p><p>另一位用户则感叹:“你能想象SpaceX到2030年涨到2000美元吗?我的6万美元将值超过70万美元,哈哈。”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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href=http://www.zhitongcaijing.com/content/detail/1507060.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,在投资行业深耕56年的亿万富翁投资者罗恩·巴伦认为,SpaceX(SPCX.US)未来十年估值可能高达50万亿美元,较当前估值接近25倍增长空间。他还称,SpaceX首席执行官埃隆·马斯克告诉他,这一预测可能仍偏保守。SpaceX周二下跌逾4%,创两个多月来最差单日表现,今年迄今下跌3%。巴伦的50万亿美元SpaceX估值论:不止于星链巴伦在近期采访中表示:“10年后,我认为...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1507060.html\">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/f16a7a67d0d2e6f1e72c43b8fe10d226","relate_stocks":{"LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER 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SGD-H"},"source_url":"http://www.zhitongcaijing.com/content/detail/1507060.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2675122353","content_text":"智通财经APP获悉,在投资行业深耕56年的亿万富翁投资者罗恩·巴伦认为,SpaceX(SPCX.US)未来十年估值可能高达50万亿美元,较当前估值接近25倍增长空间。他还称,SpaceX首席执行官埃隆·马斯克告诉他,这一预测可能仍偏保守。SpaceX周二下跌逾4%,创两个多月来最差单日表现,今年迄今下跌3%。巴伦的50万亿美元SpaceX估值论:不止于星链巴伦在近期采访中表示:“10年后,我认为股价将达数千美元。我认为其估值将达20万亿、30万亿,甚至50万亿美元。埃隆觉得我估得太低。”他称,“从未见过”像SpaceX这样的公司,其潜力远不止火箭。他将星链视为未来价值的主要来源。“仅星链未来十年就将值约14万亿至15万亿美元。”在8月采访中,巴伦给出更详细预测:星链年收入可能从150亿至170亿美元增长,并在十年内达到1万亿美元,年利润达7000亿至8000亿美元。巴伦还看到轨道数据中心的更大机会。“太空中的数据中心,天哪,那太不可思议了。”他补充称,这些设施可避开地球上电力、水资源和许可限制,最终价值可能是星链的数倍。摩根士丹利分析师亚当·乔纳斯也强调SpaceX的计算雄心。在投资者Sawyer Merritt于X分享的纪要摘录中,乔纳斯将“分布式推理云”列为该公司最被忽视的增长机会。他表示,物理AI系统网络扩张可能推动更大算力需求,并预计投资者未来一年将更关注这一主题。SpaceX关注Ship 40隔热罩与发动机数据巴伦的投资逻辑还取决于SpaceX降低入轨成本。他曾表示,星舰最终可能将发射成本从约1500美元/公斤降至150美元/公斤,使公司获得“巨大优势”。SpaceX现已将第13次飞行使用的星舰上面级Ship 40运回星基地。该飞行器在印度洋溅落后幸存,并被运至得克萨斯州。公司称,该飞行器将提供关于已飞行隔热罩、猛禽发动机、航电及其他系统的“首开先河的数据”。巴伦在采访中还表示,其公司自2017年以来已向SpaceX投资约25亿美元,持有该公司1.25%股份。截至6月,该持股价值约250亿美元。8月,他表示Baron Capital希望再投资10亿美元,并预计将从SpaceX持股中赚取“数千亿美元”。Baron First Principles ETF(RONB.US)为投资者提供巴伦押注SpaceX的敞口。截至周一,该基金持有905,118股SpaceX,SpaceX为其最大持仓,约占资产41%。Baron First Principles ETF今年迄今下跌近1%,同期SPDR标普500 ETF Trust(SPY.US)上涨15%,Invesco QQQ Trust(QQQ.US)上涨21%。他给朋友的建议是继续加仓。“你应该买一些SpaceX,然后每个月持续买入。”他说,即使投资者醒来担心自己承担了过多风险,也应继续买入。不过,他在8月表示:“我完全不知道这只股票短期会卖到什么价格。”他还提到,锁定期到期后,约2.7亿股SpaceX股票被做空,同时超过9.11亿股早期投资者股份已符合出售条件。他的信心部分来自此前对马斯克的押注。巴伦称,其公司在2014年至2016年间向特斯拉投资4亿美元,迄今已赚约77亿美元。他预计这笔投资在未来10至15年将再增长五倍。在Stocktwits上,SpaceX的散户情绪从一周前的看涨滑落至看空,消息量处于高位。不过,Baron First Principles ETF的情绪表现更好,维持中性,较一天前的看空回升,但过去三个月散户关注度下降,关注者减少逾10%。一位用户表示:“个人认为我们才刚进入一轮重大调整的开端。我想看到125美元再次被测试,才会考虑开仓。”另一位用户则感叹:“你能想象SpaceX到2030年涨到2000美元吗?我的6万美元将值超过70万美元,哈哈。”","news_type":1,"symbols_score_info":{"MARS":0.6,"DSPC":0.6,"SPCG":0.6,"SPCX":1.98,"WATS":0.6,"SMOG":0.6,"SPAX":0.6,"SPCF":0.6,"SPCH":0.6,"ELOL":0.6,"YSPC":0.6,"SSPC":0.6,"SPCQ":0.6,"LOFF":0.6,"LIT":0.6,"LOFD":0.6,"ORBX":0.6,"WARP":0.6,"FDRV":0.6,"IDRV":0.6,"WANT":0.6,"WSPC":0.6,"SPCM":0.6}},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616161384514400,"gmtCreate":1791449230846,"gmtModify":1791449232858,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心] ","listText":"3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心] ","text":"3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616161384514400","repostId":"2673215210","repostType":2,"repost":{"id":"2673215210","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1791444892,"share":"https://www.laohunote.com/m/news/2673215210?lang=zh_CN&edition=full","pubTime":"2026-10-08 15:34","market":"us","language":"zh","title":"美光目标价被投行大幅上调,最高3000美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2673215210","media":"华尔街见闻","summary":"DA Davidson将美光目标价上调至3000美元,较当前股价隐含176%上行空间,核心逻辑是:AI驱动的内存超级周期将延续至2028年,供需缺口持续扩大。关键变量在于需求方\"换血\"——买家从易违约中小客户变为亚马逊、微软、谷歌等科技巨头,美光已锁定1500亿美元剩余履约义务。","content":"<html><head></head><body><p style=\"text-align: left;\">在 <a href=\"https://laohu8.com/S/MU\">美光科技</a>发布又一份创纪录业绩后,投行DA Davidson将其目标价从2100美元大幅上调至3000美元,成为华尔街最高预期。这一目标价隐含约176%的上行空间,背后是对存储超级周期延续至2028年、以及需求方结构变化将改写存储行业周期性的极端乐观判断。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/240064df36f75a49730690571fa51277\" data-align=\"center\" tg-width=\"1098\" tg-height=\"747\"/><span></span></p><p style=\"text-align: left;\">DA Davidson科技研究主管Gil Luria的核心论点直截了当:<strong>人工智能基础设施需要的内存比以往任何技术周期都要多,供应无法跟上,而2027年和2028年内存需求都将超过供给。</strong>他特别指出,这一次的需求来自亚马逊、微软、谷歌、英伟达和苹果等全美最大的公司,而非以往周期中经常违约的中小客户。</p><p style=\"text-align: left;\">自去年4月以来,美光股价已上涨约1500%,3000美元目标价约为其2027财年盈利预期的19倍。相比之下,摩根士丹利对美光的目标价仅1200美元、维持“增持”评级,尚不足DA Davidson目标价的一半——投行之间的巨大分歧,构成了当前市场对存储超级周期“长度与高度”的显著预期差。</p><p style=\"text-align: left;\">在Luria看来,随着存储器行业的竞争对手也转向长期合同,传统存储周期的结构性波动性正在全面降低。这一判断的潜台词是:<strong>市场此前以“周期股”逻辑给美光定价的框架,可能面临系统性重估。</strong></p><h2 style=\"text-align: left;\">3000美元背后的供需判断</h2><p style=\"text-align: left;\">Luria的看多建立在一个技术事实之上:内存对AI系统性能的重要性正在快速上升。他在报告中写道:</p><blockquote><p style=\"text-align: left;\">“内存是提升人工智能性能的关键因素。人工智能模型拥有更多内存,就能产生更好的结果,运行速度更快,并且拥有更长的上下文窗口。”</p></blockquote><p style=\"text-align: left;\">DA Davidson据此断言2027年和2028年内存需求都将超过供给,并强调这是一种结构性转变,而非周期性上升。</p><p style=\"text-align: left;\"><strong>美光自身的业绩与表态与这一判断相互印证。</strong>公司管理层预计到2028年销量和价格都将上涨,并称“美光正处在未来3-5年的增长轨道上,而这正是市场尚未认可的部分”。</p><p style=\"text-align: left;\">在最近一季财报中,美光单季营收达542亿美元、同比增长379%,毛利率攀升至87%;公司CEO Sanjay Mehrotra此前透露,数据中心客户采购意愿约为可承诺供应量的150%,供需紧张将延续至2027年之后。</p><h2 style=\"text-align: left;\">需求方换血:从违约客户到科技巨头</h2><p style=\"text-align: left;\">Luria报告中最具颠覆性的论点是需求方结构的变化。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>“与以往的周期不同,这一次的需求来自全美最大的那些公司——亚马逊、微软、谷歌、英伟达和苹果——而不是那些经常违约的公司。”</strong></p></blockquote><p style=\"text-align: left;\">这一变化直接指向存储行业估值长期受压的根源。传统上,存储芯片被视为典型周期股,盈利与股价随供需周期剧烈波动,市场只愿给予较低估值倍数。</p><p style=\"text-align: left;\">若需求方从分散的中小客户转向信用极强、资本开支计划明确的科技巨头,且行业普遍转向长期供货协议,盈利的可预测性将显著提升。美光已签署26份战略客户协议(SCA),剩余履约义务约1500亿美元,2027年超过75%的产出已获客户承诺。</p><h2 style=\"text-align: left;\">预期差与风险:投行分歧与“降规格”之争</h2><p style=\"text-align: left;\">DA Davidson的3000美元与摩根士丹利的1200美元之间,是<strong>华尔街当前对美光最直观的分歧。</strong>若Luria对供需失衡的判断成立,美光股价仍有上行空间;若供给端资本开支竞赛导致产能提前释放,当前股价则可能透支了大部分利好。<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>、美光及<a href=\"https://laohu8.com/S/688825\">长鑫科技</a>等厂商均在加速扩产,新增产能集中释放的时点将是验证超级周期成色的关键。</p><p style=\"text-align: left;\">Luria在报告中专门驳斥了“降规格”论——即英伟达等芯片制造商在每个AI处理器上减少内存用量,被部分投资者解读为看跌信号。他以汽车行业作比喻:</p><blockquote><p style=\"text-align: left;\">若特斯拉因需求激增而将单车电池容量减半但销量翻倍,最终赚得更多。在其框架下,减少内存用量会因性能下降而在未来产品周期中催生更多积压需求。</p></blockquote><p style=\"text-align: left;\">此外,三星、SK海力士与美光在美国面临的DRAM价格操纵集体诉讼,也为行业供给行为增添了不确定性。后续可关注美光新增产能的爬坡进度,以及明年HBM4E的量产进展。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美光目标价被投行大幅上调,最高3000美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 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class=\"title\">\n美光目标价被投行大幅上调,最高3000美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-10-08 15:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">在 <a href=\"https://laohu8.com/S/MU\">美光科技</a>发布又一份创纪录业绩后,投行DA Davidson将其目标价从2100美元大幅上调至3000美元,成为华尔街最高预期。这一目标价隐含约176%的上行空间,背后是对存储超级周期延续至2028年、以及需求方结构变化将改写存储行业周期性的极端乐观判断。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/240064df36f75a49730690571fa51277\" data-align=\"center\" tg-width=\"1098\" tg-height=\"747\"/><span></span></p><p style=\"text-align: left;\">DA Davidson科技研究主管Gil Luria的核心论点直截了当:<strong>人工智能基础设施需要的内存比以往任何技术周期都要多,供应无法跟上,而2027年和2028年内存需求都将超过供给。</strong>他特别指出,这一次的需求来自亚马逊、微软、谷歌、英伟达和苹果等全美最大的公司,而非以往周期中经常违约的中小客户。</p><p style=\"text-align: left;\">自去年4月以来,美光股价已上涨约1500%,3000美元目标价约为其2027财年盈利预期的19倍。相比之下,摩根士丹利对美光的目标价仅1200美元、维持“增持”评级,尚不足DA Davidson目标价的一半——投行之间的巨大分歧,构成了当前市场对存储超级周期“长度与高度”的显著预期差。</p><p style=\"text-align: left;\">在Luria看来,随着存储器行业的竞争对手也转向长期合同,传统存储周期的结构性波动性正在全面降低。这一判断的潜台词是:<strong>市场此前以“周期股”逻辑给美光定价的框架,可能面临系统性重估。</strong></p><h2 style=\"text-align: left;\">3000美元背后的供需判断</h2><p style=\"text-align: left;\">Luria的看多建立在一个技术事实之上:内存对AI系统性能的重要性正在快速上升。他在报告中写道:</p><blockquote><p style=\"text-align: left;\">“内存是提升人工智能性能的关键因素。人工智能模型拥有更多内存,就能产生更好的结果,运行速度更快,并且拥有更长的上下文窗口。”</p></blockquote><p style=\"text-align: left;\">DA Davidson据此断言2027年和2028年内存需求都将超过供给,并强调这是一种结构性转变,而非周期性上升。</p><p style=\"text-align: left;\"><strong>美光自身的业绩与表态与这一判断相互印证。</strong>公司管理层预计到2028年销量和价格都将上涨,并称“美光正处在未来3-5年的增长轨道上,而这正是市场尚未认可的部分”。</p><p style=\"text-align: left;\">在最近一季财报中,美光单季营收达542亿美元、同比增长379%,毛利率攀升至87%;公司CEO Sanjay Mehrotra此前透露,数据中心客户采购意愿约为可承诺供应量的150%,供需紧张将延续至2027年之后。</p><h2 style=\"text-align: left;\">需求方换血:从违约客户到科技巨头</h2><p style=\"text-align: left;\">Luria报告中最具颠覆性的论点是需求方结构的变化。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>“与以往的周期不同,这一次的需求来自全美最大的那些公司——亚马逊、微软、谷歌、英伟达和苹果——而不是那些经常违约的公司。”</strong></p></blockquote><p style=\"text-align: left;\">这一变化直接指向存储行业估值长期受压的根源。传统上,存储芯片被视为典型周期股,盈利与股价随供需周期剧烈波动,市场只愿给予较低估值倍数。</p><p style=\"text-align: left;\">若需求方从分散的中小客户转向信用极强、资本开支计划明确的科技巨头,且行业普遍转向长期供货协议,盈利的可预测性将显著提升。美光已签署26份战略客户协议(SCA),剩余履约义务约1500亿美元,2027年超过75%的产出已获客户承诺。</p><h2 style=\"text-align: left;\">预期差与风险:投行分歧与“降规格”之争</h2><p style=\"text-align: left;\">DA Davidson的3000美元与摩根士丹利的1200美元之间,是<strong>华尔街当前对美光最直观的分歧。</strong>若Luria对供需失衡的判断成立,美光股价仍有上行空间;若供给端资本开支竞赛导致产能提前释放,当前股价则可能透支了大部分利好。<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>、美光及<a href=\"https://laohu8.com/S/688825\">长鑫科技</a>等厂商均在加速扩产,新增产能集中释放的时点将是验证超级周期成色的关键。</p><p style=\"text-align: left;\">Luria在报告中专门驳斥了“降规格”论——即英伟达等芯片制造商在每个AI处理器上减少内存用量,被部分投资者解读为看跌信号。他以汽车行业作比喻:</p><blockquote><p style=\"text-align: left;\">若特斯拉因需求激增而将单车电池容量减半但销量翻倍,最终赚得更多。在其框架下,减少内存用量会因性能下降而在未来产品周期中催生更多积压需求。</p></blockquote><p style=\"text-align: left;\">此外,三星、SK海力士与美光在美国面临的DRAM价格操纵集体诉讼,也为行业供给行为增添了不确定性。后续可关注美光新增产能的爬坡进度,以及明年HBM4E的量产进展。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c394e8e734b45bc10939e5d9e0bde04","relate_stocks":{"MULL":"2倍做多MU ETF-GraniteShares","MU":"美光科技","MIC":"2倍做多MU ETF-Corgi","MUYY":"GraniteShares YieldBOOSTMU ETF","MUD":"1倍做空MU ETF-Direxion","MUU":"2倍做多MU ETF-Direxion","MUZ":"2倍做空MU ETF-Defiance","MUG":"Leverage Shares 2X Long MU Daily ETF"},"source_url":"https://wallstreetcn.com/articles/3783174","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2673215210","content_text":"在 美光科技发布又一份创纪录业绩后,投行DA Davidson将其目标价从2100美元大幅上调至3000美元,成为华尔街最高预期。这一目标价隐含约176%的上行空间,背后是对存储超级周期延续至2028年、以及需求方结构变化将改写存储行业周期性的极端乐观判断。DA Davidson科技研究主管Gil Luria的核心论点直截了当:人工智能基础设施需要的内存比以往任何技术周期都要多,供应无法跟上,而2027年和2028年内存需求都将超过供给。他特别指出,这一次的需求来自亚马逊、微软、谷歌、英伟达和苹果等全美最大的公司,而非以往周期中经常违约的中小客户。自去年4月以来,美光股价已上涨约1500%,3000美元目标价约为其2027财年盈利预期的19倍。相比之下,摩根士丹利对美光的目标价仅1200美元、维持“增持”评级,尚不足DA Davidson目标价的一半——投行之间的巨大分歧,构成了当前市场对存储超级周期“长度与高度”的显著预期差。在Luria看来,随着存储器行业的竞争对手也转向长期合同,传统存储周期的结构性波动性正在全面降低。这一判断的潜台词是:市场此前以“周期股”逻辑给美光定价的框架,可能面临系统性重估。3000美元背后的供需判断Luria的看多建立在一个技术事实之上:内存对AI系统性能的重要性正在快速上升。他在报告中写道:“内存是提升人工智能性能的关键因素。人工智能模型拥有更多内存,就能产生更好的结果,运行速度更快,并且拥有更长的上下文窗口。”DA Davidson据此断言2027年和2028年内存需求都将超过供给,并强调这是一种结构性转变,而非周期性上升。美光自身的业绩与表态与这一判断相互印证。公司管理层预计到2028年销量和价格都将上涨,并称“美光正处在未来3-5年的增长轨道上,而这正是市场尚未认可的部分”。在最近一季财报中,美光单季营收达542亿美元、同比增长379%,毛利率攀升至87%;公司CEO Sanjay Mehrotra此前透露,数据中心客户采购意愿约为可承诺供应量的150%,供需紧张将延续至2027年之后。需求方换血:从违约客户到科技巨头Luria报告中最具颠覆性的论点是需求方结构的变化。他写道:“与以往的周期不同,这一次的需求来自全美最大的那些公司——亚马逊、微软、谷歌、英伟达和苹果——而不是那些经常违约的公司。”这一变化直接指向存储行业估值长期受压的根源。传统上,存储芯片被视为典型周期股,盈利与股价随供需周期剧烈波动,市场只愿给予较低估值倍数。若需求方从分散的中小客户转向信用极强、资本开支计划明确的科技巨头,且行业普遍转向长期供货协议,盈利的可预测性将显著提升。美光已签署26份战略客户协议(SCA),剩余履约义务约1500亿美元,2027年超过75%的产出已获客户承诺。预期差与风险:投行分歧与“降规格”之争DA Davidson的3000美元与摩根士丹利的1200美元之间,是华尔街当前对美光最直观的分歧。若Luria对供需失衡的判断成立,美光股价仍有上行空间;若供给端资本开支竞赛导致产能提前释放,当前股价则可能透支了大部分利好。三星、SK海力士、美光及长鑫科技等厂商均在加速扩产,新增产能集中释放的时点将是验证超级周期成色的关键。Luria在报告中专门驳斥了“降规格”论——即英伟达等芯片制造商在每个AI处理器上减少内存用量,被部分投资者解读为看跌信号。他以汽车行业作比喻:若特斯拉因需求激增而将单车电池容量减半但销量翻倍,最终赚得更多。在其框架下,减少内存用量会因性能下降而在未来产品周期中催生更多积压需求。此外,三星、SK海力士与美光在美国面临的DRAM价格操纵集体诉讼,也为行业供给行为增添了不确定性。后续可关注美光新增产能的爬坡进度,以及明年HBM4E的量产进展。","news_type":1,"symbols_score_info":{"MU":2.1,"MIC":0.6,"MUD":0.6,"MUU":0.6,"MUG":0.6,"MULL":0.6,"MUZ":0.6,"MUYY":0.6}},"isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":615537355989424,"gmtCreate":1791296869071,"gmtModify":1791296871384,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"一边唱多一边减持,是心太善把钱让给散户赚吗?","listText":"一边唱多一边减持,是心太善把钱让给散户赚吗?","text":"一边唱多一边减持,是心太善把钱让给散户赚吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/615537355989424","repostId":"2673037587","repostType":2,"repost":{"id":"2673037587","kind":"news","pubTimestamp":1791275976,"share":"https://www.laohunote.com/m/news/2673037587?lang=zh_CN&edition=full","pubTime":"2026-10-06 16:39","market":"us","language":"zh","title":"AMD苏姿丰:芯片需求仍将“非常高”,呼吁AI企业加强安全合作","url":"https://stock-news.laohu8.com/highlight/detail?id=2673037587","media":"智通财经","summary":"智通财经APP获悉,AMD首席执行官苏姿丰周二表示,未来几年芯片需求仍将“非常高”,即便行业面临AI安全担忧等挑战。她呼吁顶级AI公司合作,确保这项技术不会造成危害。AMD的乐观态度进一步强化了AI行业的看涨情绪,美光科技的强劲展望和鸿海精密好于预期的季度销售额便是例证。AMD在CPU领域与英特尔竞争,在AI加速器领域则是英伟达的主要挑战者。","content":"<html><head></head><body><p style=\"text-align: left;\">10月6日,AMD(AMD.US)首席执行官苏姿丰(Lisa Su)周二表示,未来几年芯片需求仍将“非常高”,即便行业面临AI安全担忧等挑战。她表示,即使AMD增加产量,需求仍超过供应。她呼吁顶级AI公司合作,确保这项技术不会造成危害。</p><p style=\"text-align: left;\"><strong>需求远超供应</strong></p><p style=\"text-align: left;\">苏姿丰重申了5月的承诺:AMD将在中国台湾投资超过100亿美元,以应对不断增长的需求。她表示,台湾地区对AMD和半导体供应链至关重要。</p><p style=\"text-align: left;\">AMD的乐观态度进一步强化了AI行业的看涨情绪,美光科技的强劲展望和鸿海精密好于预期的季度销售额便是例证。不过,一些投资者越来越担心行业产能过剩、债务水平上升和监管方面的挫折。</p><p style=\"text-align: left;\">苏姿丰在访问包括台积电在内的供应链伙伴期间表示:“我们在2026年也增加了自己的供应和产能,但我可以肯定地说,需求甚至高于我们的供应。我们将在2027年大幅增加供应,但我们肯定还需要更多。”</p><p style=\"text-align: left;\">这家总部位于加州圣克拉拉的芯片制造商上月市值突破1万亿美元,此前Meta Platforms的新AI代理激发了市场对中央处理器(CPU)制造商的热情,因为这些CPU是驱动此类应用所必需的。</p><p style=\"text-align: left;\">AMD在CPU领域与英特尔竞争,在AI加速器领域则是英伟达的主要挑战者。AMD最近同意以82亿美元收购AI初创公司World Labs,以增强技术实力,并使其能够向客户提供多种模型。</p><p style=\"text-align: left;\"><strong>呼吁AI安全合作</strong></p><p style=\"text-align: left;\">周二,苏姿丰表示,AI“对世界极其有益”。她不认为AI会像一些人所说的那样伤害人类,但敦促行业合作以确保这一点,并称特朗普政府新设立的“超级智能力量”(Super Intelligence Force)是这方面努力的重要一步。</p><p style=\"text-align: left;\">“在安全和创新方面还有一些工作要做,我认为最重要的是我们作为一个生态系统共同努力,”苏姿丰表示。目标是“确保我们既拥有非常强大的AI,也拥有非常安全的AI。”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD苏姿丰:芯片需求仍将“非常高”,呼吁AI企业加强安全合作</title>\n<style 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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\">\nAMD苏姿丰:芯片需求仍将“非常高”,呼吁AI企业加强安全合作\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-10-06 16:39 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1503901.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>10月6日,AMD(AMD.US)首席执行官苏姿丰(Lisa Su)周二表示,未来几年芯片需求仍将“非常高”,即便行业面临AI安全担忧等挑战。她表示,即使AMD增加产量,需求仍超过供应。她呼吁顶级AI公司合作,确保这项技术不会造成危害。需求远超供应苏姿丰重申了5月的承诺:AMD将在中国台湾投资超过100亿美元,以应对不断增长的需求。她表示,台湾地区对AMD和半导体供应链至关重要。AMD的乐观态度...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1503901.html\">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/9035047aab1628fa23df810d4986f063","relate_stocks":{"DAMD":"2倍做空AMD ETF-Defiance","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","SMH":"半导体指数ETF-HOLDRs","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","BK4554":"元宇宙及AR概念","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","IETC":"iShares U.S. Tech Independence Focused ETF","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","BK4585":"ETF&股票定投概念","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","AMUU":"2倍做多AMD ETF-Direxion","FTXL":"First Trust Nasdaq Semiconductor 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INC","LU0082616367.USD":"摩根大通美国科技A(dist)","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1503901.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2673037587","content_text":"10月6日,AMD(AMD.US)首席执行官苏姿丰(Lisa Su)周二表示,未来几年芯片需求仍将“非常高”,即便行业面临AI安全担忧等挑战。她表示,即使AMD增加产量,需求仍超过供应。她呼吁顶级AI公司合作,确保这项技术不会造成危害。需求远超供应苏姿丰重申了5月的承诺:AMD将在中国台湾投资超过100亿美元,以应对不断增长的需求。她表示,台湾地区对AMD和半导体供应链至关重要。AMD的乐观态度进一步强化了AI行业的看涨情绪,美光科技的强劲展望和鸿海精密好于预期的季度销售额便是例证。不过,一些投资者越来越担心行业产能过剩、债务水平上升和监管方面的挫折。苏姿丰在访问包括台积电在内的供应链伙伴期间表示:“我们在2026年也增加了自己的供应和产能,但我可以肯定地说,需求甚至高于我们的供应。我们将在2027年大幅增加供应,但我们肯定还需要更多。”这家总部位于加州圣克拉拉的芯片制造商上月市值突破1万亿美元,此前Meta Platforms的新AI代理激发了市场对中央处理器(CPU)制造商的热情,因为这些CPU是驱动此类应用所必需的。AMD在CPU领域与英特尔竞争,在AI加速器领域则是英伟达的主要挑战者。AMD最近同意以82亿美元收购AI初创公司World Labs,以增强技术实力,并使其能够向客户提供多种模型。呼吁AI安全合作周二,苏姿丰表示,AI“对世界极其有益”。她不认为AI会像一些人所说的那样伤害人类,但敦促行业合作以确保这一点,并称特朗普政府新设立的“超级智能力量”(Super Intelligence Force)是这方面努力的重要一步。“在安全和创新方面还有一些工作要做,我认为最重要的是我们作为一个生态系统共同努力,”苏姿丰表示。目标是“确保我们既拥有非常强大的AI,也拥有非常安全的AI。”","news_type":1,"symbols_score_info":{"BAI":0.6,"TRFK":0.6,"AMYY":0.6,"USXF":0.6,"SOXX":0.6,"PSI":0.6,"AIQ":0.6,"SMH":0.6,"WISE":0.6,"DAMD":0.6,"AMDW":0.6,"IETC":0.6,"GAMR":0.6,"AMDY":0.6,"SMHX":0.6,"LEGR":0.6,"AMD":1.98,"AMDS":0.6,"AMUU":0.6,"ILDR":0.6,"AMDU":0.6,"AMDG":0.6,"CHPS":0.6,"SOXY":0.6,"WUGI":0.6,"TEK":0.6,"AMDL":0.6,"AMDC":0.6,"XNTK":0.6,"AIS":0.6,"FTXL":0.6,"TTEQ":0.6,"AMDD":0.6,"FAI":0.6,"QQQA":0.6,"CNAV":0.6}},"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":615228896285592,"gmtCreate":1791221573059,"gmtModify":1791221575002,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"都是信口开河了","listText":"都是信口开河了","text":"都是信口开河了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/615228896285592","repostId":"2673889110","repostType":2,"repost":{"id":"2673889110","kind":"news","pubTimestamp":1791211828,"share":"https://www.laohunote.com/m/news/2673889110?lang=zh_CN&edition=full","pubTime":"2026-10-05 22:50","market":"us","language":"zh","title":"大摩:AI内存短缺将持续数年,三大路径破局,存储与异构算力迎结构性机会","url":"https://stock-news.laohu8.com/highlight/detail?id=2673889110","media":"智通财经","summary":"大摩强调,当前 AI 内存短缺并非短期扰动,而是算力性能增长远超内存供给速度的结构性矛盾。而 DRAM 晶圆厂建设周期长达数年,供给弹性极低,短缺格局将持续数年。大摩测算,AI需求将推动 CXL 及相关内存附加芯片市场规模在 2030 年达到约 60 亿美元,远超传统 CPU 内存扩展市场体量。","content":"<html><head></head><body><p style=\"text-align: left;\">10月5日,摩根士丹利发布半导体行业研报指出,DRAM内存短缺将贯穿本轮AI产业周期,而AI算力扩张不会等待新晶圆厂建成投产。行业正通过硬件降配、推理架构解耦、CXL内存池化三大技术路径绕过内存瓶颈,在供给约束下持续推进算力建设。该行继续看好美光(MU.US)、闪迪(SNDK.US)等存储龙头,同时看好CXL互联、异构推理赛道的增量机遇,推荐Astera Labs(ALAB.US)、Marvell(MRVL.US)、Cerebras(CBRS.US)及英伟达(NVDA.US)。</p><p style=\"text-align: left;\">大摩强调,当前 AI 内存短缺并非短期扰动,而是算力性能增长远超内存供给速度的结构性矛盾。前沿大模型规模每 6 个月翻一番,头部模型上下文窗口年增速达 5-6 倍,叠加推理并发需求持续提升,内存容量与带宽需求持续爆发。而 DRAM 晶圆厂建设周期长达数年,供给弹性极低,短缺格局将持续数年。英伟达CEO黄仁勋也公开表示,行业需要转变思路,通过架构创新应对内存约束,而非单纯等待产能扩张。</p><p style=\"text-align: left;\">面对 HBM 与主存供给紧张,行业最直接的应对方式是选择性降低单设备内存规格(De-speccing)。以英伟达 Rubin 架构为例,单机架 LPDDR5 容量从原计划 54TB 降至 28TB,单 GPU HBM 容量从 288GB 下调至 192GB,通过降低内存堆叠高度保障整机出货量。大摩指出,降配并非消除内存瓶颈,而是将压力在内存层级间转移:削减高速本地内存后,KV 缓存等非高频数据向 NAND 存储下沉,同时跨 GPU 数据交互增加,带动对网络互联带宽的需求,本质上是以更高速的网络互联、更低成本的存储资源,补充稀缺的高带宽内存。</p><p style=\"text-align: left;\">第二条破局路径是推理架构解耦(Disaggregation)。AI推理包含预填充(Prefill)与解码(Decode)两个差异显著的阶段:Prefill 以算力消耗为主,Decode则高度依赖内存带宽。传统架构用同一加速器兼顾两类任务,资源利用率偏低。当前行业正加速走向异构推理,将两个阶段拆分至不同硬件:算力密集型Prefill由通用GPU承担,内存带宽密集型 Decode 则由搭载大容量片上 SRAM 的专用加速芯片处理。</p><p style=\"text-align: left;\">典型代表包括Cerebras的晶圆级引擎、英伟达收购的 Groq LPU 架构,均能在解码阶段提供远超传统 GPU 的内存带宽效率。大摩认为,异构推理将成为 AI 基础设施的重要演进方向,专精解码环节的算力厂商将获得明确的增量市场。</p><p style=\"text-align: left;\">第三条路径是 CXL 技术重构内存体系。CXL(计算高速互联)通过高速互联实现内存的扩展、共享与池化,让内存不再绑定单一处理器,成为突破内存容量约束的核心技术路径。大摩测算,AI需求将推动 CXL 及相关内存附加芯片市场规模在 2030 年达到约 60 亿美元,远超传统 CPU 内存扩展市场体量。其核心价值在于构建分层内存架构:最高频数据保留在HBM,次高频数据放入 CXL 内存池,低频冷数据下沉至 NAND,用成本梯度匹配数据访问频率。</p><p style=\"text-align: left;\"><strong>投资主线方面</strong>,大摩重申三大方向:一是继续超配美光、闪迪,降配源于供给短缺而非需求走弱,AI内存需求长期向上,供给缺口将持续消化产能;二是布局 CXL 与 scale-up 互联龙头 Astera Labs、Marvell;三是关注异构推理受益者Cerebras,以及通过收购Groq完善异构布局的英伟达。</p><p style=\"text-align: left;\"><strong>风险提示:</strong>AI 算力需求增速不及预期;CXL 技术落地进度慢于预期;内存产能扩张超预期。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大摩:AI内存短缺将持续数年,三大路径破局,存储与异构算力迎结构性机会</title>\n<style 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href=\"http://www.zhitongcaijing.com/content/detail/1503764.html\">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/cde2e4fc86b629e1a7a7708ea53eb694","relate_stocks":{"SNDU":"2倍做多SNDK ETF-T-REX","MUZ":"2倍做空MU ETF-Defiance","MU":"美光科技","MUD":"1倍做空MU ETF-Direxion","LABX":"Tradr 2X Long ALAB Daily ETF","ALAB":"Astera Labs, Inc.","SNDG":"2倍做多SNDK ETF-Leverage Shares","SNXX":"2倍做多SNDK ETF-Tradr","MUG":"Leverage Shares 2X Long MU Daily ETF","MULL":"2倍做多MU ETF-GraniteShares","SNDC":"2倍做多SNDK ETF-Corgi","SNDQ":"2倍做空SNDK ETF-Tradr","MUYY":"GraniteShares YieldBOOSTMU ETF","MIC":"2倍做多MU ETF-Corgi","SNDK":"闪迪","ALA":"Corgi ALAB 2x Daily ETF","MUU":"2倍做多MU ETF-Direxion"},"source_url":"http://www.zhitongcaijing.com/content/detail/1503764.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2673889110","content_text":"10月5日,摩根士丹利发布半导体行业研报指出,DRAM内存短缺将贯穿本轮AI产业周期,而AI算力扩张不会等待新晶圆厂建成投产。行业正通过硬件降配、推理架构解耦、CXL内存池化三大技术路径绕过内存瓶颈,在供给约束下持续推进算力建设。该行继续看好美光(MU.US)、闪迪(SNDK.US)等存储龙头,同时看好CXL互联、异构推理赛道的增量机遇,推荐Astera Labs(ALAB.US)、Marvell(MRVL.US)、Cerebras(CBRS.US)及英伟达(NVDA.US)。大摩强调,当前 AI 内存短缺并非短期扰动,而是算力性能增长远超内存供给速度的结构性矛盾。前沿大模型规模每 6 个月翻一番,头部模型上下文窗口年增速达 5-6 倍,叠加推理并发需求持续提升,内存容量与带宽需求持续爆发。而 DRAM 晶圆厂建设周期长达数年,供给弹性极低,短缺格局将持续数年。英伟达CEO黄仁勋也公开表示,行业需要转变思路,通过架构创新应对内存约束,而非单纯等待产能扩张。面对 HBM 与主存供给紧张,行业最直接的应对方式是选择性降低单设备内存规格(De-speccing)。以英伟达 Rubin 架构为例,单机架 LPDDR5 容量从原计划 54TB 降至 28TB,单 GPU HBM 容量从 288GB 下调至 192GB,通过降低内存堆叠高度保障整机出货量。大摩指出,降配并非消除内存瓶颈,而是将压力在内存层级间转移:削减高速本地内存后,KV 缓存等非高频数据向 NAND 存储下沉,同时跨 GPU 数据交互增加,带动对网络互联带宽的需求,本质上是以更高速的网络互联、更低成本的存储资源,补充稀缺的高带宽内存。第二条破局路径是推理架构解耦(Disaggregation)。AI推理包含预填充(Prefill)与解码(Decode)两个差异显著的阶段:Prefill 以算力消耗为主,Decode则高度依赖内存带宽。传统架构用同一加速器兼顾两类任务,资源利用率偏低。当前行业正加速走向异构推理,将两个阶段拆分至不同硬件:算力密集型Prefill由通用GPU承担,内存带宽密集型 Decode 则由搭载大容量片上 SRAM 的专用加速芯片处理。典型代表包括Cerebras的晶圆级引擎、英伟达收购的 Groq LPU 架构,均能在解码阶段提供远超传统 GPU 的内存带宽效率。大摩认为,异构推理将成为 AI 基础设施的重要演进方向,专精解码环节的算力厂商将获得明确的增量市场。第三条路径是 CXL 技术重构内存体系。CXL(计算高速互联)通过高速互联实现内存的扩展、共享与池化,让内存不再绑定单一处理器,成为突破内存容量约束的核心技术路径。大摩测算,AI需求将推动 CXL 及相关内存附加芯片市场规模在 2030 年达到约 60 亿美元,远超传统 CPU 内存扩展市场体量。其核心价值在于构建分层内存架构:最高频数据保留在HBM,次高频数据放入 CXL 内存池,低频冷数据下沉至 NAND,用成本梯度匹配数据访问频率。投资主线方面,大摩重申三大方向:一是继续超配美光、闪迪,降配源于供给短缺而非需求走弱,AI内存需求长期向上,供给缺口将持续消化产能;二是布局 CXL 与 scale-up 互联龙头 Astera Labs、Marvell;三是关注异构推理受益者Cerebras,以及通过收购Groq完善异构布局的英伟达。风险提示:AI 算力需求增速不及预期;CXL 技术落地进度慢于预期;内存产能扩张超预期。","news_type":1,"symbols_score_info":{"MUU":0.6,"MULL":0.6,"MUD":0.6,"MUZ":0.6,"ALAB":2,"SNDG":0.6,"SNDC":0.6,"SNDK":2,"SNDQ":0.6,"SNXX":0.6,"MUG":0.6,"MU":2,"MUYY":0.6,"SNDU":0.6,"MIC":0.6,"LABX":0.6,"ALA":0.6}},"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":613661832986936,"gmtCreate":1790838976736,"gmtModify":1790838978612,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"就是图个新鲜","listText":"就是图个新鲜","text":"就是图个新鲜","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613661832986936","repostId":"2672348857","repostType":2,"repost":{"id":"2672348857","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1790837643,"share":"https://www.laohunote.com/m/news/2672348857?lang=zh_CN&edition=full","pubTime":"2026-10-01 14:54","market":"sg","language":"zh","title":"推出22天下载突破500万!Muse“火爆”超过当年ChatGPT","url":"https://stock-news.laohu8.com/highlight/detail?id=2672348857","media":"华尔街见闻","summary":"Meta旗下AI智能体应用Muse上线仅22天便突破500万次下载,远超ChatGPT的56天、Grok的103天,创下AI赛道最快增长纪录。凭借拟人化虚拟形象与低门槛交互设计,Muse持续霸榜苹果与谷歌双平台。随着OpenAI紧随推出竞品Dots,消费级AI智能体的争夺战正式打响。","content":"<html><head></head><body><p style=\"text-align: left;\">Meta旗下AI智能体应用Muse上线仅22天便突破500万次下载,速度超越ChatGPT、Claude等主流AI产品,成为消费级AI赛道迄今最快破圈的产品之一。</p><p style=\"text-align: left;\">据市场调研机构Sensor Tower最新数据,<strong>Muse于9月8日在美国和加拿大上线,截至9月30日已累计下载量突破500万次。</strong>相比之下,OpenAI的ChatGPT达到同一里程碑耗时56天,<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>旗下Grok耗时103天,Anthropic的Claude则耗时长达492天。Muse的爆发式增长,令市场对Meta在消费级AI领域的布局能力刮目相看。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5f26a4e261aa4e9902cefe9497f7e4a2\" data-align=\"center\" tg-width=\"1134\" tg-height=\"594\"/><span></span></p><p style=\"text-align: left;\">Muse目前仍稳居苹果App Store与谷歌Play商店双榜首位,这一成绩进一步强化了市场对Meta AI战略落地能力的信心,也加剧了AI智能体赛道的竞争态势。</p><h2 style=\"text-align: left;\">消费级AI智能体,Muse打破增长纪录</h2><p style=\"text-align: left;\">Muse的核心差异化在于其面向普通消费者的产品设计。此前,AI智能体平台的主要用户群体集中于技术开发者和企业用户,而Muse通过可定制的拟人化虚拟形象(avatar)及简洁易用的交互界面,显著降低了普通用户的使用门槛。</p><p style=\"text-align: left;\">值得注意的是,Muse并非史上最快突破500万下载的应用。Sensor Tower指出,Disney+、HBO Max、Threads、《糖果传奇》(Candy Crush)、《精灵宝可梦Go》(Pokémon Go)以及《堡垒之夜》(Fortnite)均曾在同等时间窗口内实现更高下载量。但在AI智能体这一细分赛道,Muse的增速仍具有标志性意义。</p><p style=\"text-align: left;\">此外,ChatGPT于2022年11月上线时,是首款面向大众的主流生成式AI聊天机器人,彼时市场对该类产品尚处于认知初期,这在一定程度上解释了其相对较慢的早期增长节奏。</p><h2 style=\"text-align: left;\">Meta重金投入广告,强力拉动下载</h2><p style=\"text-align: left;\">Muse的快速增长并非完全依赖自然流量,Meta在营销端的大规模投入同样功不可没。</p><p style=\"text-align: left;\">据Sensor Tower数据,<strong>在9月14日至9月27日的两周内,Muse获得了Meta内部广告资源50%的"每日自有曝光量"(daily house impressions),并跻身"美国广告曝光量前15大品牌"之列。</strong></p><p style=\"text-align: left;\">Muse目前免费提供下载和使用,Meta表示未来将从通过该智能体促成的交易中抽取小额佣金,以此构建商业变现路径。</p><h2 style=\"text-align: left;\">AI智能体赛道竞争升温,OpenAI紧随其后</h2><p style=\"text-align: left;\">Muse的走红折射出科技巨头在AI智能体领域的全面提速。就在Muse数据公布前一天,OpenAI也推出了自家AI智能体平台,同样配备可定制的卡通化虚拟形象,产品名为Dots。</p><p style=\"text-align: left;\"><strong>目前Dots主要面向企业市场,OpenAI首席财务官Sarah Friar表示,公司未来也将向消费者开放该平台。</strong></p><p style=\"text-align: left;\">两大AI巨头在智能体赛道的相继落子,预示着这一市场的竞争将进一步白热化,而谁能率先在消费端建立规模优势,或将成为下一阶段AI商业化竞争的关键变量。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>推出22天下载突破500万!Muse“火爆”超过当年ChatGPT</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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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推出22天下载突破500万!Muse“火爆”超过当年ChatGPT\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-10-01 14:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">Meta旗下AI智能体应用Muse上线仅22天便突破500万次下载,速度超越ChatGPT、Claude等主流AI产品,成为消费级AI赛道迄今最快破圈的产品之一。</p><p style=\"text-align: left;\">据市场调研机构Sensor Tower最新数据,<strong>Muse于9月8日在美国和加拿大上线,截至9月30日已累计下载量突破500万次。</strong>相比之下,OpenAI的ChatGPT达到同一里程碑耗时56天,<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>旗下Grok耗时103天,Anthropic的Claude则耗时长达492天。Muse的爆发式增长,令市场对Meta在消费级AI领域的布局能力刮目相看。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5f26a4e261aa4e9902cefe9497f7e4a2\" data-align=\"center\" tg-width=\"1134\" tg-height=\"594\"/><span></span></p><p style=\"text-align: left;\">Muse目前仍稳居苹果App Store与谷歌Play商店双榜首位,这一成绩进一步强化了市场对Meta AI战略落地能力的信心,也加剧了AI智能体赛道的竞争态势。</p><h2 style=\"text-align: left;\">消费级AI智能体,Muse打破增长纪录</h2><p style=\"text-align: left;\">Muse的核心差异化在于其面向普通消费者的产品设计。此前,AI智能体平台的主要用户群体集中于技术开发者和企业用户,而Muse通过可定制的拟人化虚拟形象(avatar)及简洁易用的交互界面,显著降低了普通用户的使用门槛。</p><p style=\"text-align: left;\">值得注意的是,Muse并非史上最快突破500万下载的应用。Sensor Tower指出,Disney+、HBO Max、Threads、《糖果传奇》(Candy Crush)、《精灵宝可梦Go》(Pokémon Go)以及《堡垒之夜》(Fortnite)均曾在同等时间窗口内实现更高下载量。但在AI智能体这一细分赛道,Muse的增速仍具有标志性意义。</p><p style=\"text-align: left;\">此外,ChatGPT于2022年11月上线时,是首款面向大众的主流生成式AI聊天机器人,彼时市场对该类产品尚处于认知初期,这在一定程度上解释了其相对较慢的早期增长节奏。</p><h2 style=\"text-align: left;\">Meta重金投入广告,强力拉动下载</h2><p style=\"text-align: left;\">Muse的快速增长并非完全依赖自然流量,Meta在营销端的大规模投入同样功不可没。</p><p style=\"text-align: left;\">据Sensor Tower数据,<strong>在9月14日至9月27日的两周内,Muse获得了Meta内部广告资源50%的"每日自有曝光量"(daily house impressions),并跻身"美国广告曝光量前15大品牌"之列。</strong></p><p style=\"text-align: left;\">Muse目前免费提供下载和使用,Meta表示未来将从通过该智能体促成的交易中抽取小额佣金,以此构建商业变现路径。</p><h2 style=\"text-align: left;\">AI智能体赛道竞争升温,OpenAI紧随其后</h2><p style=\"text-align: left;\">Muse的走红折射出科技巨头在AI智能体领域的全面提速。就在Muse数据公布前一天,OpenAI也推出了自家AI智能体平台,同样配备可定制的卡通化虚拟形象,产品名为Dots。</p><p style=\"text-align: left;\"><strong>目前Dots主要面向企业市场,OpenAI首席财务官Sarah Friar表示,公司未来也将向消费者开放该平台。</strong></p><p style=\"text-align: left;\">两大AI巨头在智能体赛道的相继落子,预示着这一市场的竞争将进一步白热化,而谁能率先在消费端建立规模优势,或将成为下一阶段AI商业化竞争的关键变量。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/f09a3ffdf4778aa3240c9f594c7c294f","relate_stocks":{"ARTY":"ISHARES FUTURE AI & TECH ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","AGIX":"通用人工智能 ETF-AGIX","QTOC":"Innovator Growth Accelerated Plus ETF - October"},"source_url":"https://wallstreetcn.com/articles/3782867","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2672348857","content_text":"Meta旗下AI智能体应用Muse上线仅22天便突破500万次下载,速度超越ChatGPT、Claude等主流AI产品,成为消费级AI赛道迄今最快破圈的产品之一。据市场调研机构Sensor Tower最新数据,Muse于9月8日在美国和加拿大上线,截至9月30日已累计下载量突破500万次。相比之下,OpenAI的ChatGPT达到同一里程碑耗时56天,SpaceX旗下Grok耗时103天,Anthropic的Claude则耗时长达492天。Muse的爆发式增长,令市场对Meta在消费级AI领域的布局能力刮目相看。Muse目前仍稳居苹果App Store与谷歌Play商店双榜首位,这一成绩进一步强化了市场对Meta AI战略落地能力的信心,也加剧了AI智能体赛道的竞争态势。消费级AI智能体,Muse打破增长纪录Muse的核心差异化在于其面向普通消费者的产品设计。此前,AI智能体平台的主要用户群体集中于技术开发者和企业用户,而Muse通过可定制的拟人化虚拟形象(avatar)及简洁易用的交互界面,显著降低了普通用户的使用门槛。值得注意的是,Muse并非史上最快突破500万下载的应用。Sensor Tower指出,Disney+、HBO Max、Threads、《糖果传奇》(Candy Crush)、《精灵宝可梦Go》(Pokémon Go)以及《堡垒之夜》(Fortnite)均曾在同等时间窗口内实现更高下载量。但在AI智能体这一细分赛道,Muse的增速仍具有标志性意义。此外,ChatGPT于2022年11月上线时,是首款面向大众的主流生成式AI聊天机器人,彼时市场对该类产品尚处于认知初期,这在一定程度上解释了其相对较慢的早期增长节奏。Meta重金投入广告,强力拉动下载Muse的快速增长并非完全依赖自然流量,Meta在营销端的大规模投入同样功不可没。据Sensor Tower数据,在9月14日至9月27日的两周内,Muse获得了Meta内部广告资源50%的\"每日自有曝光量\"(daily house impressions),并跻身\"美国广告曝光量前15大品牌\"之列。Muse目前免费提供下载和使用,Meta表示未来将从通过该智能体促成的交易中抽取小额佣金,以此构建商业变现路径。AI智能体赛道竞争升温,OpenAI紧随其后Muse的走红折射出科技巨头在AI智能体领域的全面提速。就在Muse数据公布前一天,OpenAI也推出了自家AI智能体平台,同样配备可定制的卡通化虚拟形象,产品名为Dots。目前Dots主要面向企业市场,OpenAI首席财务官Sarah Friar表示,公司未来也将向消费者开放该平台。两大AI巨头在智能体赛道的相继落子,预示着这一市场的竞争将进一步白热化,而谁能率先在消费端建立规模优势,或将成为下一阶段AI商业化竞争的关键变量。","news_type":1,"symbols_score_info":{"ARTY":0.8,"AIPO":0.8,"CHAT":0.8,"AGIX":0.8,"VTHR":0.8,"QTOC":0.8}},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":613597220775216,"gmtCreate":1790823274349,"gmtModify":1790823276124,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"机器人就是个玩具","listText":"机器人就是个玩具","text":"机器人就是个玩具","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613597220775216","repostId":"2672767736","repostType":2,"repost":{"id":"2672767736","kind":"live","pubTimestamp":1790821914,"share":"https://www.laohunote.com/m/news/2672767736?lang=zh_CN&edition=full","pubTime":"2026-10-01 10:31","market":"us","language":"zh","title":"美光科技CEO:除了数据中心 下一个巨大的增量市场将是物理AI","url":"https://stock-news.laohu8.com/highlight/detail?id=2672767736","media":"智通财经","summary":"【美光科技CEO:除了数据中心 下一个巨大的增量市场将是物理AI】美光科技董事长兼CEO Sanjay Mehrotra在财报电话会上表示,除了数据中心,下一个巨大的增量市场将是物理AI。自动驾驶汽车","content":"<html><body><div>\n<div>\n<b>【美光科技CEO:除了数据中心 下一个巨大的增量市场将是物理AI】</b>美光科技董事长兼CEO Sanjay Mehrotra在财报电话会上表示,除了数据中心,下一个巨大的增量市场将是物理AI。自动驾驶汽车是物理AI的首个重大部署,我们相信随着时间的推移,它将扩展到人形机器人和其他智能自主系统。L4级及以上自动驾驶汽车的内存容量通常超过200GB,存储容量达到多个TB,这比今天L2+和L3级半自动驾驶汽车高出一个多数量级。人形机器人预计也将有类似的存储需求。美光认为,随着设备数量和单机存储含量的双重增长,到本世纪末,物理AI将成为存储需求的一个极其重要的驱动力。 </div>\n</div></body></html>","source":"live_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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Mehrotra在财报电话会上表示,除了数据中心,下一个巨大的增量市场将是物理AI。自动驾驶汽车是物理AI的首个重大部署,我们相信随着时间的推移,它将扩展到人形机器人和其他智能自主系统。L4级及以上自动驾驶汽车的内存容量通常超过200GB,存储容量达到多个TB,这比今天L2+和L3级半自动驾驶...</p>\n\n<a href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IETC":"iShares U.S. Tech Independence Focused ETF","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","MUU":"2倍做多MU ETF-Direxion","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME 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Mehrotra在财报电话会上表示,除了数据中心,下一个巨大的增量市场将是物理AI。自动驾驶汽车是物理AI的首个重大部署,我们相信随着时间的推移,它将扩展到人形机器人和其他智能自主系统。L4级及以上自动驾驶汽车的内存容量通常超过200GB,存储容量达到多个TB,这比今天L2+和L3级半自动驾驶汽车高出一个多数量级。人形机器人预计也将有类似的存储需求。美光认为,随着设备数量和单机存储含量的双重增长,到本世纪末,物理AI将成为存储需求的一个极其重要的驱动力。","news_type":1,"symbols_score_info":{"TTXU":0.6,"TRFK":0.6,"FTEC":0.6,"MUD":0.6,"MUU":0.6,"MIC":0.6,"WLDR":0.6,"MUYY":0.6,"JGRO":0.6,"RULE":0.6,"PSI":0.6,"SMH":0.6,"DISK":0.6,"CHPS":0.6,"CHPX":0.6,"MUG":0.6,"MU":1.97,"BAI":0.6,"XNTK":0.6,"USXF":0.6,"DRMY":0.6,"HBMX":0.6,"CGGO":0.6,"VGT":0.6,"MULL":0.6,"SOXX":0.6,"SHOC":0.6,"SMU00main":0.6,"EFIV":0.6,"AIQ":0.6,"EMSF":0.6,"IXN":0.6,"IETC":0.6,"BOBP":0.6,"FAI":0.6,"FXL":0.6,"WUGI":0.6,"EGGY":0.6,"FDTX":0.6,"XLK":0.6,"PTF":0.6,"LEGR":0.6,"SOXQ":0.6,"MUZ":0.6,"FTXL":0.6,"AIS":0.6}},"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":613082722246976,"gmtCreate":1790697564723,"gmtModify":1790697566739,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"又在骗散户去接盘","listText":"又在骗散户去接盘","text":"又在骗散户去接盘","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613082722246976","repostId":"2671261882","repostType":2,"repost":{"id":"2671261882","kind":"news","pubTimestamp":1790658022,"share":"https://www.laohunote.com/m/news/2671261882?lang=zh_CN&edition=full","pubTime":"2026-09-29 13:00","market":"fut","language":"zh","title":"七巨头“杀估值”近尾声!Muse与Astra点燃“AI FOMO交易”,科技股大反攻蓄势待发","url":"https://stock-news.laohu8.com/highlight/detail?id=2671261882","media":"智通财经","summary":"Meta Muse与OpenAI的GPT-6 Astra全面引爆AI智能体大浪潮之际,“AI FOMO交易”可谓随之卷土重来。科技股今年仍大幅领涨标普500指数,但近几个月涨势降温,市场担忧AI巨额投入可能无法带来乐观者所假设的回报。“七巨头”估值处于十年低位并非摩根大通的孤立判断。市场已对应用普及预期作出反应:纳斯达克官方周报确认,Muse的早期表现以及Astra引爆的AGI热议共同大幅提振AI FOMO交易,纳斯达克100指数于9月22日创历史新高,上周累计上涨约3%。","content":"<html><head></head><body><p style=\"text-align: left;\">9月29日,纳斯达克100指数于上周创新高之后,华尔街金融巨头摩根大通开始跟随高盛、<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>、Yardeni Research等巨头们看涨美股科技股步伐,这也在一定程度上推动机构与散户投资者们在周一美股市场回调之际愈发聚焦逢低布局策略。摩根大通认为,占据美股高额权重的美股七大科技巨头们(即Magnificent Seven,Mag 7)的整体估值调整可能已大体完成,盈利增长有望重新成为支撑股价的主要力量;摩根大通表示,七巨头未来12个月预期市盈率相对于大盘的比值,已降至历史中位数下方约一个标准差,处于十年低位。</p><p style=\"text-align: left;\">9月28日周一美股收盘,包括AMD、美光以及闪迪在内的多数热门AI算力主题股票价格随油价和美债收益率上行而大幅承压,但“AI芯片霸主”英伟达(NVDA.US)股价在宣布新增1,500亿美元的创纪录股票回购授权后逆势上涨。摩根大通的积极判断也并未忽略商业模式变化:AI资本开支提高了资本密集度,融资需求上升、自由现金流承压,确实应当对应一定程度的估值折让,不过当前市场已经消化了相当一部分调整,后续盈利增长仍可能超过继续压缩估值带来的拖累。</p><p style=\"text-align: left;\">苹果、微软、谷歌母公司Alphabet、亚马逊、Meta、英伟达和特斯拉,既是美股市值加权指数的重要组成部分,也通过AI芯片/AI半导体、云计算、AI应用及广泛终端布局影响全球AI投资预期。此前截至2025年底,三年期间的<a href=\"https://laohu8.com/S/161125\">标普500</a>指数超级牛市大约30万亿美元的市值扩张,七大科技巨头与更广泛AI算力基础设施供应链是重要推动力量。因此,七巨头盈利与估值的变化,能够同时影响基准指数表现、全球股票市场风险偏好及AI算力产业链增长前景。</p><p style=\"text-align: left;\">Meta Muse与OpenAI的GPT-6 Astra全面引爆AI智能体大浪潮之际,“AI FOMO交易”(指投资者担心错过AI相关资产的上涨机会,因而追买或回补此前降低的仓位)可谓随之卷土重来。从AI算力基础设施底层架构看,Muse与Astra有望进一步扩大AI智能体使用范围,它们带来的AI推理工作负载大举扩张会同时增加模型推理、工具执行和状态管理需求,同时加深了部分软件公司的竞争压力。GPU、TPU等加速器承担模型计算;CPU运行浏览器、虚拟机、商品检索、数据库查询和交易编排;HBM与服务器DRAM承载模型数据、上下文及并发工作环境;企业级SSD保存商品索引、任务记录与持久状态,高速网络和光互连则支撑分布式数据交换。</p><p style=\"text-align: left;\">占据标普500指数以及纳斯达克100指数高额权重(超过40%)的所谓“七大科技巨头”,即“Magnificent Seven”(Mag 7),它们乃标普500指数屡创新高的核心推动力,也被众多华尔街顶级投资机构们视为在自互联网时代以来最大技术变革背景下最有能力为投资者们带来巨额回报的组合。</p><h2 id=\"id_2387142376\">摩根大通:美股七巨头的估值重置可能已大体完成</h2><p style=\"text-align: left;\">据Mislav Matejka领导的摩根大通股票策略团队最新发布的研究报告,美股七巨头已经历显著的估值重置,其未来12个月预期市盈率相对于大盘的比值,目前接近历史中位数下方一个标准差的位置,并处于十年低位。</p><p style=\"text-align: left;\">摩根大通策略师团队认为,随着美股市场科技板块看涨仓位拥挤度下降、盈利表现强劲以及估值更趋现实,科技股将重获自上半年末以来失去的部分动能,因此建议投资者们在市场回调之际重新介入该板块。</p><p style=\"text-align: left;\">科技股今年仍大幅领涨标普500指数,但近几个月涨势降温,市场担忧AI巨额投入可能无法带来乐观者所假设的回报。科技板块内部,美股“七巨头”估值处于10年来最低水平,半导体股则正走出一段艰难阶段——Anthropic的达里奥·阿莫代伊和OpenAI的萨姆·奥尔特曼此前纷纷呼吁协调放缓先进AI开发,令该板块困境加剧。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8ad8dc9ef1020064a812b4eae5178d\" title=\"\" tg-width=\"200\" tg-height=\"120\"/></p><p style=\"text-align: left;\">“我们怀疑最终不会出现明显放缓,因为这场竞赛仍是关乎存亡、赢家通吃的竞赛,”Mislav Matejka领导的摩根大通股票策略团队写道。摩根大通表示,尽管上半年那种涨幅不太可能重现,但重大机会依然存在。</p><p style=\"text-align: left;\">“七巨头”估值处于十年低位并非摩根大通的孤立判断。摩根士丹利财富管理全球投资委员会的数据显示,“美股七巨头”相对于标普500指数中另外493只股票的估值溢价目前仅为10%,创下十多年来的最低水平,而这七大巨头整体上仍拥有约45%的年盈利增长优势。</p><p style=\"text-align: left;\">摩根士丹利财富管理首席投资官Lisa Shalett在报告中写道:“相比之下,我们认为这些超大规模云巨头现在看起来简直太便宜了。”</p><p style=\"text-align: left;\">摩根大通策略师们补充表示,美股七大科技巨头与科技板块的其他部分一道经历了估值下调,而这一估值调整过程已大体走完。该行此前在3月曾指出,估值下调可能已经过度。</p><p style=\"text-align: left;\">策略师们补充称,这些公司商业模式的变化,为部分估值倍数压缩提供了合理依据,包括随着AI相关资本支出继续大幅增加,杠杆水平上升以及自由现金流下降。但他们表示,相当一部分估值调整已经发生,而超大规模云计算厂商们无比强劲的盈利表现可能继续支撑其股价表现,尽管其中部分支撑作用仍可能被进一步的估值下调所抵消。</p><h2 id=\"id_623984983\">从“杀估值”到“盈利接棒”:摩根大通与高盛看见新一轮科技板块上涨动力</h2><p style=\"text-align: left;\">摩根大通策略师团队所看好的,是仓位拥挤缓解、估值回落与盈利韧性共同形成的重新布局机会,尤其偏好半导体。按该机构最新发布的研报来看,自6月以来,半导体未来12个月每股盈利预测上调约30%,软件盈利预期则缺乏相应改善;其引用的超大规模云厂商资本开支前景预测为:2026年约9,500亿美元、2027年约1.4万亿美元、2030年约3万亿美元。</p><p style=\"text-align: left;\">摩根大通据此偏好“做多半导体、做空一部分高动量软件”的相对交易模式,同时认为软件估值已大幅调整,不适合简单地全面做空。</p><p style=\"text-align: left;\">Muse与Astra增强了这套基于“盈利接棒”的AI驱动强劲盈利逻辑的应用基础:智能体将一次用户请求转化为检索、规划、调用工具、执行代码和校验结果等多阶段工作,使GPU计算之外的CPU调度、内存容量及存储访问、光互连高速数据传输同步受到计算需求拉动。Muse已具备专属云端虚拟机、浏览器操作、后台持续工作和记忆机制;Astra则强化了电脑操作、软件使用与多步骤专业任务执行能力。</p><p style=\"text-align: left;\">投资策略上更重要的则是,AI复杂任务工作负载规模大举扩张能否超过单位推理价格下降的影响,并转化为云服务收入、芯片订单及可持续利润。市场已对应用普及预期作出反应:纳斯达克官方周报确认,Muse的早期表现以及Astra引爆的AGI热议共同大幅提振AI FOMO交易,纳斯达克100指数于9月22日创历史新高,上周累计上涨约3%。</p><p style=\"text-align: left;\">高盛策略师们所提供的则是另一条支撑路径。高盛资深策略师兼合伙人Mark Wilson认为,年末上涨机会未必需要等待中期选举结束:若通胀趋缓、增长适度降温却未陷入衰退,市场预期的进一步紧缩力度可能难以完全兑现。高盛经济学家Jan Hatzius则强调增长市场上行风险减弱,高盛股票市场策略师Ben Snider则认为部分行业存在超额盈利,但整体尚未形成盈利泡沫。高盛策略师们一致认可的“<a href=\"https://laohu8.com/S/600143\">金发</a>姑娘行情”情景的关键,是通胀和利率压力缓解的同时,核心盈利仍能保持韧性,这一行清属于高盛策略师们有条件的乐观判断。</p><p style=\"text-align: left;\">AI牛市似乎正在寻找“盈利接棒窗口”——即当估值压缩趋缓,只要每股盈利持续增长,股价便不必依赖市盈率重新升至高位才能上涨;若利率压力随后缓解,估值稳定又可能增加收益空间。摩根大通看重盈利趋势与仓位同步呈现积极迹象,高盛关注宏观环境改善,两者共同指向AI驱动的科技公司强劲业绩兑现的重要性。</p><p style=\"text-align: left;\">华尔街金融巨头杰富瑞近日表示,在AI投资狂潮和AI相关企业盈利超预期上行的双重引擎驱动下,标普500指数预计将在2026年底飙升至8000点,并在2027年进一步触及9000点。杰富瑞的核心逻辑清晰而有力:在一个AI驱动的盈利增长超过历史平均两倍以上的周期中,与盈利趋势对抗是危险的。杰富瑞的2026年8000点位标普500指数基准预测基于每股收益(EPS)达到373美元(同比增长35%,远高于市场共识的29%)以及21.5倍的市盈率。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>七巨头“杀估值”近尾声!Muse与Astra点燃“AI FOMO交易”,科技股大反攻蓄势待发</title>\n<style 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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七巨头“杀估值”近尾声!Muse与Astra点燃“AI FOMO交易”,科技股大反攻蓄势待发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-29 13:00 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1501840.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9月29日,纳斯达克100指数于上周创新高之后,华尔街金融巨头摩根大通开始跟随高盛、杰富瑞、Yardeni Research等巨头们看涨美股科技股步伐,这也在一定程度上推动机构与散户投资者们在周一美股市场回调之际愈发聚焦逢低布局策略。摩根大通认为,占据美股高额权重的美股七大科技巨头们(即Magnificent Seven,Mag 7)的整体估值调整可能已大体完成,盈利增长有望重新成为支撑股价的主要...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1501840.html\">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/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"GOOG":"谷歌","AGIX":"通用人工智能 ETF-AGIX","AAPL":"苹果","BK4588":"碎股","07261":"FL二华夏纳一百","07568":"FI二南方纳指","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","09086":"华夏纳指-U","03086":"华夏纳指","07266":"南方两倍做多纳指","XLK":"高科技指数ETF-SPDR","07522":"FI二华夏纳一百","AIPO":"Defiance AI and Power Infrastructure ETF","AMZN":"亚马逊","BK1610":"ETF&股票定投概念","02834":"安硕纳指一百","TSLA":"特斯拉","BK4585":"ETF&股票定投概念","03034":"南方纳指一百","BK1147":"投资银行业与经纪业","TTTN":"老虎中美互联网巨头ETF","VTHR":"Vanguard Russell 3000 ETF","MSFT":"微软","XMAG":"Defiance Large Cap ex-Mag 7 ETF","ARTY":"ISHARES FUTURE AI & TECH ETF","META":"Meta Platforms, Inc.","03455":"景顺QQQ","NVDA":"英伟达","VGT":"信息技术ETF-Vanguard","09834":"安硕纳指一百—U"},"source_url":"http://www.zhitongcaijing.com/content/detail/1501840.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2671261882","content_text":"9月29日,纳斯达克100指数于上周创新高之后,华尔街金融巨头摩根大通开始跟随高盛、杰富瑞、Yardeni Research等巨头们看涨美股科技股步伐,这也在一定程度上推动机构与散户投资者们在周一美股市场回调之际愈发聚焦逢低布局策略。摩根大通认为,占据美股高额权重的美股七大科技巨头们(即Magnificent Seven,Mag 7)的整体估值调整可能已大体完成,盈利增长有望重新成为支撑股价的主要力量;摩根大通表示,七巨头未来12个月预期市盈率相对于大盘的比值,已降至历史中位数下方约一个标准差,处于十年低位。9月28日周一美股收盘,包括AMD、美光以及闪迪在内的多数热门AI算力主题股票价格随油价和美债收益率上行而大幅承压,但“AI芯片霸主”英伟达(NVDA.US)股价在宣布新增1,500亿美元的创纪录股票回购授权后逆势上涨。摩根大通的积极判断也并未忽略商业模式变化:AI资本开支提高了资本密集度,融资需求上升、自由现金流承压,确实应当对应一定程度的估值折让,不过当前市场已经消化了相当一部分调整,后续盈利增长仍可能超过继续压缩估值带来的拖累。苹果、微软、谷歌母公司Alphabet、亚马逊、Meta、英伟达和特斯拉,既是美股市值加权指数的重要组成部分,也通过AI芯片/AI半导体、云计算、AI应用及广泛终端布局影响全球AI投资预期。此前截至2025年底,三年期间的标普500指数超级牛市大约30万亿美元的市值扩张,七大科技巨头与更广泛AI算力基础设施供应链是重要推动力量。因此,七巨头盈利与估值的变化,能够同时影响基准指数表现、全球股票市场风险偏好及AI算力产业链增长前景。Meta Muse与OpenAI的GPT-6 Astra全面引爆AI智能体大浪潮之际,“AI FOMO交易”(指投资者担心错过AI相关资产的上涨机会,因而追买或回补此前降低的仓位)可谓随之卷土重来。从AI算力基础设施底层架构看,Muse与Astra有望进一步扩大AI智能体使用范围,它们带来的AI推理工作负载大举扩张会同时增加模型推理、工具执行和状态管理需求,同时加深了部分软件公司的竞争压力。GPU、TPU等加速器承担模型计算;CPU运行浏览器、虚拟机、商品检索、数据库查询和交易编排;HBM与服务器DRAM承载模型数据、上下文及并发工作环境;企业级SSD保存商品索引、任务记录与持久状态,高速网络和光互连则支撑分布式数据交换。占据标普500指数以及纳斯达克100指数高额权重(超过40%)的所谓“七大科技巨头”,即“Magnificent Seven”(Mag 7),它们乃标普500指数屡创新高的核心推动力,也被众多华尔街顶级投资机构们视为在自互联网时代以来最大技术变革背景下最有能力为投资者们带来巨额回报的组合。摩根大通:美股七巨头的估值重置可能已大体完成据Mislav Matejka领导的摩根大通股票策略团队最新发布的研究报告,美股七巨头已经历显著的估值重置,其未来12个月预期市盈率相对于大盘的比值,目前接近历史中位数下方一个标准差的位置,并处于十年低位。摩根大通策略师团队认为,随着美股市场科技板块看涨仓位拥挤度下降、盈利表现强劲以及估值更趋现实,科技股将重获自上半年末以来失去的部分动能,因此建议投资者们在市场回调之际重新介入该板块。科技股今年仍大幅领涨标普500指数,但近几个月涨势降温,市场担忧AI巨额投入可能无法带来乐观者所假设的回报。科技板块内部,美股“七巨头”估值处于10年来最低水平,半导体股则正走出一段艰难阶段——Anthropic的达里奥·阿莫代伊和OpenAI的萨姆·奥尔特曼此前纷纷呼吁协调放缓先进AI开发,令该板块困境加剧。“我们怀疑最终不会出现明显放缓,因为这场竞赛仍是关乎存亡、赢家通吃的竞赛,”Mislav Matejka领导的摩根大通股票策略团队写道。摩根大通表示,尽管上半年那种涨幅不太可能重现,但重大机会依然存在。“七巨头”估值处于十年低位并非摩根大通的孤立判断。摩根士丹利财富管理全球投资委员会的数据显示,“美股七巨头”相对于标普500指数中另外493只股票的估值溢价目前仅为10%,创下十多年来的最低水平,而这七大巨头整体上仍拥有约45%的年盈利增长优势。摩根士丹利财富管理首席投资官Lisa Shalett在报告中写道:“相比之下,我们认为这些超大规模云巨头现在看起来简直太便宜了。”摩根大通策略师们补充表示,美股七大科技巨头与科技板块的其他部分一道经历了估值下调,而这一估值调整过程已大体走完。该行此前在3月曾指出,估值下调可能已经过度。策略师们补充称,这些公司商业模式的变化,为部分估值倍数压缩提供了合理依据,包括随着AI相关资本支出继续大幅增加,杠杆水平上升以及自由现金流下降。但他们表示,相当一部分估值调整已经发生,而超大规模云计算厂商们无比强劲的盈利表现可能继续支撑其股价表现,尽管其中部分支撑作用仍可能被进一步的估值下调所抵消。从“杀估值”到“盈利接棒”:摩根大通与高盛看见新一轮科技板块上涨动力摩根大通策略师团队所看好的,是仓位拥挤缓解、估值回落与盈利韧性共同形成的重新布局机会,尤其偏好半导体。按该机构最新发布的研报来看,自6月以来,半导体未来12个月每股盈利预测上调约30%,软件盈利预期则缺乏相应改善;其引用的超大规模云厂商资本开支前景预测为:2026年约9,500亿美元、2027年约1.4万亿美元、2030年约3万亿美元。摩根大通据此偏好“做多半导体、做空一部分高动量软件”的相对交易模式,同时认为软件估值已大幅调整,不适合简单地全面做空。Muse与Astra增强了这套基于“盈利接棒”的AI驱动强劲盈利逻辑的应用基础:智能体将一次用户请求转化为检索、规划、调用工具、执行代码和校验结果等多阶段工作,使GPU计算之外的CPU调度、内存容量及存储访问、光互连高速数据传输同步受到计算需求拉动。Muse已具备专属云端虚拟机、浏览器操作、后台持续工作和记忆机制;Astra则强化了电脑操作、软件使用与多步骤专业任务执行能力。投资策略上更重要的则是,AI复杂任务工作负载规模大举扩张能否超过单位推理价格下降的影响,并转化为云服务收入、芯片订单及可持续利润。市场已对应用普及预期作出反应:纳斯达克官方周报确认,Muse的早期表现以及Astra引爆的AGI热议共同大幅提振AI FOMO交易,纳斯达克100指数于9月22日创历史新高,上周累计上涨约3%。高盛策略师们所提供的则是另一条支撑路径。高盛资深策略师兼合伙人Mark Wilson认为,年末上涨机会未必需要等待中期选举结束:若通胀趋缓、增长适度降温却未陷入衰退,市场预期的进一步紧缩力度可能难以完全兑现。高盛经济学家Jan Hatzius则强调增长市场上行风险减弱,高盛股票市场策略师Ben Snider则认为部分行业存在超额盈利,但整体尚未形成盈利泡沫。高盛策略师们一致认可的“金发姑娘行情”情景的关键,是通胀和利率压力缓解的同时,核心盈利仍能保持韧性,这一行清属于高盛策略师们有条件的乐观判断。AI牛市似乎正在寻找“盈利接棒窗口”——即当估值压缩趋缓,只要每股盈利持续增长,股价便不必依赖市盈率重新升至高位才能上涨;若利率压力随后缓解,估值稳定又可能增加收益空间。摩根大通看重盈利趋势与仓位同步呈现积极迹象,高盛关注宏观环境改善,两者共同指向AI驱动的科技公司强劲业绩兑现的重要性。华尔街金融巨头杰富瑞近日表示,在AI投资狂潮和AI相关企业盈利超预期上行的双重引擎驱动下,标普500指数预计将在2026年底飙升至8000点,并在2027年进一步触及9000点。杰富瑞的核心逻辑清晰而有力:在一个AI驱动的盈利增长超过历史平均两倍以上的周期中,与盈利趋势对抗是危险的。杰富瑞的2026年8000点位标普500指数基准预测基于每股收益(EPS)达到373美元(同比增长35%,远高于市场共识的29%)以及21.5倍的市盈率。","news_type":1,"symbols_score_info":{"09834":0.6,"TSLA":0.6,"07568":0.6,"VTHR":1.5,"GOOG":0.6,"XLK":1.5,"AAPL":0.6,"META":0.6,"03455":0.6,"XMAG":1.5,"02834":0.6,"03034":0.6,"MSFT":0.6,"AMZN":0.6,"CHAT":1.5,"VGT":1.5,"07261":0.6,"QTOC":1.5,"09086":0.6,"07266":0.6,"03086":1.5,"AGIX":1.5,"07522":0.6,"NVDA":0.6,"ARTY":1.5,"TTTN":1.5,"AIPO":1.5}},"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":612704341906128,"gmtCreate":1790605222293,"gmtModify":1790605224465,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"加息都解决不了问题,难道降息去火上浇油?","listText":"加息都解决不了问题,难道降息去火上浇油?","text":"加息都解决不了问题,难道降息去火上浇油?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/612704341906128","repostId":"2670234313","repostType":2,"repost":{"id":"2670234313","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1790597474,"share":"https://www.laohunote.com/m/news/2670234313?lang=zh_CN&edition=full","pubTime":"2026-09-28 20:11","market":"sg","language":"zh","title":"Bill Ackman“炮轰”美联储:加息可能是个错误,AI热潮将让通胀更难控制","url":"https://stock-news.laohu8.com/highlight/detail?id=2670234313","media":"华尔街见闻","summary":"亿万富翁投资者、对冲基金经理Bill Ackman警告,美联储此次加息可能是一个错误。AI资本开支持续扩张,正削弱利率对投资需求的传统抑制作用;与此同时,更高的融资成本还可能向商品和服务价格传导,反而加剧通胀压力。","content":"<html><head></head><body><p>AI资本开支持续扩张,正在削弱加息对投资需求的传统抑制作用,甚至可能通过推高融资和生产成本,反过来增加通胀压力。<strong>亿万富翁投资者Bill Ackman警告,美联储此次加息可能是一个错误。</strong>美联储9月将基准利率上调25个基点至3.75%—4.00%。</p>\n<p>Ackman近日在X平台发文称,AI军备竞赛正推动科技巨头持续扩大资本开支。<strong>即使融资成本上升,企业仍可能继续建设数据中心、采购算力,使更高利率难以有效压制投资需求;与此同时,利息成本上升还可能通过供应链和定价机制传导至商品和服务价格。</strong></p>\n<p>这一担忧并非Ackman一人的判断。Moody's Analytics首席经济学家Mark Zandi此前也表示,美联储此时加息可能是“一个错误”,并警告称,若要将通胀重新压回2%的目标,美联储要么遏制AI投资热潮,要么进一步压制经济其他部分。</p>\n<h2>AI投资热潮,正在削弱加息的传统传导机制</h2>\n<p>传统货币政策逻辑是,加息提高借贷成本,抑制企业投资和居民消费,进而压低总需求和通胀。但Ackman认为,AI可能正在打破这一传导链条:对于超大规模科技公司而言,争夺AI基础设施和算力的潜在回报足以支撑其在更高利率环境下继续大举投资。</p>\n<p><strong>“在历史上这一独特时刻,为何更高的利率不会因利息成本被嵌入一切而导致更多通胀?”Ackman在帖子中反问。</strong></p>\n<p>这轮资本开支的规模也为这一判断提供了背景。Bridgewater Associates数据显示,Alphabet、Amazon、Meta和Microsoft今年的AI相关投资预计至少达到6500亿美元。Gartner最新预测则显示,2026年全球AI支出将达到2.7万亿美元,同比增长49.5%,其中AI基础设施支出约1.48万亿美元。</p>\n<p>这意味着,在AI投资高度依赖未来增长预期、且企业对算力和数据中心的需求仍然强劲的情况下,利率上升对这部分资本开支的抑制力度,可能弱于传统经济周期。Gartner甚至指出,AI基础设施需求目前对成本上升表现出较强韧性。</p>\n<h2>通胀仍高于目标,美联储紧缩压力难以消退</h2>\n<p>但对美联储而言,问题在于通胀并未真正回到目标水平。受能源价格上涨及其他供应冲击影响,美国通胀今年重新走高。<strong>以CPI衡量,通胀已连续66个月高于美联储2%的目标;核心PCE也已连续65个月高于目标。</strong></p>\n<p>与此同时,美联储官员近期的表态显示,对通胀持续性的担忧仍然突出。里士满联储主席Tom Barkin表示,当前价格压力已不再局限于能源和关税冲击,消费需求及更广泛的经济活动同样在推高通胀。圣路易斯联储主席Alberto Musalem则认为,通胀仍可能需要进一步加息来压制。</p>\n<p>市场也已开始定价进一步收紧。<strong>CME Group的FedWatch工具显示,30天联邦基金期货隐含的10月加息概率约为64%;高盛经济学家同样预计美联储可能在10月27日至28日的会议上再次加息,但这一判断取决于油价走势。</strong></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bill Ackman“炮轰”美联储:加息可能是个错误,AI热潮将让通胀更难控制</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; 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\">\nBill Ackman“炮轰”美联储:加息可能是个错误,AI热潮将让通胀更难控制\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-09-28 20:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>AI资本开支持续扩张,正在削弱加息对投资需求的传统抑制作用,甚至可能通过推高融资和生产成本,反过来增加通胀压力。<strong>亿万富翁投资者Bill Ackman警告,美联储此次加息可能是一个错误。</strong>美联储9月将基准利率上调25个基点至3.75%—4.00%。</p>\n<p>Ackman近日在X平台发文称,AI军备竞赛正推动科技巨头持续扩大资本开支。<strong>即使融资成本上升,企业仍可能继续建设数据中心、采购算力,使更高利率难以有效压制投资需求;与此同时,利息成本上升还可能通过供应链和定价机制传导至商品和服务价格。</strong></p>\n<p>这一担忧并非Ackman一人的判断。Moody's Analytics首席经济学家Mark Zandi此前也表示,美联储此时加息可能是“一个错误”,并警告称,若要将通胀重新压回2%的目标,美联储要么遏制AI投资热潮,要么进一步压制经济其他部分。</p>\n<h2>AI投资热潮,正在削弱加息的传统传导机制</h2>\n<p>传统货币政策逻辑是,加息提高借贷成本,抑制企业投资和居民消费,进而压低总需求和通胀。但Ackman认为,AI可能正在打破这一传导链条:对于超大规模科技公司而言,争夺AI基础设施和算力的潜在回报足以支撑其在更高利率环境下继续大举投资。</p>\n<p><strong>“在历史上这一独特时刻,为何更高的利率不会因利息成本被嵌入一切而导致更多通胀?”Ackman在帖子中反问。</strong></p>\n<p>这轮资本开支的规模也为这一判断提供了背景。Bridgewater Associates数据显示,Alphabet、Amazon、Meta和Microsoft今年的AI相关投资预计至少达到6500亿美元。Gartner最新预测则显示,2026年全球AI支出将达到2.7万亿美元,同比增长49.5%,其中AI基础设施支出约1.48万亿美元。</p>\n<p>这意味着,在AI投资高度依赖未来增长预期、且企业对算力和数据中心的需求仍然强劲的情况下,利率上升对这部分资本开支的抑制力度,可能弱于传统经济周期。Gartner甚至指出,AI基础设施需求目前对成本上升表现出较强韧性。</p>\n<h2>通胀仍高于目标,美联储紧缩压力难以消退</h2>\n<p>但对美联储而言,问题在于通胀并未真正回到目标水平。受能源价格上涨及其他供应冲击影响,美国通胀今年重新走高。<strong>以CPI衡量,通胀已连续66个月高于美联储2%的目标;核心PCE也已连续65个月高于目标。</strong></p>\n<p>与此同时,美联储官员近期的表态显示,对通胀持续性的担忧仍然突出。里士满联储主席Tom Barkin表示,当前价格压力已不再局限于能源和关税冲击,消费需求及更广泛的经济活动同样在推高通胀。圣路易斯联储主席Alberto Musalem则认为,通胀仍可能需要进一步加息来压制。</p>\n<p>市场也已开始定价进一步收紧。<strong>CME Group的FedWatch工具显示,30天联邦基金期货隐含的10月加息概率约为64%;高盛经济学家同样预计美联储可能在10月27日至28日的会议上再次加息,但这一判断取决于油价走势。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e675d1cc4721aeacc55691640d95859","relate_stocks":{"SPDN":"Direxion Daily S&P 500 Bear 1X Shares","BOXX":"ALPHA ARCHITECT 1-3 MONTH BOX ETF","SPYM":"投资组合标普500指数ETF-SPDR","GOVT":"iShares安硕核心美国国债ETF","SKRE":"TUTTLE CAPITAL DAILY 2X INVERSE REGIONAL BANKS ETF","SPXU":"三倍做空标普500ETF-ProShares","LQD":"债券指数ETF-iShares iBoxx投资级公司债","YSPY":"GraniteShares YieldBOOST SPY ETF","MINT":"PIMCO Enhanced Short Maturity Exchange-Traded Fund","GOLY":"Strategy Shares Gold Enhanced Yield ETF","VGLT":"美国长期国债ETF-Vanguard","SPYQ":"2倍做多SPY Quarterly ETF-Tradr","BSR":"Beacon Unified Catalyst ETF","TMF":"3倍做多20年期以上国债ETF-Direxion","SH":"做空标普500-Proshares","NGHT":"Nicholas Bitcoin and Treasuries AfterDark ETF","IVV":"标普500ETF-iShares","SMAX":"ISHARES LARGE CAP MAX BUFFER SEP ETF","KBE":"银行指数ETF-SPDR 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Index","SPXS":"三倍做空标普500ETF-Direxion","TBT":"债券20+美国债指数ETF-ProShares两倍做空"},"source_url":"https://wallstreetcn.com/articles/3782656","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2670234313","content_text":"AI资本开支持续扩张,正在削弱加息对投资需求的传统抑制作用,甚至可能通过推高融资和生产成本,反过来增加通胀压力。亿万富翁投资者Bill Ackman警告,美联储此次加息可能是一个错误。美联储9月将基准利率上调25个基点至3.75%—4.00%。\nAckman近日在X平台发文称,AI军备竞赛正推动科技巨头持续扩大资本开支。即使融资成本上升,企业仍可能继续建设数据中心、采购算力,使更高利率难以有效压制投资需求;与此同时,利息成本上升还可能通过供应链和定价机制传导至商品和服务价格。\n这一担忧并非Ackman一人的判断。Moody's Analytics首席经济学家Mark Zandi此前也表示,美联储此时加息可能是“一个错误”,并警告称,若要将通胀重新压回2%的目标,美联储要么遏制AI投资热潮,要么进一步压制经济其他部分。\nAI投资热潮,正在削弱加息的传统传导机制\n传统货币政策逻辑是,加息提高借贷成本,抑制企业投资和居民消费,进而压低总需求和通胀。但Ackman认为,AI可能正在打破这一传导链条:对于超大规模科技公司而言,争夺AI基础设施和算力的潜在回报足以支撑其在更高利率环境下继续大举投资。\n“在历史上这一独特时刻,为何更高的利率不会因利息成本被嵌入一切而导致更多通胀?”Ackman在帖子中反问。\n这轮资本开支的规模也为这一判断提供了背景。Bridgewater Associates数据显示,Alphabet、Amazon、Meta和Microsoft今年的AI相关投资预计至少达到6500亿美元。Gartner最新预测则显示,2026年全球AI支出将达到2.7万亿美元,同比增长49.5%,其中AI基础设施支出约1.48万亿美元。\n这意味着,在AI投资高度依赖未来增长预期、且企业对算力和数据中心的需求仍然强劲的情况下,利率上升对这部分资本开支的抑制力度,可能弱于传统经济周期。Gartner甚至指出,AI基础设施需求目前对成本上升表现出较强韧性。\n通胀仍高于目标,美联储紧缩压力难以消退\n但对美联储而言,问题在于通胀并未真正回到目标水平。受能源价格上涨及其他供应冲击影响,美国通胀今年重新走高。以CPI衡量,通胀已连续66个月高于美联储2%的目标;核心PCE也已连续65个月高于目标。\n与此同时,美联储官员近期的表态显示,对通胀持续性的担忧仍然突出。里士满联储主席Tom Barkin表示,当前价格压力已不再局限于能源和关税冲击,消费需求及更广泛的经济活动同样在推高通胀。圣路易斯联储主席Alberto Musalem则认为,通胀仍可能需要进一步加息来压制。\n市场也已开始定价进一步收紧。CME Group的FedWatch工具显示,30天联邦基金期货隐含的10月加息概率约为64%;高盛经济学家同样预计美联储可能在10月27日至28日的会议上再次加息,但这一判断取决于油价走势。","news_type":1,"symbols_score_info":{"XLRI":1.5,"IEI":1.5,"SKRE":1.5,".IXIC":2,"MINT":1.5,"TMF":1.5,"RMIF":1.5,"DIA":0.6,"SPXU":0.6,"NELS":1.5,"BSR":1.5,"DMAX":0.6,"IEF":1.5,"ARTY":1.5,"SPDN":0.6,"LQD":1.5,"MMAX":0.6,"SH":0.6,"NEMD":1.5,"SPYU":0.6,"GOVT":1.5,"US2Y.BOND":1.5,"BOXX":1.5,"TBT":1.5,"CWS":1.5,"NGHT":1.5,".DJI":2,"USHY":1.5,"US6M.BOND":1.5,"SHY":1.5,"GOLY":1.5,"VCIT":1.5,"SSO":0.6,"FEM":1.5,"SPY":1.5,"TPLS":1.5,"SPUU":0.6,"HIBL":0.6,"TLTW":1.5,"HAWG":1.5,"VGSH":1.5,"YSPY":0.6,"GBIL":1.5,"XBIL":1.5,"UPRO":0.6,"SPYM":0.6,"IVV":0.6,"FITZ":1.5,"UUP":1.5,"SMAX":0.6,"VGLT":1.5,"EBUF":1.5,"EDGF":1.5,"SPYQ":0.6,"DDM":0.6,"WAMA":1.5,"US12M.BOND":1.5,"RULE":1.5,"KBE":1.5,"ISHG":1.5,"VEXC":1.5,"SPXL":0.6,"VOO":0.6,"DXD":0.6,"TLT":1.5,"SDS":0.6,"VGIT":1.5,"TBIL":1.5,"BSV":1.5,"UDOW":0.6,"DOG":0.6,"BND":1.5,".SPX":2,"SPYH":0.6,"US10Y.BOND":1.5,"SPXS":0.6,"AGIX":1.5,"SDOW":0.6}},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":610902694867880,"gmtCreate":1790165372638,"gmtModify":1790165374670,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"预测市盈率都90了,还合合理?那缅A也合理","listText":"预测市盈率都90了,还合合理?那缅A也合理","text":"预测市盈率都90了,还合合理?那缅A也合理","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/610902694867880","repostId":"2669140209","repostType":2,"repost":{"id":"2669140209","kind":"highlight","pubTimestamp":1790086524,"share":"https://www.laohunote.com/m/news/2669140209?lang=zh_CN&edition=full","pubTime":"2026-09-22 22:15","market":"us","language":"zh","title":"为何AMD万亿市值来得合情合理","url":"https://stock-news.laohu8.com/highlight/detail?id=2669140209","media":"环球市场播报","summary":"2012 年她以高管身份加入 AMD 时,这家公司几近破产。苏姿丰掌舵之下,AMD 股价一路高歌猛进,今年市场终于充分肯定她的成绩。在科技股整体上涨行情带动下,AMD 周一股价大涨 9.9%,市值首次突破 1 万亿美元。新品发布的同时,AMD 敲定两笔重大合作。AMD 还和 Anthropic 达成深度合作,进一步扩张业务,在 AI 基础设施市场向英伟达发起冲击。AMD 同时承诺最高向 Anthropic 投资 50 亿美元,是这家芯片公司有史以来规模最大的战略投资之一。","content":"<html><body><div>\n<p> <span>AMD</span><span></span> 首席执行官苏姿丰执掌这家芯片企业的表现堪称亮眼。2012 年她以高管身份加入 AMD 时,这家公司几近破产。</p>\n<p> 2014 年正式出任 CEO 之后,苏姿丰凭借标志性的谦逊态度与对技术的热忱,彻底重塑公司,使其成为英伟达最强劲的对手。她主导完成多笔重大交易,包括收购赛灵思;还与 Meta 达成合作,未来这家社交媒体巨头最多可能持有 AMD 10% 的股份。</p>\n<p> 苏姿丰掌舵之下,AMD 股价一路高歌猛进,今年市场终于充分肯定她的成绩。</p>\n<p> 在科技股整体上涨行情带动下,AMD 周一股价大涨 9.9%,市值首次突破 1 万亿美元。该股今年迄今涨幅高达 185%,远超竞争对手英伟达 22% 的涨幅。</p>\n<blockquote>\n<p>超威半导体(AMD):621.03 美元,+5.51(+0.90%) 数据截至美国东部时间上午 10:12:03,市场已开盘。</p>\n</blockquote>\n<p> 这家芯片厂商今年捷报频传,推动股价节节走高。</p>\n<p> 本月早些时候,AMD 第二季度各项业绩全面超出华尔街预期,非 GAAP 每股收益达到创纪录的 1.66 美元,市场一致预期为 1.61 美元;总营收同比大涨 50%,创下 115 亿美元的历史新高,高于分析师预期的约 113.4 亿美元。</p>\n<p> 营收与利润双增长主要依靠数据中心板块驱动。得益于 EPYC(霄龙)服务器 CPU 与 Instinct 系列 AI 加速芯片的旺盛需求,该板块营收同比翻番以上,达到 67 亿美元。</p>\n<p> AMD 预计,2026 年下半年服务器 CPU 营收同比增长 80%,2027 年同比增长 70%;预计 2027 年数据中心整体营收实现翻倍以上增长,其中 AI 图形处理器(GPU)增速将远超 100%。</p>\n<p> AMD 同时发布新一代 AI 芯片,主力产品为 Instinct MI450 系列 GPU 以及第六代 EPYC Venice(威尼斯)CPU。基于这批新芯片,AMD 推出<strong>Helios(赫利俄斯)系统</strong>,这套一体化平台整合 GPU、CPU、网络与软件,专门用于大模型的训练与推理,直接向英伟达的 AI 统治地位发起挑战。</p>\n<p> 新品发布的同时,AMD 敲定两笔重大合作。 <span>微软</span><span></span>将于 2026 年下半年,在 Azure 人工智能服务中部署 Helios 系统。</p>\n<p> AMD 还和 Anthropic 达成深度合作,进一步扩张业务,在 AI 基础设施市场向英伟达发起冲击。 Anthropic 计划自 2027 年上半年起,在 Helios 系统中部署总功率最高 2 吉瓦的 Instinct MI450 GPU,这笔交易长期价值可达<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元。AMD 同时承诺最高向 Anthropic 投资 50 亿美元,是这家芯片公司有史以来规模最大的战略投资之一。</p>\n<p> AI 芯片的市场需求格外强劲。</p>\n<p> 苏姿丰表示:“我们正收获前期投入带来的回报。算力如今属于稀缺资源…… 我们对市场需求前景充满信心。”</p>\n</div></body></html>","source":"sina_us","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>为何AMD万亿市值来得合情合理</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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为何AMD万亿市值来得合情合理\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-22 22:15 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/c/2026-09-22/doc-inistmev8844313.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMD 首席执行官苏姿丰执掌这家芯片企业的表现堪称亮眼。2012 年她以高管身份加入 AMD 时,这家公司几近破产。\n 2014 年正式出任 CEO 之后,苏姿丰凭借标志性的谦逊态度与对技术的热忱,彻底重塑公司,使其成为英伟达最强劲的对手。她主导完成多笔重大交易,包括收购赛灵思;还与 Meta 达成合作,未来这家社交媒体巨头最多可能持有 AMD 10% 的股份。\n 苏姿丰掌舵之下,AMD 股价...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-09-22/doc-inistmev8844313.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","TEK":"iShares Technology Opportunities Active ETF","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","AMUU":"2倍做多AMD ETF-Direxion","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) 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营收与利润双增长主要依靠数据中心板块驱动。得益于 EPYC(霄龙)服务器 CPU 与 Instinct 系列 AI 加速芯片的旺盛需求,该板块营收同比翻番以上,达到 67 亿美元。\n AMD 预计,2026 年下半年服务器 CPU 营收同比增长 80%,2027 年同比增长 70%;预计 2027 年数据中心整体营收实现翻倍以上增长,其中 AI 图形处理器(GPU)增速将远超 100%。\n AMD 同时发布新一代 AI 芯片,主力产品为 Instinct MI450 系列 GPU 以及第六代 EPYC Venice(威尼斯)CPU。基于这批新芯片,AMD 推出Helios(赫利俄斯)系统,这套一体化平台整合 GPU、CPU、网络与软件,专门用于大模型的训练与推理,直接向英伟达的 AI 统治地位发起挑战。\n 新品发布的同时,AMD 敲定两笔重大合作。 微软将于 2026 年下半年,在 Azure 人工智能服务中部署 Helios 系统。\n AMD 还和 Anthropic 达成深度合作,进一步扩张业务,在 AI 基础设施市场向英伟达发起冲击。 Anthropic 计划自 2027 年上半年起,在 Helios 系统中部署总功率最高 2 吉瓦的 Instinct MI450 GPU,这笔交易长期价值可达数百亿美元。AMD 同时承诺最高向 Anthropic 投资 50 亿美元,是这家芯片公司有史以来规模最大的战略投资之一。\n AI 芯片的市场需求格外强劲。\n 苏姿丰表示:“我们正收获前期投入带来的回报。算力如今属于稀缺资源…… 我们对市场需求前景充满信心。”","news_type":1,"symbols_score_info":{"LEGR":0.6,"GAMR":0.6,"WISE":0.6,"AMDW":0.6,"FTXL":0.6,"SOXX":0.6,"TTEQ":0.6,"AMDG":0.6,"CNAV":0.6,"TEK":0.6,"AMYY":0.6,"SMHX":0.6,"CHPS":0.6,"CHAT":0.6,"AMDC":0.6,"AMD":1.98,"BAI":0.6,"AMDL":0.6,"QQQA":0.6,"SOXY":0.6,"XNTK":0.6,"TRFK":0.6,"SAMD0main":0.6,"PSI":0.6,"DAMD":0.6,"ILDR":0.6,"WUGI":0.6,"USXF":0.6,"AIQ":0.6,"ARTY":0.6,"AMUU":0.6,"AMDY":0.6,"AIS":0.6,"IETC":0.6,"AMDS":0.6,"AMDU":0.6,"AMDD":0.6,"FAI":0.6,"SMH":0.6}},"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609133103227448,"gmtCreate":1789740560227,"gmtModify":1789740562466,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"没钱买数据了,只能去垃圾堆里翻找","listText":"没钱买数据了,只能去垃圾堆里翻找","text":"没钱买数据了,只能去垃圾堆里翻找","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609133103227448","repostId":"2668500990","repostType":2,"repost":{"id":"2668500990","kind":"news","pubTimestamp":1789687674,"share":"https://www.laohunote.com/m/news/2668500990?lang=zh_CN&edition=full","pubTime":"2026-09-18 07:27","market":"us","language":"zh","title":"SpaceX旗下AI部门盯上“破产数据”!拟收购困境初创企业客户及运营信息,加码Grok模型训练","url":"https://stock-news.laohu8.com/highlight/detail?id=2668500990","media":"智通财经","summary":"知情人士表示,相关讨论目前主要在SpaceX旗下AI部门SpaceXAI内部进行,仍处于非正式阶段,最终未必会达成任何交易。SpaceX没有回应置评请求。据知情人士透露,该公司尤其关注企业运营数据和客户信息,计划将这些外部数据用于Grok等模型的训练。今年6月,SpaceXAI一度暂停招聘负责训练Grok的AI导师,随后又调整了团队领导层。SpaceXAI此次考虑从陷入困境的初创企业购买运营和客户数据,也显示头部AI企业围绕训练数据的争夺正在进一步向企业私有数据领域延伸。","content":"<html><head></head><body><p dir=\"auto\">智通财经APP获悉,据知情人士透露,马斯克旗下<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>(SPCX.US)内部已讨论从陷入困境或已经倒闭的初创企业手中购买客户及运营数据,希望以相对较低的成本获得更多高质量数据,用于提升旗下人工智能模型的性能。</p><p dir=\"auto\">知情人士表示,相关讨论目前主要在SpaceX旗下AI部门SpaceXAI内部进行,仍处于非正式阶段,最终未必会达成任何交易。SpaceX没有回应置评请求。</p><p dir=\"auto\">这一思路与谷歌此前的做法颇为相似。今年早些时候,在美国廉价航空公司Spirit Airlines停止运营后,谷歌曾提出以1000万美元购买其商业数据,用于AI训练。不过,该交易也引发数据隐私方面的担忧,包括Spirit Airlines部分前空乘人员对此提出质疑。</p><p dir=\"auto\"><strong>AI竞争加剧 SpaceXAI寻找更多外部高质量数据</strong></p><p dir=\"auto\">SpaceXAI前身为xAI。随着马斯克旗下太空、卫星通信和人工智能业务进一步整合,该公司正在与Anthropic、OpenAI等AI企业展开竞争,并寻求吸引更多企业客户。</p><p dir=\"auto\">与其他AI公司一样,SpaceXAI目前面临的关键任务之一,就是寻找能够提高模型在不同任务上表现的高质量训练数据。据知情人士透露,该公司尤其关注企业运营数据和客户信息,计划将这些外部数据用于Grok等模型的训练。</p><p dir=\"auto\">如果最终实施,这将意味着SpaceXAI在数据战略上出现一定变化。</p><p dir=\"auto\">过去,该公司主要依靠马斯克旗下社交平台X的数据,以及由内部专业人员组成的“AI导师”团队,对人工智能模型进行训练和优化。这些AI导师会帮助工程师改善模型在金融、科学乃至幽默等专业领域的表现。</p><p dir=\"auto\">如今,SpaceXAI考虑引入更多外部数据集,反映出随着AI模型能力不断提升,单纯依靠内部数据来源可能已经难以完全满足模型训练和优化需求。对于头部AI企业而言,能够合法获得具有专业性、真实性和结构化特征的数据,正成为提升模型性能的重要资源。</p><p dir=\"auto\"><strong>重组AI训练团队 加快完善Grok训练体系</strong></p><p dir=\"auto\">与此同时,SpaceXAI内部负责模型训练的数据团队近期也经历了一系列人员和战略调整。今年6月,SpaceXAI一度暂停招聘负责训练Grok的AI导师,随后又调整了团队领导层。曾长期任职于SpaceX旗下卫星互联网业务Starlink的Jack Garabedian近期接手该团队,取代年轻工程师Diego Pasini。</p><p dir=\"auto\">知情人士表示,Garabedian上任后一直试图改善团队内部状况,包括建立更加明确的工作流程、会议机制以及AI训练数据目标。</p><p dir=\"auto\">媒体看到的一份SpaceXAI内部通讯显示,该数据团队在7月份取得的进展包括推进一款新AI模型以及编程智能体的开发。通讯强调,如果没有团队日常进行的标注、偏好对齐和验证等基础工作,这些模型很难最终成为成熟产品。这也凸显出,在算力和模型架构之外,数据处理及人工反馈仍然是AI模型训练的重要组成部分。</p><p dir=\"auto\"><strong>外部采购与内部数据并行 马斯克拟让Grok学习“所有SpaceX信息”</strong></p><p dir=\"auto\">虽然SpaceXAI正在研究获取更多外部数据源,马斯克庞大的商业版图本身仍是Grok的重要数据来源,其中甚至包括SpaceX员工产生的信息。</p><p dir=\"auto\">马斯克近期在一次SpaceX内部会议上表示,公司计划利用SpaceX内部的全部信息训练Grok,并直接告诉员工:“它也会用你们的数据进行训练。”</p><p dir=\"auto\">这一表态意味着,SpaceXAI未来的数据策略可能采取“内部+外部”并行的模式:一方面继续利用SpaceX、X等马斯克旗下企业和平台产生的数据,另一方面通过购买外部数据集进一步扩展训练数据的广度和专业性。</p><p dir=\"auto\">值得注意的是,从困境企业或倒闭公司收购数据虽然可能提供成本相对较低的数据来源,但客户信息的使用也可能涉及隐私、授权以及数据使用范围等问题。谷歌此前竞购Spirit Airlines数据所引发的争议,已经显示出这类交易潜在的合规和隐私风险。</p><p dir=\"auto\">随着OpenAI、Anthropic以及SpaceXAI等企业围绕模型性能和企业客户展开竞争,高质量、专业化数据正在成为继芯片、算力和电力之后AI竞争的另一项关键资源。 SpaceXAI此次考虑从陷入困境的初创企业购买运营和客户数据,也显示头部AI企业围绕训练数据的争夺正在进一步向企业私有数据领域延伸。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SpaceX旗下AI部门盯上“破产数据”!拟收购困境初创企业客户及运营信息,加码Grok模型训练</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nSpaceX旗下AI部门盯上“破产数据”!拟收购困境初创企业客户及运营信息,加码Grok模型训练\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-18 07:27 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1497684.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,据知情人士透露,马斯克旗下SpaceX(SPCX.US)内部已讨论从陷入困境或已经倒闭的初创企业手中购买客户及运营数据,希望以相对较低的成本获得更多高质量数据,用于提升旗下人工智能模型的性能。知情人士表示,相关讨论目前主要在SpaceX旗下AI部门SpaceXAI内部进行,仍处于非正式阶段,最终未必会达成任何交易。SpaceX没有回应置评请求。这一思路与谷歌此前的做法颇为相似。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1497684.html\">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/f16a7a67d0d2e6f1e72c43b8fe10d226","relate_stocks":{"WSPC":"WisdomTree Space Economy UCITS ETF","LU0056508442.USD":"贝莱德世界科技基金A2","SPCU":"2倍做多SpaceX ETF-Defiance","ARTY":"ISHARES FUTURE AI & TECH ETF","AGIX":"通用人工智能 ETF-AGIX","XOVL":"Defiance Daily Target 2X Long XOVR ETF","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4615":"SpaceX概念","MARS":"Roundhill Space & Technology ETF","SPCM":"2倍做多SpaceX ETF-Tradr","XOVR":"ERShares Private-Public Crossover ETF","SSPC":"2倍做空SpaceX ETF-Leverage Shares","SPCQ":"2倍做空SpaceX ETF-Defiance","VTHR":"Vanguard Russell 3000 ETF","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","BK4089":"非传统电信运营商","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LOFD":"Direxion Daily SpaceX Bear 2X ETF","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LOFF":"2倍做多SpaceX ETF-Direxion","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","YSPC":"YieldMax SPCX Option Income Strategy ETF","WARP":"VanEck Space ETF","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","SPAX":"2倍做多SPACEX ETF-T-REX","ELOL":"Leverage Shares 100% TSLA and 100% SPCX Daily ETF","SPCX":"SPAC and New Issue ETF","AIPO":"Defiance AI and Power Infrastructure ETF","SPCH":"2倍做多SpaceX ETF-Leverage Shares","ORBX":"Global X Space Tech ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","UFO":"Procure Space ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","SPCG":"2倍做空SpaceX ETF-Tradr","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","DXYZ":"Destiny Tech100 Inc","SNK":"2倍做空SpaceX ETF-GraniteShares","SPCF":"2倍做多SpaceX ETF-ProShares","SPAL":"2倍做多Space X ETF-GraniteShares","DSPC":"1倍做空SPCX ETF-Leverage Shares"},"source_url":"http://www.zhitongcaijing.com/content/detail/1497684.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2668500990","content_text":"智通财经APP获悉,据知情人士透露,马斯克旗下SpaceX(SPCX.US)内部已讨论从陷入困境或已经倒闭的初创企业手中购买客户及运营数据,希望以相对较低的成本获得更多高质量数据,用于提升旗下人工智能模型的性能。知情人士表示,相关讨论目前主要在SpaceX旗下AI部门SpaceXAI内部进行,仍处于非正式阶段,最终未必会达成任何交易。SpaceX没有回应置评请求。这一思路与谷歌此前的做法颇为相似。今年早些时候,在美国廉价航空公司Spirit Airlines停止运营后,谷歌曾提出以1000万美元购买其商业数据,用于AI训练。不过,该交易也引发数据隐私方面的担忧,包括Spirit Airlines部分前空乘人员对此提出质疑。AI竞争加剧 SpaceXAI寻找更多外部高质量数据SpaceXAI前身为xAI。随着马斯克旗下太空、卫星通信和人工智能业务进一步整合,该公司正在与Anthropic、OpenAI等AI企业展开竞争,并寻求吸引更多企业客户。与其他AI公司一样,SpaceXAI目前面临的关键任务之一,就是寻找能够提高模型在不同任务上表现的高质量训练数据。据知情人士透露,该公司尤其关注企业运营数据和客户信息,计划将这些外部数据用于Grok等模型的训练。如果最终实施,这将意味着SpaceXAI在数据战略上出现一定变化。过去,该公司主要依靠马斯克旗下社交平台X的数据,以及由内部专业人员组成的“AI导师”团队,对人工智能模型进行训练和优化。这些AI导师会帮助工程师改善模型在金融、科学乃至幽默等专业领域的表现。如今,SpaceXAI考虑引入更多外部数据集,反映出随着AI模型能力不断提升,单纯依靠内部数据来源可能已经难以完全满足模型训练和优化需求。对于头部AI企业而言,能够合法获得具有专业性、真实性和结构化特征的数据,正成为提升模型性能的重要资源。重组AI训练团队 加快完善Grok训练体系与此同时,SpaceXAI内部负责模型训练的数据团队近期也经历了一系列人员和战略调整。今年6月,SpaceXAI一度暂停招聘负责训练Grok的AI导师,随后又调整了团队领导层。曾长期任职于SpaceX旗下卫星互联网业务Starlink的Jack Garabedian近期接手该团队,取代年轻工程师Diego Pasini。知情人士表示,Garabedian上任后一直试图改善团队内部状况,包括建立更加明确的工作流程、会议机制以及AI训练数据目标。媒体看到的一份SpaceXAI内部通讯显示,该数据团队在7月份取得的进展包括推进一款新AI模型以及编程智能体的开发。通讯强调,如果没有团队日常进行的标注、偏好对齐和验证等基础工作,这些模型很难最终成为成熟产品。这也凸显出,在算力和模型架构之外,数据处理及人工反馈仍然是AI模型训练的重要组成部分。外部采购与内部数据并行 马斯克拟让Grok学习“所有SpaceX信息”虽然SpaceXAI正在研究获取更多外部数据源,马斯克庞大的商业版图本身仍是Grok的重要数据来源,其中甚至包括SpaceX员工产生的信息。马斯克近期在一次SpaceX内部会议上表示,公司计划利用SpaceX内部的全部信息训练Grok,并直接告诉员工:“它也会用你们的数据进行训练。”这一表态意味着,SpaceXAI未来的数据策略可能采取“内部+外部”并行的模式:一方面继续利用SpaceX、X等马斯克旗下企业和平台产生的数据,另一方面通过购买外部数据集进一步扩展训练数据的广度和专业性。值得注意的是,从困境企业或倒闭公司收购数据虽然可能提供成本相对较低的数据来源,但客户信息的使用也可能涉及隐私、授权以及数据使用范围等问题。谷歌此前竞购Spirit Airlines数据所引发的争议,已经显示出这类交易潜在的合规和隐私风险。随着OpenAI、Anthropic以及SpaceXAI等企业围绕模型性能和企业客户展开竞争,高质量、专业化数据正在成为继芯片、算力和电力之后AI竞争的另一项关键资源。 SpaceXAI此次考虑从陷入困境的初创企业购买运营和客户数据,也显示头部AI企业围绕训练数据的争夺正在进一步向企业私有数据领域延伸。","news_type":1,"symbols_score_info":{"AIPO":1.5,"AGIX":1.5,"WSPC":0.6,"DXYZ":1.5,"SPCU":1.5,"SNK":1.5,"SPCH":0.6,"VTHR":1.5,"LOFF":0.6,"ARTY":1.5,"SPAL":1.5,"SPCG":0.6,"SPCF":0.6,"ORBX":0.6,"LOFD":0.6,"QTOC":1.5,"WARP":0.6,"SPCM":0.6,"DSPC":0.6,"UFO":0.6,"SPAX":0.6,"XOVR":1.5,"SPCQ":0.6,"SSPC":0.6,"XOVL":0.6,"ELOL":0.6,"MARS":0.6,"YSPC":0.6,"CHAT":1.5,"SPCX":1.5}},"isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608288692327192,"gmtCreate":1789531507255,"gmtModify":1789531509182,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"黄皮是怕自己的高价卡没人买","listText":"黄皮是怕自己的高价卡没人买","text":"黄皮是怕自己的高价卡没人买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608288692327192","repostId":"1126005674","repostType":2,"repost":{"id":"1126005674","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1789515244,"share":"https://www.laohunote.com/m/news/1126005674?lang=zh_CN&edition=full","pubTime":"2026-09-16 07:34","market":"us","language":"zh","title":"英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”","url":"https://stock-news.laohu8.com/highlight/detail?id=1126005674","media":"老虎资讯综合","summary":"关键要点英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。Anthropic 没有回应就黄仁勋上述言论提出的置评请求。黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”","content":"<html><head></head><body><h2 style=\"text-align: left;\">关键要点</h2><ul><li><p style=\"text-align: left;\">英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。相关豁免将允许这些公司协调行动,以放缓先进 AI 模型的开发速度。</p></li><li><p style=\"text-align: left;\">黄仁勋表示,AI 安全确实是一个现实问题,但应该通过工程和测试来解决,而不是通过制定新的法律或监管规定。</p></li></ul><p style=\"text-align: left;\">英伟达 CEO 黄仁勋周二猛烈抨击了这样一种提议:给予人工智能公司反垄断豁免,以便它们能够协调行动,放缓越来越强大 AI 模型的开发。</p><p style=\"text-align: left;\">黄仁勋是在接受 CNBC 主持人 Jim Cramer 采访时发表上述言论的。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。</p><p style=\"text-align: left;\">Amodei 提议,让领先的 AI 实验室协调行动,“控制前沿发展速度”(pace the frontier),也就是有意放缓先进 AI 模型的开发,从而给企业更多时间进行测试并采取安全防护措施。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。</p><p style=\"text-align: left;\">黄仁勋同意 AI 公司需要认真对待安全问题,但他认为,这些公司应该能够自行解决这些挑战。</p><p style=\"text-align: left;\">黄仁勋表示:“我们需要制定新的法律、新的反垄断法或新的监管规定,才能让这些公司完成它们最基本的工程工作,并在产品发布之前把这些工作做好——这完全没有必要。我们已经有大量法律,也有大量监管规定,用来规范产品的可靠性和功能。”</p><p style=\"text-align: left;\">Amodei 在他的文章中提出了一套分三步走的方法,以适度放缓 AI 模型开发的速度。</p><p style=\"text-align: left;\">第一步是在每一家 AI 实验室内部引入第三方安全评估人员。</p><p style=\"text-align: left;\">Amodei 写道,第二步和第三步则是围绕安全标准开展民主化和全球范围的协调,以及“限制未经审查的 AI 发展速度”。</p><p style=\"text-align: left;\">Amodei 写道:“一些能够对控制发展速度产生实际影响的协调形式,在法律上存在挑战,并且需要政府提供支持。”</p><p style=\"text-align: left;\">之所以会产生法律问题,是因为领先的 AI 实验室彼此之间存在竞争,而且它们开发的模型也是相互竞争的产品。</p><p style=\"text-align: left;\">《谢尔曼反托拉斯法》(Sherman Antitrust Act)通常禁止竞争对手之间达成不合理限制竞争的协议,而某些形式的协调——包括限制产量的协议——可能属于违法行为。</p><p style=\"text-align: left;\">因此,如果相互竞争的 AI 开发商共同约定它们应该以多快的速度开发或发布新模型,就可能产生潜在的法律风险。</p><p style=\"text-align: left;\">黄仁勋表示,模型开发商有能力在产品发布之前确保其产品安全。</p><p style=\"text-align: left;\">“安全是一个工程问题。测试也是一个工程问题。”黄仁勋表示。</p><p style=\"text-align: left;\">黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。与此同时,英伟达也在开发自己的 Nemotron 系列开放权重模型。</p><p style=\"text-align: left;\">黄仁勋表示:“我们应该创造产品,并对它们进行适当的测试。如果产品还没有准备好发布,那就先不要发布,继续测试,继续进行工程开发,直到它准备好为止。”</p><p style=\"text-align: left;\">AI 热潮已经将英伟达推向全球最大芯片制造商以及全球市值最高公司的位置。放缓更强大 AI 模型的开发速度,可能会对英伟达未来的增长构成风险。</p><p style=\"text-align: left;\">Anthropic 没有回应就黄仁勋上述言论提出的置评请求。</p><p style=\"text-align: left;\">黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”</p><p style=\"text-align: left;\">“通过工程手段打造安全的产品,让全世界都能够安全地使用这些产品——这确实是一个现实问题。企业应该尽可能快地进行创新,但绝不能为了创新速度而快到发布不安全的产品。”</p><p style=\"text-align: left;\">黄仁勋还反驳了有关越来越强大的 AI 模型将对人类构成生存威胁的警告。</p><p style=\"text-align: left;\">他说:“我们不会在 2030 年灭亡。”</p><p style=\"text-align: left;\">“世界上有这么多人将会以正确的方式开发 AI。我们将会建立各种各样的安全护栏,也会发明各种各样用于安全与保障的技术。”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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class=\"title\">\n英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-09-16 07:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 style=\"text-align: left;\">关键要点</h2><ul><li><p style=\"text-align: left;\">英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。相关豁免将允许这些公司协调行动,以放缓先进 AI 模型的开发速度。</p></li><li><p style=\"text-align: left;\">黄仁勋表示,AI 安全确实是一个现实问题,但应该通过工程和测试来解决,而不是通过制定新的法律或监管规定。</p></li></ul><p style=\"text-align: left;\">英伟达 CEO 黄仁勋周二猛烈抨击了这样一种提议:给予人工智能公司反垄断豁免,以便它们能够协调行动,放缓越来越强大 AI 模型的开发。</p><p style=\"text-align: left;\">黄仁勋是在接受 CNBC 主持人 Jim Cramer 采访时发表上述言论的。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。</p><p style=\"text-align: left;\">Amodei 提议,让领先的 AI 实验室协调行动,“控制前沿发展速度”(pace the frontier),也就是有意放缓先进 AI 模型的开发,从而给企业更多时间进行测试并采取安全防护措施。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。</p><p style=\"text-align: left;\">黄仁勋同意 AI 公司需要认真对待安全问题,但他认为,这些公司应该能够自行解决这些挑战。</p><p style=\"text-align: left;\">黄仁勋表示:“我们需要制定新的法律、新的反垄断法或新的监管规定,才能让这些公司完成它们最基本的工程工作,并在产品发布之前把这些工作做好——这完全没有必要。我们已经有大量法律,也有大量监管规定,用来规范产品的可靠性和功能。”</p><p style=\"text-align: left;\">Amodei 在他的文章中提出了一套分三步走的方法,以适度放缓 AI 模型开发的速度。</p><p style=\"text-align: left;\">第一步是在每一家 AI 实验室内部引入第三方安全评估人员。</p><p style=\"text-align: left;\">Amodei 写道,第二步和第三步则是围绕安全标准开展民主化和全球范围的协调,以及“限制未经审查的 AI 发展速度”。</p><p style=\"text-align: left;\">Amodei 写道:“一些能够对控制发展速度产生实际影响的协调形式,在法律上存在挑战,并且需要政府提供支持。”</p><p style=\"text-align: left;\">之所以会产生法律问题,是因为领先的 AI 实验室彼此之间存在竞争,而且它们开发的模型也是相互竞争的产品。</p><p style=\"text-align: left;\">《谢尔曼反托拉斯法》(Sherman Antitrust Act)通常禁止竞争对手之间达成不合理限制竞争的协议,而某些形式的协调——包括限制产量的协议——可能属于违法行为。</p><p style=\"text-align: left;\">因此,如果相互竞争的 AI 开发商共同约定它们应该以多快的速度开发或发布新模型,就可能产生潜在的法律风险。</p><p style=\"text-align: left;\">黄仁勋表示,模型开发商有能力在产品发布之前确保其产品安全。</p><p style=\"text-align: left;\">“安全是一个工程问题。测试也是一个工程问题。”黄仁勋表示。</p><p style=\"text-align: left;\">黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。与此同时,英伟达也在开发自己的 Nemotron 系列开放权重模型。</p><p style=\"text-align: left;\">黄仁勋表示:“我们应该创造产品,并对它们进行适当的测试。如果产品还没有准备好发布,那就先不要发布,继续测试,继续进行工程开发,直到它准备好为止。”</p><p style=\"text-align: left;\">AI 热潮已经将英伟达推向全球最大芯片制造商以及全球市值最高公司的位置。放缓更强大 AI 模型的开发速度,可能会对英伟达未来的增长构成风险。</p><p style=\"text-align: left;\">Anthropic 没有回应就黄仁勋上述言论提出的置评请求。</p><p style=\"text-align: left;\">黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”</p><p style=\"text-align: left;\">“通过工程手段打造安全的产品,让全世界都能够安全地使用这些产品——这确实是一个现实问题。企业应该尽可能快地进行创新,但绝不能为了创新速度而快到发布不安全的产品。”</p><p style=\"text-align: left;\">黄仁勋还反驳了有关越来越强大的 AI 模型将对人类构成生存威胁的警告。</p><p style=\"text-align: left;\">他说:“我们不会在 2030 年灭亡。”</p><p style=\"text-align: left;\">“世界上有这么多人将会以正确的方式开发 AI。我们将会建立各种各样的安全护栏,也会发明各种各样用于安全与保障的技术。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f51e0887617e5ccdb1f56ab9d6b7e088","relate_stocks":{"NVDO":"2倍上限加速NVDA ETF-Leverage Shares","07388":"南方两倍做空英伟达","DIPS":"做空NVDA期权收益策略ETF-YieldMax","NVDD":"1倍做空NVDA ETF-Direxion","NVDU":"2倍做多NVDA ETF-Direxion","NVDB":"ProShares Ultra NVDA ETF","ANV":"GraniteShares Autocallable NVDA ETF","NVD":"2倍做空NVDA ETF-GraniteShares","07788":"南方两倍做多英伟达","NVC":"Corgi NVDA 2x Daily ETF","NVII":"Rex NVDA Growth & Income ETF","NVYY":"GraniteShares YieldBOOST NVDA ETF","NVDW":"NVDA周配息ETF-Roundhill","NVDL":"2倍做多NVDA ETF-GraniteShares","NVDA":"英伟达","NVDX":"2倍做多NVDA ETF-T-Rex","NVDQ":"2倍做空NVDA ETF-T-Rex","NVDG":"2倍做多NVDA ETF- Leverage Shares","NVDY":"NVDA期权收益策略ETF-YieldMax","NVDS":"1.5倍做空NVDA ETF-Tradr"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126005674","content_text":"关键要点英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。相关豁免将允许这些公司协调行动,以放缓先进 AI 模型的开发速度。黄仁勋表示,AI 安全确实是一个现实问题,但应该通过工程和测试来解决,而不是通过制定新的法律或监管规定。英伟达 CEO 黄仁勋周二猛烈抨击了这样一种提议:给予人工智能公司反垄断豁免,以便它们能够协调行动,放缓越来越强大 AI 模型的开发。黄仁勋是在接受 CNBC 主持人 Jim Cramer 采访时发表上述言论的。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。Amodei 提议,让领先的 AI 实验室协调行动,“控制前沿发展速度”(pace the frontier),也就是有意放缓先进 AI 模型的开发,从而给企业更多时间进行测试并采取安全防护措施。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。黄仁勋同意 AI 公司需要认真对待安全问题,但他认为,这些公司应该能够自行解决这些挑战。黄仁勋表示:“我们需要制定新的法律、新的反垄断法或新的监管规定,才能让这些公司完成它们最基本的工程工作,并在产品发布之前把这些工作做好——这完全没有必要。我们已经有大量法律,也有大量监管规定,用来规范产品的可靠性和功能。”Amodei 在他的文章中提出了一套分三步走的方法,以适度放缓 AI 模型开发的速度。第一步是在每一家 AI 实验室内部引入第三方安全评估人员。Amodei 写道,第二步和第三步则是围绕安全标准开展民主化和全球范围的协调,以及“限制未经审查的 AI 发展速度”。Amodei 写道:“一些能够对控制发展速度产生实际影响的协调形式,在法律上存在挑战,并且需要政府提供支持。”之所以会产生法律问题,是因为领先的 AI 实验室彼此之间存在竞争,而且它们开发的模型也是相互竞争的产品。《谢尔曼反托拉斯法》(Sherman Antitrust Act)通常禁止竞争对手之间达成不合理限制竞争的协议,而某些形式的协调——包括限制产量的协议——可能属于违法行为。因此,如果相互竞争的 AI 开发商共同约定它们应该以多快的速度开发或发布新模型,就可能产生潜在的法律风险。黄仁勋表示,模型开发商有能力在产品发布之前确保其产品安全。“安全是一个工程问题。测试也是一个工程问题。”黄仁勋表示。黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。与此同时,英伟达也在开发自己的 Nemotron 系列开放权重模型。黄仁勋表示:“我们应该创造产品,并对它们进行适当的测试。如果产品还没有准备好发布,那就先不要发布,继续测试,继续进行工程开发,直到它准备好为止。”AI 热潮已经将英伟达推向全球最大芯片制造商以及全球市值最高公司的位置。放缓更强大 AI 模型的开发速度,可能会对英伟达未来的增长构成风险。Anthropic 没有回应就黄仁勋上述言论提出的置评请求。黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”“通过工程手段打造安全的产品,让全世界都能够安全地使用这些产品——这确实是一个现实问题。企业应该尽可能快地进行创新,但绝不能为了创新速度而快到发布不安全的产品。”黄仁勋还反驳了有关越来越强大的 AI 模型将对人类构成生存威胁的警告。他说:“我们不会在 2030 年灭亡。”“世界上有这么多人将会以正确的方式开发 AI。我们将会建立各种各样的安全护栏,也会发明各种各样用于安全与保障的技术。”","news_type":1,"symbols_score_info":{"07388":0.6,"NVDQ":0.6,"NVDS":0.6,"NVDD":0.6,"ANV":0.6,"NVDG":0.6,"NVDU":0.6,"07788":0.6,"NVC":0.6,"NVII":0.6,"NVDX":0.6,"NVDY":0.6,"NVDA":2,"NVDB":0.6,"NVYY":0.6,"DIPS":0.6,"NVDL":0.6,"NVD":0.6,"NVDW":0.6,"NVDO":0.6}},"isVote":1,"tweetType":1,"viewCount":825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601264621462280,"gmtCreate":1787830079414,"gmtModify":1787830081661,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"现在还在强挽AI叙事吹票,高开低走一碗大面没跑了。","listText":"现在还在强挽AI叙事吹票,高开低走一碗大面没跑了。","text":"现在还在强挽AI叙事吹票,高开低走一碗大面没跑了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601264621462280","isVote":1,"tweetType":1,"viewCount":1115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601035153090008,"gmtCreate":1787774158552,"gmtModify":1787774160426,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SPCX\">$SpaceX(SPCX)$ </a> 每天都是拉尾盘,非奸即盗","listText":"<a href=\"https://laohu8.com/S/SPCX\">$SpaceX(SPCX)$ </a> 每天都是拉尾盘,非奸即盗","text":"$SpaceX(SPCX)$ 每天都是拉尾盘,非奸即盗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601035153090008","isVote":1,"tweetType":1,"viewCount":1187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600637889459552,"gmtCreate":1787677164511,"gmtModify":1787677166747,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"对应7.94万亿美元市值,呵呵,真是敢随便吹","listText":"对应7.94万亿美元市值,呵呵,真是敢随便吹","text":"对应7.94万亿美元市值,呵呵,真是敢随便吹","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600637889459552","repostId":"1100598277","repostType":2,"repost":{"id":"1100598277","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1787637266,"share":"https://www.laohunote.com/m/news/1100598277?lang=zh_CN&edition=full","pubTime":"2026-08-25 13:54","market":"us","language":"zh","title":"英伟达财报前夕华尔街高喊“闭眼买入”!看涨至350美元并直言:市场错把AI霸主当成了输家","url":"https://stock-news.laohu8.com/highlight/detail?id=1100598277","media":"老虎资讯综合","summary":"以英伟达目前约215美元的股价计算,意味着潜在上涨空间超过60%。此外,英伟达正在积极开拓企业客户以及各国推动的“主权AI”项目,从而进一步扩大AI算力需求来源。Rosenblatt Securities继续给予英伟达“买入”评级,并预计公司本季度营收及盈利均有望超过市场一致预期。Benchmark同样重申“买入”评级,并给出335美元目标价。该机构预计,英伟达本季度营收可能达到920亿美元,每股收益约2.10美元。英伟达财报重点看什么?","content":"<html><head></head><body><p style=\"text-align: left;\"> <a href=\"https://laohu8.com/S/NVDA\">英伟达</a>即将迎来又一个关键财报时刻,而在业绩公布前夕,华尔街的看多声音正在升温。</p><p style=\"text-align: left;\">美东时间周三(8月26日)美股盘后,英伟达将公布2027财年第二季度业绩。作为当前AI投资热潮最重要的风向标之一,英伟达业绩不仅关系自身估值,也可能影响AI芯片、数据中心以及整个美股科技板块的交易情绪。</p><p style=\"text-align: left;\">Cantor Fitzgerald高级董事总经理兼科技行业分析师CJ Muse日前重申英伟达“增持(Overweight)”评级,并维持350美元目标价。以英伟达目前约215美元的股价计算,意味着潜在上涨空间超过60%。</p><p style=\"text-align: left;\">Muse甚至给出了相当鲜明的判断:<strong>“是时候闭上眼睛,重仓买入英伟达股票了。”</strong></p><p style=\"text-align: left;\">在他看来,当前市场给英伟达的定价,仿佛公司已经在AI竞争中“败下阵来”,但这种判断与其实际竞争力并不匹配。一旦市场重新认识到英伟达的盈利能力以及在AI生态中的价值获取能力,股价重新启动后的上行速度可能相当快。</p><h2 style=\"text-align: left;\"><strong>Cantor:投资者目前对英伟达仍处于“低配”状态</strong></h2><p style=\"text-align: left;\">Muse认为,目前机构投资者整体对英伟达的配置仍然偏低,即其在投资组合中的权重低于该股在整体市场中的权重,这也意味着一旦基本面催化剂重新出现,潜在的增配需求可能成为股价的重要推动力。</p><p style=\"text-align: left;\">估值则是Cantor看多英伟达的另一项核心理由。</p><p style=\"text-align: left;\">按照Muse较为乐观的盈利情景,英伟达2027年每股收益有望达到17美元,2028年进一步升至25美元。以当前股价计算,对应2027年预期市盈率约14倍、2028年约10倍。</p><p style=\"text-align: left;\">对于一家仍处于AI基础设施核心位置的公司而言,Muse认为这一估值并没有充分反映其长期盈利潜力。</p><p style=\"text-align: left;\">与此同时,英伟达仍是Cantor Fitzgerald在科技板块中的首选标的之一。</p><h2 style=\"text-align: left;\"><strong>财报只是开始?Cantor点出五大潜在催化剂</strong></h2><p style=\"text-align: left;\">除了即将公布的季度业绩,Cantor认为,未来一段时间英伟达还存在多项可能重新点燃股价的催化因素。</p><p style=\"text-align: left;\">首先是<strong>2027年数据中心业务展望</strong>。随着部分AI产业链公司陆续给出更具体的中长期增长目标,市场也在等待英伟达对2027年数据中心收入前景作出更明确的指引。如果管理层释放出强于预期的增长信号,可能成为市场重新上调盈利预测的重要依据。</p><p style=\"text-align: left;\">第二个潜在催化剂来自Anthropic。Cantor认为,随着Anthropic朝预计于2026年第四季度进行IPO的方向推进,更多经营及财务信息可能逐步披露。尽管其7月年度经常性收入(ARR)数据一度引发市场担忧,但后续信息仍可能帮助投资者重新评估AI模型公司的算力需求。</p><p style=\"text-align: left;\">第三,全球大型云计算厂商以及其他AI基础设施参与者对2027年至2028年的资本开支规划正逐渐清晰。若微软、谷歌、Meta、亚马逊等大型科技企业继续维持高强度AI投资,将进一步增强市场对英伟达中长期GPU需求的信心。</p><p style=\"text-align: left;\">第四,CoreWeave、Nebius等“新云”(Neocloud)企业仍处于高速扩张阶段。这类企业已经成为传统超大规模云厂商之外的重要AI算力买家,也有望继续扩大英伟达的客户基础。</p><p style=\"text-align: left;\">第五,则是Muse尤其看重的<strong>GPU资产金融化</strong>。随着越来越多AI基础设施融资协议出现,GPU正在从单纯的硬件设备逐渐演变为能够被融资、抵押并产生持续现金流的基础设施资产。</p><h2 style=\"text-align: left;\"><strong>不只是卖GPU,英伟达正在把AI生态变成自己的“护城河”</strong></h2><p style=\"text-align: left;\">Muse认为,市场目前可能低估了英伟达商业模式正在发生的变化——公司已经不再只是一家单纯依靠销售GPU赚钱的半导体企业。</p><p style=\"text-align: left;\">近年来,英伟达不断投资OpenAI、Anthropic等AI公司,同时与CoreWeave、Nebius等新型云服务商建立更深入的商业关系,包括投资、算力采购及收入分成等多种合作模式。</p><p style=\"text-align: left;\">这些安排虽然也引发市场对于“循环融资”以及AI产业内部资本循环的争议,但Muse认为,从英伟达自身竞争战略来看,这种模式反而可能强化其市场地位。</p><p style=\"text-align: left;\">原因在于,英伟达正在同时参与AI基础设施的多个环节:一方面销售GPU、网络设备及完整机架系统,另一方面通过资本、融资及商业合作推动客户扩大数据中心建设。</p><p style=\"text-align: left;\">换句话说,英伟达不仅向AI基础设施市场“卖铲子”,也在通过资本投入帮助客户继续“挖矿”。</p><h2 style=\"text-align: left;\"><strong>GPU正在成为一种新的“可融资资产”</strong></h2><p style=\"text-align: left;\">Muse尤其强调,英伟达正在推动GPU从传统硬件产品向一种新的基础设施资产类别转变。</p><p style=\"text-align: left;\">随着AI数据中心建设成本持续攀升,GPU本身已经成为融资交易中的核心资产。英伟达通过股权投资、收入分成、算力换股权以及与金融机构合作融资等方式,让GPU能够更深地嵌入AI基础设施融资体系。</p><p style=\"text-align: left;\">英伟达还参与了规模庞大的AI基础设施融资计划,并通过向部分AI初创企业提供计算资源换取股权,从而进一步扩大自身在AI产业链中的利益覆盖范围。</p><p style=\"text-align: left;\">在Muse看来,这意味着即使英伟达未来在某一个技术环节遭遇竞争,例如大型云厂商进一步发展自研ASIC芯片,公司也未必会轻易失去整个AI基础设施市场。</p><p style=\"text-align: left;\">因为对于部分新建AI数据中心而言,英伟达提供的不只是GPU,还包括CUDA软件生态、网络设备、机架级解决方案,以及帮助项目获得资金和客户的重要资本支持。</p><p style=\"text-align: left;\">Muse认为,这使得英伟达变得“越来越难被排挤出局”——即使公司在技术堆栈某一层面输给竞争对手,其资本、软件以及完整AI系统能力仍可能继续参与并分享整个AI基础设施市场的增长。</p><h2 style=\"text-align: left;\"><strong>从Hyperscaler扩展至Neocloud、企业和主权AI</strong></h2><p style=\"text-align: left;\">与此同时,英伟达的增长逻辑也正在从传统超大规模云厂商进一步向外扩散。</p><p style=\"text-align: left;\">过去几年,微软、亚马逊、谷歌和Meta等Hyperscaler一直是AI GPU最重要的需求来源。但随着这些企业持续推进自研AI芯片,市场开始担忧英伟达长期市场份额可能受到侵蚀。</p><p style=\"text-align: left;\">Muse认为,与CoreWeave、Nebius等Neocloud建立更紧密的利益绑定,恰恰可以降低英伟达过度依赖传统大型云厂商的风险。</p><p style=\"text-align: left;\">此外,英伟达正在积极开拓企业客户以及各国推动的“主权AI”项目,从而进一步扩大AI算力需求来源。</p><p style=\"text-align: left;\">如果这种趋势持续,英伟达未来的增长可能不再单纯依赖几家美国科技巨头,而是由Hyperscaler、Neocloud、企业客户、AI初创公司以及主权AI项目共同驱动。</p><h2 style=\"text-align: left;\"><strong>多家华尔街机构财报前继续看多</strong></h2><p style=\"text-align: left;\">除Cantor Fitzgerald外,英伟达财报公布前,多家华尔街机构同样维持积极观点。</p><p style=\"text-align: left;\">Rosenblatt Securities继续给予英伟达“买入”评级,并预计公司本季度营收及盈利均有望超过市场一致预期。</p><p style=\"text-align: left;\">Benchmark同样重申“买入”评级,并给出335美元目标价。该机构预计,英伟达本季度营收可能达到920亿美元,每股收益约2.10美元。</p><p style=\"text-align: left;\">BMO Capital近期亦首次覆盖英伟达,并给予“跑赢大市”评级,核心理由仍是公司在AI技术及基础设施市场的领先优势。</p><p style=\"text-align: left;\">不过,市场并非没有风险。Wolfe Research近期提醒,在利率上行环境下,AI资本开支可能面临一定压力。如果融资成本持续上升,部分高杠杆AI基础设施项目的扩张速度可能受到影响。</p><p style=\"text-align: left;\">此外,市场消息显示,英伟达正洽谈投资AI搜索初创公司Perplexity,后者在新一轮融资中的估值可能超过300亿美元。若交易落地,将进一步延续英伟达通过股权投资深度绑定AI应用层企业的战略。</p><h2 style=\"text-align: left;\"><strong>英伟达财报重点看什么?</strong></h2><p style=\"text-align: left;\">对于即将公布的2027财年第二季度业绩,单纯的营收和EPS能否超预期可能已经不足以决定市场方向。投资者更关注的,是英伟达能否证明AI基础设施投资周期仍在持续。</p><p style=\"text-align: left;\">其中,数据中心业务增速、下一代GPU产品的出货节奏、2027年需求能见度、Hyperscaler资本开支趋势,以及Neocloud和主权AI带来的增量需求,都可能成为决定财报后股价表现的关键变量。</p><p style=\"text-align: left;\">而Cantor Fitzgerald的核心判断是:市场目前正在用过于悲观的方式定价英伟达,却没有充分计入公司从“GPU供应商”向“AI基础设施平台+资本参与者”转型所带来的长期价值。</p><p style=\"text-align: left;\">如果这一判断成立,那么8月26日公布的财报,可能成为市场重新评估英伟达AI龙头地位的重要节点。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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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英伟达财报前夕华尔街高喊“闭眼买入”!看涨至350美元并直言:市场错把AI霸主当成了输家\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-08-25 13:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"> <a href=\"https://laohu8.com/S/NVDA\">英伟达</a>即将迎来又一个关键财报时刻,而在业绩公布前夕,华尔街的看多声音正在升温。</p><p style=\"text-align: left;\">美东时间周三(8月26日)美股盘后,英伟达将公布2027财年第二季度业绩。作为当前AI投资热潮最重要的风向标之一,英伟达业绩不仅关系自身估值,也可能影响AI芯片、数据中心以及整个美股科技板块的交易情绪。</p><p style=\"text-align: left;\">Cantor Fitzgerald高级董事总经理兼科技行业分析师CJ Muse日前重申英伟达“增持(Overweight)”评级,并维持350美元目标价。以英伟达目前约215美元的股价计算,意味着潜在上涨空间超过60%。</p><p style=\"text-align: left;\">Muse甚至给出了相当鲜明的判断:<strong>“是时候闭上眼睛,重仓买入英伟达股票了。”</strong></p><p style=\"text-align: left;\">在他看来,当前市场给英伟达的定价,仿佛公司已经在AI竞争中“败下阵来”,但这种判断与其实际竞争力并不匹配。一旦市场重新认识到英伟达的盈利能力以及在AI生态中的价值获取能力,股价重新启动后的上行速度可能相当快。</p><h2 style=\"text-align: left;\"><strong>Cantor:投资者目前对英伟达仍处于“低配”状态</strong></h2><p style=\"text-align: left;\">Muse认为,目前机构投资者整体对英伟达的配置仍然偏低,即其在投资组合中的权重低于该股在整体市场中的权重,这也意味着一旦基本面催化剂重新出现,潜在的增配需求可能成为股价的重要推动力。</p><p style=\"text-align: left;\">估值则是Cantor看多英伟达的另一项核心理由。</p><p style=\"text-align: left;\">按照Muse较为乐观的盈利情景,英伟达2027年每股收益有望达到17美元,2028年进一步升至25美元。以当前股价计算,对应2027年预期市盈率约14倍、2028年约10倍。</p><p style=\"text-align: left;\">对于一家仍处于AI基础设施核心位置的公司而言,Muse认为这一估值并没有充分反映其长期盈利潜力。</p><p style=\"text-align: left;\">与此同时,英伟达仍是Cantor Fitzgerald在科技板块中的首选标的之一。</p><h2 style=\"text-align: left;\"><strong>财报只是开始?Cantor点出五大潜在催化剂</strong></h2><p style=\"text-align: left;\">除了即将公布的季度业绩,Cantor认为,未来一段时间英伟达还存在多项可能重新点燃股价的催化因素。</p><p style=\"text-align: left;\">首先是<strong>2027年数据中心业务展望</strong>。随着部分AI产业链公司陆续给出更具体的中长期增长目标,市场也在等待英伟达对2027年数据中心收入前景作出更明确的指引。如果管理层释放出强于预期的增长信号,可能成为市场重新上调盈利预测的重要依据。</p><p style=\"text-align: left;\">第二个潜在催化剂来自Anthropic。Cantor认为,随着Anthropic朝预计于2026年第四季度进行IPO的方向推进,更多经营及财务信息可能逐步披露。尽管其7月年度经常性收入(ARR)数据一度引发市场担忧,但后续信息仍可能帮助投资者重新评估AI模型公司的算力需求。</p><p style=\"text-align: left;\">第三,全球大型云计算厂商以及其他AI基础设施参与者对2027年至2028年的资本开支规划正逐渐清晰。若微软、谷歌、Meta、亚马逊等大型科技企业继续维持高强度AI投资,将进一步增强市场对英伟达中长期GPU需求的信心。</p><p style=\"text-align: left;\">第四,CoreWeave、Nebius等“新云”(Neocloud)企业仍处于高速扩张阶段。这类企业已经成为传统超大规模云厂商之外的重要AI算力买家,也有望继续扩大英伟达的客户基础。</p><p style=\"text-align: left;\">第五,则是Muse尤其看重的<strong>GPU资产金融化</strong>。随着越来越多AI基础设施融资协议出现,GPU正在从单纯的硬件设备逐渐演变为能够被融资、抵押并产生持续现金流的基础设施资产。</p><h2 style=\"text-align: left;\"><strong>不只是卖GPU,英伟达正在把AI生态变成自己的“护城河”</strong></h2><p style=\"text-align: left;\">Muse认为,市场目前可能低估了英伟达商业模式正在发生的变化——公司已经不再只是一家单纯依靠销售GPU赚钱的半导体企业。</p><p style=\"text-align: left;\">近年来,英伟达不断投资OpenAI、Anthropic等AI公司,同时与CoreWeave、Nebius等新型云服务商建立更深入的商业关系,包括投资、算力采购及收入分成等多种合作模式。</p><p style=\"text-align: left;\">这些安排虽然也引发市场对于“循环融资”以及AI产业内部资本循环的争议,但Muse认为,从英伟达自身竞争战略来看,这种模式反而可能强化其市场地位。</p><p style=\"text-align: left;\">原因在于,英伟达正在同时参与AI基础设施的多个环节:一方面销售GPU、网络设备及完整机架系统,另一方面通过资本、融资及商业合作推动客户扩大数据中心建设。</p><p style=\"text-align: left;\">换句话说,英伟达不仅向AI基础设施市场“卖铲子”,也在通过资本投入帮助客户继续“挖矿”。</p><h2 style=\"text-align: left;\"><strong>GPU正在成为一种新的“可融资资产”</strong></h2><p style=\"text-align: left;\">Muse尤其强调,英伟达正在推动GPU从传统硬件产品向一种新的基础设施资产类别转变。</p><p style=\"text-align: left;\">随着AI数据中心建设成本持续攀升,GPU本身已经成为融资交易中的核心资产。英伟达通过股权投资、收入分成、算力换股权以及与金融机构合作融资等方式,让GPU能够更深地嵌入AI基础设施融资体系。</p><p style=\"text-align: left;\">英伟达还参与了规模庞大的AI基础设施融资计划,并通过向部分AI初创企业提供计算资源换取股权,从而进一步扩大自身在AI产业链中的利益覆盖范围。</p><p style=\"text-align: left;\">在Muse看来,这意味着即使英伟达未来在某一个技术环节遭遇竞争,例如大型云厂商进一步发展自研ASIC芯片,公司也未必会轻易失去整个AI基础设施市场。</p><p style=\"text-align: left;\">因为对于部分新建AI数据中心而言,英伟达提供的不只是GPU,还包括CUDA软件生态、网络设备、机架级解决方案,以及帮助项目获得资金和客户的重要资本支持。</p><p style=\"text-align: left;\">Muse认为,这使得英伟达变得“越来越难被排挤出局”——即使公司在技术堆栈某一层面输给竞争对手,其资本、软件以及完整AI系统能力仍可能继续参与并分享整个AI基础设施市场的增长。</p><h2 style=\"text-align: left;\"><strong>从Hyperscaler扩展至Neocloud、企业和主权AI</strong></h2><p style=\"text-align: left;\">与此同时,英伟达的增长逻辑也正在从传统超大规模云厂商进一步向外扩散。</p><p style=\"text-align: left;\">过去几年,微软、亚马逊、谷歌和Meta等Hyperscaler一直是AI GPU最重要的需求来源。但随着这些企业持续推进自研AI芯片,市场开始担忧英伟达长期市场份额可能受到侵蚀。</p><p style=\"text-align: left;\">Muse认为,与CoreWeave、Nebius等Neocloud建立更紧密的利益绑定,恰恰可以降低英伟达过度依赖传统大型云厂商的风险。</p><p style=\"text-align: left;\">此外,英伟达正在积极开拓企业客户以及各国推动的“主权AI”项目,从而进一步扩大AI算力需求来源。</p><p style=\"text-align: left;\">如果这种趋势持续,英伟达未来的增长可能不再单纯依赖几家美国科技巨头,而是由Hyperscaler、Neocloud、企业客户、AI初创公司以及主权AI项目共同驱动。</p><h2 style=\"text-align: left;\"><strong>多家华尔街机构财报前继续看多</strong></h2><p style=\"text-align: left;\">除Cantor Fitzgerald外,英伟达财报公布前,多家华尔街机构同样维持积极观点。</p><p style=\"text-align: left;\">Rosenblatt Securities继续给予英伟达“买入”评级,并预计公司本季度营收及盈利均有望超过市场一致预期。</p><p style=\"text-align: left;\">Benchmark同样重申“买入”评级,并给出335美元目标价。该机构预计,英伟达本季度营收可能达到920亿美元,每股收益约2.10美元。</p><p style=\"text-align: left;\">BMO Capital近期亦首次覆盖英伟达,并给予“跑赢大市”评级,核心理由仍是公司在AI技术及基础设施市场的领先优势。</p><p style=\"text-align: left;\">不过,市场并非没有风险。Wolfe Research近期提醒,在利率上行环境下,AI资本开支可能面临一定压力。如果融资成本持续上升,部分高杠杆AI基础设施项目的扩张速度可能受到影响。</p><p style=\"text-align: left;\">此外,市场消息显示,英伟达正洽谈投资AI搜索初创公司Perplexity,后者在新一轮融资中的估值可能超过300亿美元。若交易落地,将进一步延续英伟达通过股权投资深度绑定AI应用层企业的战略。</p><h2 style=\"text-align: left;\"><strong>英伟达财报重点看什么?</strong></h2><p style=\"text-align: left;\">对于即将公布的2027财年第二季度业绩,单纯的营收和EPS能否超预期可能已经不足以决定市场方向。投资者更关注的,是英伟达能否证明AI基础设施投资周期仍在持续。</p><p style=\"text-align: left;\">其中,数据中心业务增速、下一代GPU产品的出货节奏、2027年需求能见度、Hyperscaler资本开支趋势,以及Neocloud和主权AI带来的增量需求,都可能成为决定财报后股价表现的关键变量。</p><p style=\"text-align: left;\">而Cantor Fitzgerald的核心判断是:市场目前正在用过于悲观的方式定价英伟达,却没有充分计入公司从“GPU供应商”向“AI基础设施平台+资本参与者”转型所带来的长期价值。</p><p style=\"text-align: left;\">如果这一判断成立,那么8月26日公布的财报,可能成为市场重新评估英伟达AI龙头地位的重要节点。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7308276753c5ff6ceaac8e2cceebffd3","relate_stocks":{"NVDB":"ProShares Ultra NVDA ETF","NVYY":"GraniteShares YieldBOOST NVDA ETF","NVII":"Rex NVDA Growth & Income 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Muse日前重申英伟达“增持(Overweight)”评级,并维持350美元目标价。以英伟达目前约215美元的股价计算,意味着潜在上涨空间超过60%。Muse甚至给出了相当鲜明的判断:“是时候闭上眼睛,重仓买入英伟达股票了。”在他看来,当前市场给英伟达的定价,仿佛公司已经在AI竞争中“败下阵来”,但这种判断与其实际竞争力并不匹配。一旦市场重新认识到英伟达的盈利能力以及在AI生态中的价值获取能力,股价重新启动后的上行速度可能相当快。Cantor:投资者目前对英伟达仍处于“低配”状态Muse认为,目前机构投资者整体对英伟达的配置仍然偏低,即其在投资组合中的权重低于该股在整体市场中的权重,这也意味着一旦基本面催化剂重新出现,潜在的增配需求可能成为股价的重要推动力。估值则是Cantor看多英伟达的另一项核心理由。按照Muse较为乐观的盈利情景,英伟达2027年每股收益有望达到17美元,2028年进一步升至25美元。以当前股价计算,对应2027年预期市盈率约14倍、2028年约10倍。对于一家仍处于AI基础设施核心位置的公司而言,Muse认为这一估值并没有充分反映其长期盈利潜力。与此同时,英伟达仍是Cantor Fitzgerald在科技板块中的首选标的之一。财报只是开始?Cantor点出五大潜在催化剂除了即将公布的季度业绩,Cantor认为,未来一段时间英伟达还存在多项可能重新点燃股价的催化因素。首先是2027年数据中心业务展望。随着部分AI产业链公司陆续给出更具体的中长期增长目标,市场也在等待英伟达对2027年数据中心收入前景作出更明确的指引。如果管理层释放出强于预期的增长信号,可能成为市场重新上调盈利预测的重要依据。第二个潜在催化剂来自Anthropic。Cantor认为,随着Anthropic朝预计于2026年第四季度进行IPO的方向推进,更多经营及财务信息可能逐步披露。尽管其7月年度经常性收入(ARR)数据一度引发市场担忧,但后续信息仍可能帮助投资者重新评估AI模型公司的算力需求。第三,全球大型云计算厂商以及其他AI基础设施参与者对2027年至2028年的资本开支规划正逐渐清晰。若微软、谷歌、Meta、亚马逊等大型科技企业继续维持高强度AI投资,将进一步增强市场对英伟达中长期GPU需求的信心。第四,CoreWeave、Nebius等“新云”(Neocloud)企业仍处于高速扩张阶段。这类企业已经成为传统超大规模云厂商之外的重要AI算力买家,也有望继续扩大英伟达的客户基础。第五,则是Muse尤其看重的GPU资产金融化。随着越来越多AI基础设施融资协议出现,GPU正在从单纯的硬件设备逐渐演变为能够被融资、抵押并产生持续现金流的基础设施资产。不只是卖GPU,英伟达正在把AI生态变成自己的“护城河”Muse认为,市场目前可能低估了英伟达商业模式正在发生的变化——公司已经不再只是一家单纯依靠销售GPU赚钱的半导体企业。近年来,英伟达不断投资OpenAI、Anthropic等AI公司,同时与CoreWeave、Nebius等新型云服务商建立更深入的商业关系,包括投资、算力采购及收入分成等多种合作模式。这些安排虽然也引发市场对于“循环融资”以及AI产业内部资本循环的争议,但Muse认为,从英伟达自身竞争战略来看,这种模式反而可能强化其市场地位。原因在于,英伟达正在同时参与AI基础设施的多个环节:一方面销售GPU、网络设备及完整机架系统,另一方面通过资本、融资及商业合作推动客户扩大数据中心建设。换句话说,英伟达不仅向AI基础设施市场“卖铲子”,也在通过资本投入帮助客户继续“挖矿”。GPU正在成为一种新的“可融资资产”Muse尤其强调,英伟达正在推动GPU从传统硬件产品向一种新的基础设施资产类别转变。随着AI数据中心建设成本持续攀升,GPU本身已经成为融资交易中的核心资产。英伟达通过股权投资、收入分成、算力换股权以及与金融机构合作融资等方式,让GPU能够更深地嵌入AI基础设施融资体系。英伟达还参与了规模庞大的AI基础设施融资计划,并通过向部分AI初创企业提供计算资源换取股权,从而进一步扩大自身在AI产业链中的利益覆盖范围。在Muse看来,这意味着即使英伟达未来在某一个技术环节遭遇竞争,例如大型云厂商进一步发展自研ASIC芯片,公司也未必会轻易失去整个AI基础设施市场。因为对于部分新建AI数据中心而言,英伟达提供的不只是GPU,还包括CUDA软件生态、网络设备、机架级解决方案,以及帮助项目获得资金和客户的重要资本支持。Muse认为,这使得英伟达变得“越来越难被排挤出局”——即使公司在技术堆栈某一层面输给竞争对手,其资本、软件以及完整AI系统能力仍可能继续参与并分享整个AI基础设施市场的增长。从Hyperscaler扩展至Neocloud、企业和主权AI与此同时,英伟达的增长逻辑也正在从传统超大规模云厂商进一步向外扩散。过去几年,微软、亚马逊、谷歌和Meta等Hyperscaler一直是AI GPU最重要的需求来源。但随着这些企业持续推进自研AI芯片,市场开始担忧英伟达长期市场份额可能受到侵蚀。Muse认为,与CoreWeave、Nebius等Neocloud建立更紧密的利益绑定,恰恰可以降低英伟达过度依赖传统大型云厂商的风险。此外,英伟达正在积极开拓企业客户以及各国推动的“主权AI”项目,从而进一步扩大AI算力需求来源。如果这种趋势持续,英伟达未来的增长可能不再单纯依赖几家美国科技巨头,而是由Hyperscaler、Neocloud、企业客户、AI初创公司以及主权AI项目共同驱动。多家华尔街机构财报前继续看多除Cantor Fitzgerald外,英伟达财报公布前,多家华尔街机构同样维持积极观点。Rosenblatt Securities继续给予英伟达“买入”评级,并预计公司本季度营收及盈利均有望超过市场一致预期。Benchmark同样重申“买入”评级,并给出335美元目标价。该机构预计,英伟达本季度营收可能达到920亿美元,每股收益约2.10美元。BMO Capital近期亦首次覆盖英伟达,并给予“跑赢大市”评级,核心理由仍是公司在AI技术及基础设施市场的领先优势。不过,市场并非没有风险。Wolfe Research近期提醒,在利率上行环境下,AI资本开支可能面临一定压力。如果融资成本持续上升,部分高杠杆AI基础设施项目的扩张速度可能受到影响。此外,市场消息显示,英伟达正洽谈投资AI搜索初创公司Perplexity,后者在新一轮融资中的估值可能超过300亿美元。若交易落地,将进一步延续英伟达通过股权投资深度绑定AI应用层企业的战略。英伟达财报重点看什么?对于即将公布的2027财年第二季度业绩,单纯的营收和EPS能否超预期可能已经不足以决定市场方向。投资者更关注的,是英伟达能否证明AI基础设施投资周期仍在持续。其中,数据中心业务增速、下一代GPU产品的出货节奏、2027年需求能见度、Hyperscaler资本开支趋势,以及Neocloud和主权AI带来的增量需求,都可能成为决定财报后股价表现的关键变量。而Cantor Fitzgerald的核心判断是:市场目前正在用过于悲观的方式定价英伟达,却没有充分计入公司从“GPU供应商”向“AI基础设施平台+资本参与者”转型所带来的长期价值。如果这一判断成立,那么8月26日公布的财报,可能成为市场重新评估英伟达AI龙头地位的重要节点。","news_type":1,"symbols_score_info":{"07388":0.6,"NVDQ":0.6,"NVDS":0.6,"NVDD":0.6,"ANV":0.6,"NVDG":0.6,"NVDU":0.6,"07788":0.6,"NVC":0.6,"NVII":0.6,"NVDX":0.6,"NVDY":0.6,"NVDA":2,"NVDB":0.6,"NVYY":0.6,"DIPS":0.6,"NVDL":0.6,"NVD":0.6,"NVDW":0.6,"NVDO":0.6}},"isVote":1,"tweetType":1,"viewCount":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":598558598554160,"gmtCreate":1787158273034,"gmtModify":1787158275154,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"这么大的利好,股价居然没怎么涨,你来给大伙说说这是怎么回事","listText":"这么大的利好,股价居然没怎么涨,你来给大伙说说这是怎么回事","text":"这么大的利好,股价居然没怎么涨,你来给大伙说说这是怎么回事","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/598558598554160","isVote":1,"tweetType":1,"viewCount":1026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":598090846216888,"gmtCreate":1787036484840,"gmtModify":1787036487057,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"OPENAI还能蹦跶多少天都是未知数,老黄这是自寻死路","listText":"OPENAI还能蹦跶多少天都是未知数,老黄这是自寻死路","text":"OPENAI还能蹦跶多少天都是未知数,老黄这是自寻死路","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/598090846216888","repostId":"1127873896","repostType":2,"repost":{"id":"1127873896","kind":"news","pubTimestamp":1787012453,"share":"https://www.laohunote.com/m/news/1127873896?lang=zh_CN&edition=full","pubTime":"2026-08-18 08:20","market":"us","language":"zh","title":"英伟达核弹级战略曝光!老黄宣布联手奥特曼圈地圈电,狂卷16GW算力霸权","url":"https://stock-news.laohu8.com/highlight/detail?id=1127873896","media":"AI寒武纪","summary":"英伟达宣布亲自锁定土地、电力和厂房资源,建设超级AI工厂。若英伟达将园区全部16吉瓦容量包揽,结合OpenAI至2030年约12吉瓦的算力承诺,这笔大单规模将达约6000亿美元。目前OpenAI现有和计划中的承诺大约需要吞噬12吉瓦的英伟达算力。英伟达并不会全盘接手场地的所有成本或租客的所有义务。英伟达的做法是精挑细选出最顶级的场地,在上面部署多代算力设备,满足客户极其坚挺的需求。英伟达的算力设备极其通用且易于流转。","content":"<html><head></head><body><blockquote><p>英伟达宣布亲自锁定土地、电力和厂房(LPS)资源,建设超级AI工厂。首个落地项目联手SB Energy,在俄亥俄州PORTS-Pike园区拿下大规模容量,租客为OpenAI。若英伟达将园区全部16吉瓦容量包揽,结合OpenAI至2030年约12吉瓦的算力承诺,这笔大单规模将达约6000亿美元。</p></blockquote><p style=\"text-align: left;\">黄仁勋刚刚抛出一枚重磅炸弹。英伟达正式宣布亲自下场锁定土地、电力和厂房这些物理世界的绝对核心资源,用来建设超级AI工厂。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/585fe2ab26b0ef61e493ec5393c9c382\" tg-width=\"1024\" tg-height=\"709\"/></p><p style=\"text-align: left;\">在AI主导的经济体中,算力直接等于真金白银的收入。AI工厂是这个时代最具代表性的基础设施,它把算力、能源和数据源源不断地转化为驱动各行各业的智能。</p><p style=\"text-align: left;\">一座完整的AI工厂需要最顶级的芯片、封装技术、内存和网络,同时更需要土地、电力和厂房这三大物理基石,业内将其简称为LPS。英伟达决定把过去搞定芯片供应链的强悍手腕,直接复制到LPS资源的争夺上,专门为英伟达AI工厂储备独家容量。</p><p style=\"text-align: left;\">最新落地的动作是,英伟达与SB Energy公司正式联手,在美国俄亥俄州条件极佳的PORTS-Pike技术园区拿下了庞大的LPS容量。这片土地上将拔地而起一座用来承载英伟达算力的超级数据中心,而这里的租客正是OpenAI。</p><h2 id=\"id_89446803\" style=\"text-align: left;\">前沿AI实验室的算力饥渴</h2><p style=\"text-align: left;\">对于全球最大的云服务商和企业巨头来说,搞定土地和电力一直是他们基建战略的基本盘。他们财大气粗,拥有专业的基建团队和长期合同,完全可以靠自己独立拿下LPS资源,然后采购英伟达的计算网络系统来运营AI工厂。这也是英伟达未来最主要的商业模式。</p><p style=\"text-align: left;\">前沿AI实验室的情况则完全不同。</p><p style=\"text-align: left;\">他们对训练和推理算力有着极其恐怖的需求,但自身的扩张速度实在太快了,资产负债表和信贷能力根本跟不上。这些公司手握海量客户和暴涨的收入,唯独缺乏长达几十年的基建合同和投资级融资能力,完全没办法独立搞定AI工厂的基础设施。</p><p style=\"text-align: left;\">限制他们爆发的瓶颈已经彻底变成了算力短缺,算法或者客户需求早已绰绰有余。只要有更多的算力,他们就能产出更多的智能,开发更多的产品,吸引更多的用户并赚取更多的收入。英伟达亲自下场,就是要为这种飞轮效应提供最底层的引擎。</p><h2 id=\"id_325183077\" style=\"text-align: left;\">锁定未来20年的超级聚宝盆</h2><p style=\"text-align: left;\">OpenAI将在PORTS-Pike建设并运营一座世界顶级的AI工厂。这里会全面采用英伟达全栈的DSX AI工厂平台,涵盖GPU、CPU、网络和基础设施软件。</p><p style=\"text-align: left;\">首期部署预计将提供高达4.25吉瓦的AI工厂容量。这笔账极其惊人:在PORTS-Pike部署的每一代英伟达系统,都意味着大约150万块英伟达GPU的庞大体量,能够为英伟达带来1500亿至2000亿美元的巨额收入。整个园区的生命周期长达20年,足以支撑设备的多次换代升级。</p><p style=\"text-align: left;\">这里的核心经济逻辑非常清晰:只要搞定了土地和电力,就等于锁定了一个寿命极长的AI工厂阵地,而里面的英伟达设备可以不断更新换代。每一代新设备都能带来更高的产能、更强的智能和更好的经济效益。</p><p style=\"text-align: left;\">未来英伟达甚至可能把园区剩下3.75吉瓦的容量也全部包圆。</p><h2 id=\"id_601937835\" style=\"text-align: left;\">绑定OpenAI的6000亿算力版图</h2><p style=\"text-align: left;\">放眼全局,OpenAI已经承诺在2030年前大规模部署英伟达的AI基础设施。目前OpenAI现有和计划中的承诺大约需要吞噬12吉瓦的英伟达算力。如果英伟达真的把PORTS-Pike的合作规模拉满,这个数字有机会直接飙升到16吉瓦。</p><p style=\"text-align: left;\">按照这种恐怖的规模计算,到2030年,这笔交易代表着大约6000亿美元的英伟达算力大单。</p><h2 id=\"id_1578700924\" style=\"text-align: left;\">直击四大核心疑问</h2><p style=\"text-align: left;\">这件事公布后,外界极其关注里面的细节,黄仁勋也给出了极其清晰的解答。</p><p style=\"text-align: left;\">首先是英伟达到底担保了什么。英伟达为PORTS-Pike约4吉瓦的物理基础设施提供20年期的支持,确保这块地独家用来部署英伟达算力。这种支持仅限于特定部分的租金和电费支付,外加特定的残值承诺。英伟达并不会全盘接手场地的所有成本或租客的所有义务。这些担保会在2028年到2030年间随着数据中心投用分阶段生效。只要OpenAI按时交租,英伟达的风险敞口就会不断往下降。</p><p style=\"text-align: left;\">其次是英伟达亲自担保的动机。土地和电力已经成了卡住AI工厂建设的最大脖子。英伟达的做法是精挑细选出最顶级的场地,在上面部署多代算力设备,满足客户极其坚挺的需求。</p><p style=\"text-align: left;\">第三个争议点在于这究竟算不算循环融资。答案是绝对没有。租金由OpenAI全额支付。英伟达只是利用自身的体量和对未来的超前预判拿下了这块地。这和他们管理供应链的逻辑如出一辙,只要看到明确的客户需求并且能转化为长期生产力,他们就会果断出手锁定核心资源。</p><p style=\"text-align: left;\">最后一个问题是,万一OpenAI以后不用这个场地了怎么办。英伟达的算力设备极其通用且易于流转。这部分产能可以直接转手给全球生态系统中的云服务商、企业或者其他AI创业公司。CUDA生态让这些设备有了共通的灵魂,也让这些设备变成了可以随时出租和融资的高价值硬通货。这块宝地的价值绝对不会绑定在单一客户或某一代设备上。</p><h2 id=\"id_679901408\" style=\"text-align: left;\">智能时代的最强基建狂魔</h2><p style=\"text-align: left;\">未来英伟达圈地的策略会非常克制和精准。绝大多数客户依然会自己去搞定土地和电力。英伟达只把目光锁定在那些需求极其稳定、能支撑多代设备迭代的顶级场地上。</p><p style=\"text-align: left;\">从最初的加速计算芯片,到系统、网络、CUDA生态,再到全栈AI工厂,英伟达一直在进化。如今他们迈出了极其关键的全新一步,开始直接锁定建设这些工厂所需的底层物理资源。</p><p style=\"text-align: left;\">英伟达已经彻底化身为全栈AI基础设施平台。他们正在重金投资AI工厂的长远未来,确保客户能够一代又一代地部署全球最赚钱的算力机器。掌握了土地与电力,英伟达正在帮助全球最具创新力的公司打造驱动整个智能时代的超级工厂。</p></body></html>","source":"lsy1713840592850","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英伟达核弹级战略曝光!老黄宣布联手奥特曼圈地圈电,狂卷16GW算力霸权</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; 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英伟达核弹级战略曝光!老黄宣布联手奥特曼圈地圈电,狂卷16GW算力霸权\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-18 08:20 北京时间 <a href=https://mp.weixin.qq.com/s/8bO08LE_Vas2OXJsoAL1xQ><strong>AI寒武纪</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英伟达宣布亲自锁定土地、电力和厂房(LPS)资源,建设超级AI工厂。首个落地项目联手SB Energy,在俄亥俄州PORTS-Pike园区拿下大规模容量,租客为OpenAI。若英伟达将园区全部16吉瓦容量包揽,结合OpenAI至2030年约12吉瓦的算力承诺,这笔大单规模将达约6000亿美元。黄仁勋刚刚抛出一枚重磅炸弹。英伟达正式宣布亲自下场锁定土地、电力和厂房这些物理世界的绝对核心资源,用来建设...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/8bO08LE_Vas2OXJsoAL1xQ\">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/ecd855c989c9c4e3653436b9fd033748","relate_stocks":{"NVYY":"GraniteShares YieldBOOST NVDA ETF","NVDO":"2倍上限加速NVDA ETF-Leverage Shares","NVDB":"ProShares Ultra NVDA ETF","NVII":"Rex NVDA Growth & Income ETF","NVDD":"1倍做空NVDA ETF-Direxion","07788":"南方两倍做多英伟达","NVDG":"2倍做多NVDA ETF- Leverage Shares","NVDA":"英伟达","NVDL":"2倍做多NVDA ETF-GraniteShares","ANV":"GraniteShares Autocallable NVDA ETF","NVDQ":"2倍做空NVDA ETF-T-Rex","NVDS":"1.5倍做空NVDA ETF-Tradr","NVDU":"2倍做多NVDA ETF-Direxion","NVDW":"NVDA周配息ETF-Roundhill","DIPS":"做空NVDA期权收益策略ETF-YieldMax","NVDX":"2倍做多NVDA ETF-T-Rex","NVDY":"NVDA期权收益策略ETF-YieldMax","NVD":"2倍做空NVDA ETF-GraniteShares","07388":"南方两倍做空英伟达"},"source_url":"https://mp.weixin.qq.com/s/8bO08LE_Vas2OXJsoAL1xQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127873896","content_text":"英伟达宣布亲自锁定土地、电力和厂房(LPS)资源,建设超级AI工厂。首个落地项目联手SB Energy,在俄亥俄州PORTS-Pike园区拿下大规模容量,租客为OpenAI。若英伟达将园区全部16吉瓦容量包揽,结合OpenAI至2030年约12吉瓦的算力承诺,这笔大单规模将达约6000亿美元。黄仁勋刚刚抛出一枚重磅炸弹。英伟达正式宣布亲自下场锁定土地、电力和厂房这些物理世界的绝对核心资源,用来建设超级AI工厂。在AI主导的经济体中,算力直接等于真金白银的收入。AI工厂是这个时代最具代表性的基础设施,它把算力、能源和数据源源不断地转化为驱动各行各业的智能。一座完整的AI工厂需要最顶级的芯片、封装技术、内存和网络,同时更需要土地、电力和厂房这三大物理基石,业内将其简称为LPS。英伟达决定把过去搞定芯片供应链的强悍手腕,直接复制到LPS资源的争夺上,专门为英伟达AI工厂储备独家容量。最新落地的动作是,英伟达与SB Energy公司正式联手,在美国俄亥俄州条件极佳的PORTS-Pike技术园区拿下了庞大的LPS容量。这片土地上将拔地而起一座用来承载英伟达算力的超级数据中心,而这里的租客正是OpenAI。前沿AI实验室的算力饥渴对于全球最大的云服务商和企业巨头来说,搞定土地和电力一直是他们基建战略的基本盘。他们财大气粗,拥有专业的基建团队和长期合同,完全可以靠自己独立拿下LPS资源,然后采购英伟达的计算网络系统来运营AI工厂。这也是英伟达未来最主要的商业模式。前沿AI实验室的情况则完全不同。他们对训练和推理算力有着极其恐怖的需求,但自身的扩张速度实在太快了,资产负债表和信贷能力根本跟不上。这些公司手握海量客户和暴涨的收入,唯独缺乏长达几十年的基建合同和投资级融资能力,完全没办法独立搞定AI工厂的基础设施。限制他们爆发的瓶颈已经彻底变成了算力短缺,算法或者客户需求早已绰绰有余。只要有更多的算力,他们就能产出更多的智能,开发更多的产品,吸引更多的用户并赚取更多的收入。英伟达亲自下场,就是要为这种飞轮效应提供最底层的引擎。锁定未来20年的超级聚宝盆OpenAI将在PORTS-Pike建设并运营一座世界顶级的AI工厂。这里会全面采用英伟达全栈的DSX AI工厂平台,涵盖GPU、CPU、网络和基础设施软件。首期部署预计将提供高达4.25吉瓦的AI工厂容量。这笔账极其惊人:在PORTS-Pike部署的每一代英伟达系统,都意味着大约150万块英伟达GPU的庞大体量,能够为英伟达带来1500亿至2000亿美元的巨额收入。整个园区的生命周期长达20年,足以支撑设备的多次换代升级。这里的核心经济逻辑非常清晰:只要搞定了土地和电力,就等于锁定了一个寿命极长的AI工厂阵地,而里面的英伟达设备可以不断更新换代。每一代新设备都能带来更高的产能、更强的智能和更好的经济效益。未来英伟达甚至可能把园区剩下3.75吉瓦的容量也全部包圆。绑定OpenAI的6000亿算力版图放眼全局,OpenAI已经承诺在2030年前大规模部署英伟达的AI基础设施。目前OpenAI现有和计划中的承诺大约需要吞噬12吉瓦的英伟达算力。如果英伟达真的把PORTS-Pike的合作规模拉满,这个数字有机会直接飙升到16吉瓦。按照这种恐怖的规模计算,到2030年,这笔交易代表着大约6000亿美元的英伟达算力大单。直击四大核心疑问这件事公布后,外界极其关注里面的细节,黄仁勋也给出了极其清晰的解答。首先是英伟达到底担保了什么。英伟达为PORTS-Pike约4吉瓦的物理基础设施提供20年期的支持,确保这块地独家用来部署英伟达算力。这种支持仅限于特定部分的租金和电费支付,外加特定的残值承诺。英伟达并不会全盘接手场地的所有成本或租客的所有义务。这些担保会在2028年到2030年间随着数据中心投用分阶段生效。只要OpenAI按时交租,英伟达的风险敞口就会不断往下降。其次是英伟达亲自担保的动机。土地和电力已经成了卡住AI工厂建设的最大脖子。英伟达的做法是精挑细选出最顶级的场地,在上面部署多代算力设备,满足客户极其坚挺的需求。第三个争议点在于这究竟算不算循环融资。答案是绝对没有。租金由OpenAI全额支付。英伟达只是利用自身的体量和对未来的超前预判拿下了这块地。这和他们管理供应链的逻辑如出一辙,只要看到明确的客户需求并且能转化为长期生产力,他们就会果断出手锁定核心资源。最后一个问题是,万一OpenAI以后不用这个场地了怎么办。英伟达的算力设备极其通用且易于流转。这部分产能可以直接转手给全球生态系统中的云服务商、企业或者其他AI创业公司。CUDA生态让这些设备有了共通的灵魂,也让这些设备变成了可以随时出租和融资的高价值硬通货。这块宝地的价值绝对不会绑定在单一客户或某一代设备上。智能时代的最强基建狂魔未来英伟达圈地的策略会非常克制和精准。绝大多数客户依然会自己去搞定土地和电力。英伟达只把目光锁定在那些需求极其稳定、能支撑多代设备迭代的顶级场地上。从最初的加速计算芯片,到系统、网络、CUDA生态,再到全栈AI工厂,英伟达一直在进化。如今他们迈出了极其关键的全新一步,开始直接锁定建设这些工厂所需的底层物理资源。英伟达已经彻底化身为全栈AI基础设施平台。他们正在重金投资AI工厂的长远未来,确保客户能够一代又一代地部署全球最赚钱的算力机器。掌握了土地与电力,英伟达正在帮助全球最具创新力的公司打造驱动整个智能时代的超级工厂。","news_type":1,"symbols_score_info":{"NVDD":0.6,"NVDY":0.6,"NVDS":0.6,"NVDU":0.6,"NVDG":0.6,"NVDW":0.6,"NVDX":0.6,"NVYY":0.6,"07388":0.6,"NVDA":2,"NVDQ":0.6,"NVDL":0.6,"ANV":0.6,"NVDO":0.6,"NVD":0.6,"NVII":0.6,"07788":0.6,"NVDB":0.6,"DIPS":0.6}},"isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":595708861960672,"gmtCreate":1786454187459,"gmtModify":1786454189690,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"100亿只占伯克希尔现金储备的3%都不到,就当建底仓了,追高买的论调完全是鬼扯","listText":"100亿只占伯克希尔现金储备的3%都不到,就当建底仓了,追高买的论调完全是鬼扯","text":"100亿只占伯克希尔现金储备的3%都不到,就当建底仓了,追高买的论调完全是鬼扯","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/595708861960672","isVote":1,"tweetType":1,"viewCount":1534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":595590025111000,"gmtCreate":1786425950551,"gmtModify":1786425952803,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"不就是东大玩剩的融资租赁模式嘛","listText":"不就是东大玩剩的融资租赁模式嘛","text":"不就是东大玩剩的融资租赁模式嘛","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/595590025111000","repostId":"2658968202","repostType":2,"repost":{"id":"2658968202","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1786408498,"share":"https://www.laohunote.com/m/news/2658968202?lang=zh_CN&edition=full","pubTime":"2026-08-11 08:34","market":"us","language":"zh","title":"回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”","url":"https://stock-news.laohu8.com/highlight/detail?id=2658968202","media":"华尔街见闻","summary":"黄仁勋称资金为第三方资本,金融机构将独立尽调,并强调AI需求真实存在,英伟达“AI工厂”具备长期经济价值与广泛生态。英伟达已联合Apollo、贝莱德、黑石等六大金融机构建立独立融资平台。\"末日博士\"查诺斯将此类比2008年金融危机:\"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……\"","content":"<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋亲自下场,为公司与六大<a href=\"https://laohu8.com/S/FISI\">金融机构</a>联手动员逾5000亿美元AI基础设施融资的计划正名。他明确表示,英伟达AI工厂算力正在成为一种可投资的资产类别,需求来自真实的商业场景,独立机构投资者将对每个项目进行独立尽调,这绝非外界质疑的"循环融资"。</p><p style=\"text-align: left;\">8月10日,黄仁勋在社交平台X上发文宣布,英伟达已与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作,共同建立独立融资平台,<strong>旨在随时间推移动员逾5000亿美元第三方资本,支持AI基础设施建设</strong>。他强调,这5000亿美元代表的是上述平台设计用于动员的第三方资本总量,<strong>"既非英伟达的收入,也非单一基金或对单一客户的承诺"。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/32bfd44ad3b0696030d0bffee189162a\" data-align=\"center\" tg-width=\"729\" tg-height=\"995\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">消息公布后,英伟达股价一度下跌3.2%。衡量该公司信用风险的5年期信用违约互换(CDS)价格周一一度升至77.215个基点,较前一交易日上涨约5.3个基点,<strong>创两周来最大单日升幅</strong>。分析认为,<strong>这反映出市场对英伟达在巨额融资模式下潜在信用风险的关注度正在上升。</strong></p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,据英国《金融时报》援引知情人士报道,英伟达正寻求联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及KKR等华尔街巨头,以联合体形式为AI基础设施项目筹集高达5000亿美元资金,用于AI芯片采购、电力生产及数据中心建设。</p><p style=\"text-align: left;\">在相关报道出炉之后,“末世博士”吉姆·查诺斯(Jim Chanos)发帖讽刺英伟达与黑石等金融巨头联合融资AI基础设施,类比2008年金融危机的金融工程操作,暗示<strong>若AI泡沫破裂,相关方可能重蹈当年华尔街高管被国会问责的覆辙。</strong></p><h2 style=\"text-align: left;\">AI工厂:从"买芯片"到"可融资基础设施"</h2><p style=\"text-align: left;\">黄仁勋在帖文中系统阐述了英伟达AI工厂的资产逻辑,试图重新定义市场对这一商业模式的认知框架。</p><p style=\"text-align: left;\">他表示,<strong>AI行业已从"企业逐项目采购芯片、自建数据中心"的时代,迈入"AI工厂可作为生产性基础设施进行融资"的新阶段——具备可复制的平台、长期机构资本支持,以及利用算力创造收入的多元化客户群体。</strong></p><p style=\"text-align: left;\">黄仁勋强调,英伟达算力并非单纯的芯片,而是一套完整的AI工厂平台,涵盖加速计算、网络、系统软件、AI框架及全球开发者生态。</p><p style=\"text-align: left;\">他指出,一座英伟达AI工厂可同时服务多个客户和多类工作负载,具备灵活性与可替代性;当某一客户需求发生变化时,工厂可转由另一客户、另一云服务商或另一运营商使用,<strong>"这一广泛生态赋予英伟达算力深厚的潜在用户市场,有助于保护残值"。</strong></p><p style=\"text-align: left;\">黄仁勋在文章中将上述合作定性为"AI基础设施开放资本市场的开端"。他表示,<strong>这些金融机构均是全球领先的基础设施投资者,在承销长期生产性资产方面拥有深厚专业积累,双方将共同创建可复制的融资平台,帮助AI生态系统建设所需的工厂。</strong></p><h2 style=\"text-align: left;\">CUDA软件持续升值,A100六年仍在商用</h2><p style=\"text-align: left;\">黄仁勋着重强调了英伟达算力资产的长期经济价值,并以具体数据加以佐证。</p><p style=\"text-align: left;\">他表示,CUDA软件持续提升已安装基础设施的性能、效率与总拥有成本,使AI工厂在整个生命周期内能够以更低成本产出更多智能,延长其经济使用价值。</p><p style=\"text-align: left;\">黄仁勋以A100为例:英伟达于2020年推出基于Ampere架构的A100,六年后该产品仍在AI训练、微调、推理及高性能计算领域保持活跃商业应用,客户持续签订多年期容量合同,"A100的经济寿命正向十年延伸"。</p><p style=\"text-align: left;\">在GPU租赁定价方面,黄仁勋援引市场数据称,H100一年期租赁价格已从2025年10月的约每GPU小时1.70美元,升至2026年3月的约2.35美元;跨服务商按需中位定价则从2025年10月的约2.00美元升至2026年6月的2.70美元。Blackwell系列产品溢价更为显著,B200云端报价约为每GPU小时5.30至7.05美元。</p><p style=\"text-align: left;\">他认为,上述数据印证了英伟达算力经济价值的持久性。</p><h2 style=\"text-align: left;\">正面回应"循环融资"质疑</h2><p style=\"text-align: left;\">针对市场最为关注的"循环融资"质疑,黄仁勋在文章中专门设立问答环节予以回应。</p><p style=\"text-align: left;\">他表示,此次融资安排的设计初衷正是为了解决这一顾虑。<strong>需求来自前沿AI实验室、AI原生初创企业、企业客户、云服务商以及正在构建AI服务的国家,"需求是真实的"</strong>。各资本方将独立对每个项目进行尽调,评估维度涵盖客户资质、需求状况、利用率、现金流及残值,<strong>"英伟达提供平台,投资者作出独立融资决策"。</strong></p><p style=\"text-align: left;\">在英伟达自身的风险敞口方面,黄仁勋披露,在部分情况下,英伟达可能为单个项目提供最高25%的残值支持机制,"逐项目审慎评估"。他强调,这一比例"远低于其他算力融资安排",且属于残值支持性质,旨在补充而非替代独立尽调。</p><p style=\"text-align: left;\">黄仁勋在帖文结尾将AI工厂建设置于更宏观的历史框架之下。他表示,每一次工业革命都建立在基础设施之上——电力、交通、通信与计算,每一次建设都依赖外部融资。<strong>"AI工厂是智能时代的基础设施。"</strong></p><p style=\"text-align: left;\">他将AI的商业逻辑概括为一个正向循环:<strong>企业利用AI编写软件、研发药物、设计产品、服务客户、自动化运营并构建新服务;更多算力带来更好的AI,更好的AI带来更多使用,更多使用带来更多收入,更多收入驱动更多算力投入。</strong></p><blockquote><p style=\"text-align: left;\">"这是AI工业革命的良性循环。"</p></blockquote><p style=\"text-align: left;\">黄仁勋表示,通过此次合作,英伟达与全球领先金融机构将共同为这场工业革命提供基础设施融资,使AI工厂对企业、行业和国家更具可及性。</p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,此次合作并非英伟达首次深度介入AI产业链融资。</p><p style=\"text-align: left;\">此前有报道称,英伟达正就为OpenAI提供最高250亿美元融资担保进行谈判,并在讨论为OpenAI芯片采购计划融资3500亿美元;英伟达上月还宣布扩大与韩国SK集团的合作,双方总业务规模将超过5000亿美元。上述举措表明,英伟达正将自身从芯片供应商逐步转型为AI基础设施生态的资本动员核心。</p><h2 style=\"text-align: left;\">"末日博士"类比2008年:下一次国会听证?</h2><p style=\"text-align: left;\">就在黄仁勋发文的同一时间,华尔街知名大空头,又被称作“末日博士”的James Chanos在社交平台上发出了一条意味深长的评论。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……"</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/403760680ebbf6e0ecd753e2b19f0dc6\" data-align=\"center\" tg-width=\"730\" tg-height=\"641\"/><span></span></p></blockquote><p style=\"text-align: left;\">Chanos的言外之意指向2008年金融危机——彼时,华尔街各大金融机构的高管们因次贷危机、信用违约互换及CDO等复杂金融工具引发的系统性风险,被迫出席国会听证。他将此次英伟达与Apollo、贝莱德、黑石、Brookfield、高盛、KKR的联合融资安排与当年的金融工程相提并论,<strong>暗示若AI基础设施投资泡沫在数年后破裂,黄仁勋或将与这些金融机构高管一同面对国会的质询。</strong></p><p style=\"text-align: left;\">值得注意的是,当有人在他的帖文下方追问相关方是否会面临刑事追责时,Chanos明确表示:"没有人说过要坐牢。"</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/de69971fefda3fc3dc12bf79641bb4cd\" data-align=\"center\" tg-width=\"815\" tg-height=\"815\"/><span></span></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ 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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回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-11 08:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋亲自下场,为公司与六大<a href=\"https://laohu8.com/S/FISI\">金融机构</a>联手动员逾5000亿美元AI基础设施融资的计划正名。他明确表示,英伟达AI工厂算力正在成为一种可投资的资产类别,需求来自真实的商业场景,独立机构投资者将对每个项目进行独立尽调,这绝非外界质疑的"循环融资"。</p><p style=\"text-align: left;\">8月10日,黄仁勋在社交平台X上发文宣布,英伟达已与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作,共同建立独立融资平台,<strong>旨在随时间推移动员逾5000亿美元第三方资本,支持AI基础设施建设</strong>。他强调,这5000亿美元代表的是上述平台设计用于动员的第三方资本总量,<strong>"既非英伟达的收入,也非单一基金或对单一客户的承诺"。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/32bfd44ad3b0696030d0bffee189162a\" data-align=\"center\" tg-width=\"729\" tg-height=\"995\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">消息公布后,英伟达股价一度下跌3.2%。衡量该公司信用风险的5年期信用违约互换(CDS)价格周一一度升至77.215个基点,较前一交易日上涨约5.3个基点,<strong>创两周来最大单日升幅</strong>。分析认为,<strong>这反映出市场对英伟达在巨额融资模式下潜在信用风险的关注度正在上升。</strong></p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,据英国《金融时报》援引知情人士报道,英伟达正寻求联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及KKR等华尔街巨头,以联合体形式为AI基础设施项目筹集高达5000亿美元资金,用于AI芯片采购、电力生产及数据中心建设。</p><p style=\"text-align: left;\">在相关报道出炉之后,“末世博士”吉姆·查诺斯(Jim Chanos)发帖讽刺英伟达与黑石等金融巨头联合融资AI基础设施,类比2008年金融危机的金融工程操作,暗示<strong>若AI泡沫破裂,相关方可能重蹈当年华尔街高管被国会问责的覆辙。</strong></p><h2 style=\"text-align: left;\">AI工厂:从"买芯片"到"可融资基础设施"</h2><p style=\"text-align: left;\">黄仁勋在帖文中系统阐述了英伟达AI工厂的资产逻辑,试图重新定义市场对这一商业模式的认知框架。</p><p style=\"text-align: left;\">他表示,<strong>AI行业已从"企业逐项目采购芯片、自建数据中心"的时代,迈入"AI工厂可作为生产性基础设施进行融资"的新阶段——具备可复制的平台、长期机构资本支持,以及利用算力创造收入的多元化客户群体。</strong></p><p style=\"text-align: left;\">黄仁勋强调,英伟达算力并非单纯的芯片,而是一套完整的AI工厂平台,涵盖加速计算、网络、系统软件、AI框架及全球开发者生态。</p><p style=\"text-align: left;\">他指出,一座英伟达AI工厂可同时服务多个客户和多类工作负载,具备灵活性与可替代性;当某一客户需求发生变化时,工厂可转由另一客户、另一云服务商或另一运营商使用,<strong>"这一广泛生态赋予英伟达算力深厚的潜在用户市场,有助于保护残值"。</strong></p><p style=\"text-align: left;\">黄仁勋在文章中将上述合作定性为"AI基础设施开放资本市场的开端"。他表示,<strong>这些金融机构均是全球领先的基础设施投资者,在承销长期生产性资产方面拥有深厚专业积累,双方将共同创建可复制的融资平台,帮助AI生态系统建设所需的工厂。</strong></p><h2 style=\"text-align: left;\">CUDA软件持续升值,A100六年仍在商用</h2><p style=\"text-align: left;\">黄仁勋着重强调了英伟达算力资产的长期经济价值,并以具体数据加以佐证。</p><p style=\"text-align: left;\">他表示,CUDA软件持续提升已安装基础设施的性能、效率与总拥有成本,使AI工厂在整个生命周期内能够以更低成本产出更多智能,延长其经济使用价值。</p><p style=\"text-align: left;\">黄仁勋以A100为例:英伟达于2020年推出基于Ampere架构的A100,六年后该产品仍在AI训练、微调、推理及高性能计算领域保持活跃商业应用,客户持续签订多年期容量合同,"A100的经济寿命正向十年延伸"。</p><p style=\"text-align: left;\">在GPU租赁定价方面,黄仁勋援引市场数据称,H100一年期租赁价格已从2025年10月的约每GPU小时1.70美元,升至2026年3月的约2.35美元;跨服务商按需中位定价则从2025年10月的约2.00美元升至2026年6月的2.70美元。Blackwell系列产品溢价更为显著,B200云端报价约为每GPU小时5.30至7.05美元。</p><p style=\"text-align: left;\">他认为,上述数据印证了英伟达算力经济价值的持久性。</p><h2 style=\"text-align: left;\">正面回应"循环融资"质疑</h2><p style=\"text-align: left;\">针对市场最为关注的"循环融资"质疑,黄仁勋在文章中专门设立问答环节予以回应。</p><p style=\"text-align: left;\">他表示,此次融资安排的设计初衷正是为了解决这一顾虑。<strong>需求来自前沿AI实验室、AI原生初创企业、企业客户、云服务商以及正在构建AI服务的国家,"需求是真实的"</strong>。各资本方将独立对每个项目进行尽调,评估维度涵盖客户资质、需求状况、利用率、现金流及残值,<strong>"英伟达提供平台,投资者作出独立融资决策"。</strong></p><p style=\"text-align: left;\">在英伟达自身的风险敞口方面,黄仁勋披露,在部分情况下,英伟达可能为单个项目提供最高25%的残值支持机制,"逐项目审慎评估"。他强调,这一比例"远低于其他算力融资安排",且属于残值支持性质,旨在补充而非替代独立尽调。</p><p style=\"text-align: left;\">黄仁勋在帖文结尾将AI工厂建设置于更宏观的历史框架之下。他表示,每一次工业革命都建立在基础设施之上——电力、交通、通信与计算,每一次建设都依赖外部融资。<strong>"AI工厂是智能时代的基础设施。"</strong></p><p style=\"text-align: left;\">他将AI的商业逻辑概括为一个正向循环:<strong>企业利用AI编写软件、研发药物、设计产品、服务客户、自动化运营并构建新服务;更多算力带来更好的AI,更好的AI带来更多使用,更多使用带来更多收入,更多收入驱动更多算力投入。</strong></p><blockquote><p style=\"text-align: left;\">"这是AI工业革命的良性循环。"</p></blockquote><p style=\"text-align: left;\">黄仁勋表示,通过此次合作,英伟达与全球领先金融机构将共同为这场工业革命提供基础设施融资,使AI工厂对企业、行业和国家更具可及性。</p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,此次合作并非英伟达首次深度介入AI产业链融资。</p><p style=\"text-align: left;\">此前有报道称,英伟达正就为OpenAI提供最高250亿美元融资担保进行谈判,并在讨论为OpenAI芯片采购计划融资3500亿美元;英伟达上月还宣布扩大与韩国SK集团的合作,双方总业务规模将超过5000亿美元。上述举措表明,英伟达正将自身从芯片供应商逐步转型为AI基础设施生态的资本动员核心。</p><h2 style=\"text-align: left;\">"末日博士"类比2008年:下一次国会听证?</h2><p style=\"text-align: left;\">就在黄仁勋发文的同一时间,华尔街知名大空头,又被称作“末日博士”的James Chanos在社交平台上发出了一条意味深长的评论。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……"</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/403760680ebbf6e0ecd753e2b19f0dc6\" data-align=\"center\" tg-width=\"730\" tg-height=\"641\"/><span></span></p></blockquote><p style=\"text-align: left;\">Chanos的言外之意指向2008年金融危机——彼时,华尔街各大金融机构的高管们因次贷危机、信用违约互换及CDO等复杂金融工具引发的系统性风险,被迫出席国会听证。他将此次英伟达与Apollo、贝莱德、黑石、Brookfield、高盛、KKR的联合融资安排与当年的金融工程相提并论,<strong>暗示若AI基础设施投资泡沫在数年后破裂,黄仁勋或将与这些金融机构高管一同面对国会的质询。</strong></p><p style=\"text-align: left;\">值得注意的是,当有人在他的帖文下方追问相关方是否会面临刑事追责时,Chanos明确表示:"没有人说过要坐牢。"</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/de69971fefda3fc3dc12bf79641bb4cd\" data-align=\"center\" tg-width=\"815\" tg-height=\"815\"/><span></span></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/518cb4aae27806e6913c88c422cb90a7","relate_stocks":{"LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","ANV":"GraniteShares Autocallable NVDA ETF","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) 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INC"},"source_url":"https://wallstreetcn.com/articles/3779130","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2658968202","content_text":"英伟达CEO黄仁勋亲自下场,为公司与六大金融机构联手动员逾5000亿美元AI基础设施融资的计划正名。他明确表示,英伟达AI工厂算力正在成为一种可投资的资产类别,需求来自真实的商业场景,独立机构投资者将对每个项目进行独立尽调,这绝非外界质疑的\"循环融资\"。8月10日,黄仁勋在社交平台X上发文宣布,英伟达已与Apollo、贝莱德、黑石、Brookfield、高盛及KKR达成合作,共同建立独立融资平台,旨在随时间推移动员逾5000亿美元第三方资本,支持AI基础设施建设。他强调,这5000亿美元代表的是上述平台设计用于动员的第三方资本总量,\"既非英伟达的收入,也非单一基金或对单一客户的承诺\"。消息公布后,英伟达股价一度下跌3.2%。衡量该公司信用风险的5年期信用违约互换(CDS)价格周一一度升至77.215个基点,较前一交易日上涨约5.3个基点,创两周来最大单日升幅。分析认为,这反映出市场对英伟达在巨额融资模式下潜在信用风险的关注度正在上升。华尔街见闻文章稍早前写道,据英国《金融时报》援引知情人士报道,英伟达正寻求联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及KKR等华尔街巨头,以联合体形式为AI基础设施项目筹集高达5000亿美元资金,用于AI芯片采购、电力生产及数据中心建设。在相关报道出炉之后,“末世博士”吉姆·查诺斯(Jim Chanos)发帖讽刺英伟达与黑石等金融巨头联合融资AI基础设施,类比2008年金融危机的金融工程操作,暗示若AI泡沫破裂,相关方可能重蹈当年华尔街高管被国会问责的覆辙。AI工厂:从\"买芯片\"到\"可融资基础设施\"黄仁勋在帖文中系统阐述了英伟达AI工厂的资产逻辑,试图重新定义市场对这一商业模式的认知框架。他表示,AI行业已从\"企业逐项目采购芯片、自建数据中心\"的时代,迈入\"AI工厂可作为生产性基础设施进行融资\"的新阶段——具备可复制的平台、长期机构资本支持,以及利用算力创造收入的多元化客户群体。黄仁勋强调,英伟达算力并非单纯的芯片,而是一套完整的AI工厂平台,涵盖加速计算、网络、系统软件、AI框架及全球开发者生态。他指出,一座英伟达AI工厂可同时服务多个客户和多类工作负载,具备灵活性与可替代性;当某一客户需求发生变化时,工厂可转由另一客户、另一云服务商或另一运营商使用,\"这一广泛生态赋予英伟达算力深厚的潜在用户市场,有助于保护残值\"。黄仁勋在文章中将上述合作定性为\"AI基础设施开放资本市场的开端\"。他表示,这些金融机构均是全球领先的基础设施投资者,在承销长期生产性资产方面拥有深厚专业积累,双方将共同创建可复制的融资平台,帮助AI生态系统建设所需的工厂。CUDA软件持续升值,A100六年仍在商用黄仁勋着重强调了英伟达算力资产的长期经济价值,并以具体数据加以佐证。他表示,CUDA软件持续提升已安装基础设施的性能、效率与总拥有成本,使AI工厂在整个生命周期内能够以更低成本产出更多智能,延长其经济使用价值。黄仁勋以A100为例:英伟达于2020年推出基于Ampere架构的A100,六年后该产品仍在AI训练、微调、推理及高性能计算领域保持活跃商业应用,客户持续签订多年期容量合同,\"A100的经济寿命正向十年延伸\"。在GPU租赁定价方面,黄仁勋援引市场数据称,H100一年期租赁价格已从2025年10月的约每GPU小时1.70美元,升至2026年3月的约2.35美元;跨服务商按需中位定价则从2025年10月的约2.00美元升至2026年6月的2.70美元。Blackwell系列产品溢价更为显著,B200云端报价约为每GPU小时5.30至7.05美元。他认为,上述数据印证了英伟达算力经济价值的持久性。正面回应\"循环融资\"质疑针对市场最为关注的\"循环融资\"质疑,黄仁勋在文章中专门设立问答环节予以回应。他表示,此次融资安排的设计初衷正是为了解决这一顾虑。需求来自前沿AI实验室、AI原生初创企业、企业客户、云服务商以及正在构建AI服务的国家,\"需求是真实的\"。各资本方将独立对每个项目进行尽调,评估维度涵盖客户资质、需求状况、利用率、现金流及残值,\"英伟达提供平台,投资者作出独立融资决策\"。在英伟达自身的风险敞口方面,黄仁勋披露,在部分情况下,英伟达可能为单个项目提供最高25%的残值支持机制,\"逐项目审慎评估\"。他强调,这一比例\"远低于其他算力融资安排\",且属于残值支持性质,旨在补充而非替代独立尽调。黄仁勋在帖文结尾将AI工厂建设置于更宏观的历史框架之下。他表示,每一次工业革命都建立在基础设施之上——电力、交通、通信与计算,每一次建设都依赖外部融资。\"AI工厂是智能时代的基础设施。\"他将AI的商业逻辑概括为一个正向循环:企业利用AI编写软件、研发药物、设计产品、服务客户、自动化运营并构建新服务;更多算力带来更好的AI,更好的AI带来更多使用,更多使用带来更多收入,更多收入驱动更多算力投入。\"这是AI工业革命的良性循环。\"黄仁勋表示,通过此次合作,英伟达与全球领先金融机构将共同为这场工业革命提供基础设施融资,使AI工厂对企业、行业和国家更具可及性。华尔街见闻文章稍早前写道,此次合作并非英伟达首次深度介入AI产业链融资。此前有报道称,英伟达正就为OpenAI提供最高250亿美元融资担保进行谈判,并在讨论为OpenAI芯片采购计划融资3500亿美元;英伟达上月还宣布扩大与韩国SK集团的合作,双方总业务规模将超过5000亿美元。上述举措表明,英伟达正将自身从芯片供应商逐步转型为AI基础设施生态的资本动员核心。\"末日博士\"类比2008年:下一次国会听证?就在黄仁勋发文的同一时间,华尔街知名大空头,又被称作“末日博士”的James Chanos在社交平台上发出了一条意味深长的评论。他写道:\"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……\"Chanos的言外之意指向2008年金融危机——彼时,华尔街各大金融机构的高管们因次贷危机、信用违约互换及CDO等复杂金融工具引发的系统性风险,被迫出席国会听证。他将此次英伟达与Apollo、贝莱德、黑石、Brookfield、高盛、KKR的联合融资安排与当年的金融工程相提并论,暗示若AI基础设施投资泡沫在数年后破裂,黄仁勋或将与这些金融机构高管一同面对国会的质询。值得注意的是,当有人在他的帖文下方追问相关方是否会面临刑事追责时,Chanos明确表示:\"没有人说过要坐牢。\"","news_type":1,"symbols_score_info":{"SNPE":0.6,"NVD":0.6,"NVDO":0.6,"GAMR":0.6,"XLK":0.6,"VGT":0.6,"NVDA":1.98,"NVDX":0.6,"METV":0.6,"IETC":0.6,"NVDW":0.6,"NVDD":0.6,"VT":0.6,"NVDS":0.6,"NVDG":0.6,"JGRO":0.6,"CHPX":0.6,"DIPS":0.6,"USD":0.6,"IXN":0.6,"07388":0.6,"NVDQ":0.6,"SOXY":0.6,"SHOC":0.6,"ABFL":0.6,"07788":0.6,"LFGY":0.6,"ROM":0.6,"NVD3.UK":0.6,"AIPI":0.6,"NVDS.UK":0.6,"NVDY":0.6,"TTXU":0.6,"NVDU":0.6,"SOXX":0.6,"FTEC":0.6,"SNVD.UK":0.6,"NVDL":0.6,"NVYY":0.6,"ANV":0.6,"THMR":0.6,"3NVD.UK":0.6,"TRFK":0.6,"ESUM":0.6,"WISE":0.6,"EFIV":0.6,"CNEQ":0.6,"SMHX":0.6,"AGOX":0.6,"NVII":0.6,"NVIW.SI":0.6,"SMH":0.6,"NVD2.UK":0.6,"2NVD.UK":0.6,"SPTE":0.6,"TYLG":0.6,"TEK":0.6,"ILDR":0.6,"TTEQ":0.6,"FDTX":0.6,"ESLG":0.6,"USXF":0.6,"AIFD":0.6,"CLSE":0.6,"SOXQ":0.6,"NVDB":0.6,"CMAG":0.6,"NULC":0.6,"FAI":0.6}},"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":587913387537384,"gmtCreate":1784565057899,"gmtModify":1784565060243,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"Replying to <a href=\"https://laohu8.com/U/3575261823915715\">@阿肉</a>:你敢不敢加仓//<a href=\"https://laohu8.com/U/3575261823915715\">@阿肉</a>:自己看看逻辑通么 低成本和开源不代表不要token 你低成本吸引更多人用这是对ai的利好不是利空 你只利空O和A而已","listText":"Replying to <a href=\"https://laohu8.com/U/3575261823915715\">@阿肉</a>:你敢不敢加仓//<a href=\"https://laohu8.com/U/3575261823915715\">@阿肉</a>:自己看看逻辑通么 低成本和开源不代表不要token 你低成本吸引更多人用这是对ai的利好不是利空 你只利空O和A而已","text":"Replying to @阿肉:你敢不敢加仓//@阿肉:自己看看逻辑通么 低成本和开源不代表不要token 你低成本吸引更多人用这是对ai的利好不是利空 你只利空O和A而已","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/587913387537384","isVote":1,"tweetType":1,"viewCount":1268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":586167893312328,"gmtCreate":1784138828232,"gmtModify":1784138830038,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561899791972822","idStr":"3561899791972822"},"themes":[],"title":"","htmlText":"AI硬件支出见顶的迹象越来越明显","listText":"AI硬件支出见顶的迹象越来越明显","text":"AI硬件支出见顶的迹象越来越明显","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/586167893312328","repostId":"2651348694","repostType":2,"repost":{"id":"2651348694","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1784058086,"share":"https://www.laohunote.com/m/news/2651348694?lang=zh_CN&edition=full","pubTime":"2026-07-15 03:41","market":"fut","language":"zh","title":"IBM创纪录暴跌,高盛警告:AI资本开支转向或坐实“软件熊市”","url":"https://stock-news.laohu8.com/highlight/detail?id=2651348694","media":"华尔街见闻","summary":"IBM股价美股盘中一度暴跌26%,跌幅创纪录。IBM CEO指出,客户资本支出优先级的\"突然转变\",AI热潮下,企业客户将大量预算转向抢购硬件基础设施,导致多笔大型合同未能如期签署。高盛随即警告,此次IBM事件将充分印证\"软件熊市情景\",预计软件与服务板块将出现广泛抛售。","content":"<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/IBM\">IBM</a>周二发布令人意外的第二季度业绩预警,股价创下有记录以来最大单日跌幅,由此引发市场对企业IT预算正大规模向AI基础设施转移、传统软件与服务支出遭受挤压的深层忧虑。</p><p style=\"text-align: left;\"><strong>IBM股价美股盘中一度暴跌26%,跌幅超越互联网泡沫崩溃及1987年股灾期间的单日损失。</strong>据彭博追溯至1968年的交易数据,若跌幅于收盘前维持,这将是IBM有记录以来最惨烈的一个交易日。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3f70613e5c5a873a9721125fbf2babab\" data-align=\"center\" tg-width=\"800\" tg-height=\"466\"/><span></span></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/205ca39128d244ef24ba176c0b257dcd\" data-align=\"center\" tg-width=\"800\" tg-height=\"438\"/><span></span></p><p style=\"text-align: left;\">IBM首席执行官Arvind Krishna将业绩不及预期归咎于客户资本支出优先级的"突然转变"——在AI繁荣推高服务器、存储及内存供应紧张的背景下,<strong>企业客户将大量预算临时转向抢购硬件基础设施,导致多笔大型合同未能如期签署</strong>。</p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/GS\">高盛</a>随即警告,<strong>此次IBM事件将充分印证"软件熊市情景",预计软件与服务板块将出现广泛抛售。</strong></p><h2 style=\"text-align: left;\">业绩预警核心:营收、利润双双落空,主机业务首当其冲</h2><p style=\"text-align: left;\">据IBM初步公布的二季度数据,<strong>公司总营收为172亿美元,低于市场预期的179亿美元;Non-GAAP每股收益为2.93美元,亦低于预期的3.02美元。</strong></p><p style=\"text-align: left;\">从分部表现来看,软件业务收入同比仅增长5%,大幅低于市场预期的11%增速;基础设施业务同比下滑7%,差于预期的下滑3%;咨询业务录得持平,不及预期的2%增幅。</p><p style=\"text-align: left;\">据UBS分析师Robert Ruple及高盛分析师James Schneider分析:</p><p style=\"text-align: left;\"><strong>此次业绩缺口最主要的驱动因素来自IBM大型机(zSeries)疲软,进而重创高利润率的Transaction Processing(TP)业务。</strong></p><p style=\"text-align: left;\">Transaction Processing收入同比降幅估计达到中双位数,而该业务约占IBM软件部门收入的近30%。</p><p style=\"text-align: left;\">相比之下,Red Hat实现了11%的固定汇率增速,HashiCorp及Confluent等近期收购资产表现亦符合预期,但均难以抵消TP业务的大幅下滑。</p><p style=\"text-align: left;\">IBM管理层在致股东信中坦言:</p><blockquote><p style=\"text-align: left;\">"六月最后几周,我们看到客户将季度资本支出转向服务器、存储和内存采购,以在价格上涨预期前锁定供应紧张的基础设施。我们预料到了部分供应链影响,但未能预判到资本支出重新排序的幅度。"</p></blockquote><h2 style=\"text-align: left;\">高盛发出"软件熊市"警告,板块连锁反应显现</h2><p style=\"text-align: left;\">高盛在第一时间研究报告中直接点明,<strong>IBM此次事件"将充分印证软件熊市情景",并预计软件与服务层面将出现"相当广泛"的下行压力。</strong></p><p style=\"text-align: left;\">巴克莱分析师Andrew Keches指出,此次更新使IBM的投资逻辑正面临考验。此前,管理层一再强调AI对软件栈具有"加法"效应而非破坏性,但此次业绩缺口集中于大型机及其关联的Transaction Processing软件,且客户正将支出转向供应紧张的服务器、存储和内存,这一现实令上述叙事难以为继。</p><p style=\"text-align: left;\">他认为,当前市场核心争论在于:<strong>这究竟是企业采购节奏的短暂错位,还是AI基础设施投资开始系统性挤占传统软件支出的早期信号。</strong></p><p style=\"text-align: left;\">BNP Paribas分析师Stefan Slowinski亦指出,IBM目前尚未给出任何改善迹象。</p><p style=\"text-align: left;\">就板块联动而言,Andrew Keches认为,最直接的潜在受益者为服务器和存储相关硬件厂商,包括<a href=\"https://laohu8.com/S/DELL\">戴尔</a>、<a href=\"https://laohu8.com/S/HPQ\">惠普</a>,以及内存领域的<a href=\"https://laohu8.com/S/MU\">美光</a>;而ACN、KD等咨询与IT服务企业,以及软件板块整体,则面临更大的情绪压力。</p><h2 style=\"text-align: left;\">分析师:IBM存在个股特定因素,行业外溢解读应保持审慎</h2><p style=\"text-align: left;\">尽管市场担忧情绪蔓延,多位分析师提示不宜将IBM的情况简单等同于行业整体信号。</p><p style=\"text-align: left;\">Andrew Keches明确表示,IBM已承认存在公司层面的执行问题,包括多笔大型合同未能按时完成。</p><p style=\"text-align: left;\">他还指出,IBM选择在正式财报发布日前逾一周提前披露,本身暗示此次缺口可能更多属于个案,而非行业性趋势。他写道:</p><blockquote><p style=\"text-align: left;\">"我们理解这是一个'先卖出、后追问'的市场,<strong>但将IBM的结果1:1映射至每一家软件和服务公司,这样的做法需要谨慎。</strong>"</p></blockquote><p style=\"text-align: left;\">高盛分析师James Schneider亦指出,IBM的Data & Automation软件业务疲软部分源于公司内部执行问题,并表示在下周财报电话会议召开、管理层就2026年指引及应对措施提供进一步说明之前,他暂不调整估值模型。</p><p style=\"text-align: left;\">瑞银分析师Robert Ruple则将此次IBM预警定性为一个潜在"前兆",可能预示后续其他软件、IT服务及硬件公司在二季度财报季中陆续发出类似信号,进而对整体市场情绪形成累积性压力。</p><h2 style=\"text-align: left;\">华尔街预期落差巨大,评级体系面临重估压力</h2><p style=\"text-align: left;\">在此次业绩预警之前,华尔街对IBM的预期普遍乐观,与当日市场反应形成鲜明对比。据彭博追踪的分析师数据,IBM过去12个月平均目标价为300美元,在25位覆盖分析师中,17位给予买入评级,6位持中性立场,仅2位建议卖出。</p><p style=\"text-align: left;\">瑞银的David Vogt指出,此次结果可能促使投资者重新评估IBM的长期软件增长前景,尤其是2027年及以后的展望——基础设施成本上升与IT预算收紧的双重压力正在持续压制需求。</p><p style=\"text-align: left;\">他认为,Red Hat等增长较快的业务或许已不足以对冲Transaction Processing业务的持续疲软,IBM将面临更大压力,需要通过较大规模并购或其他举措来维持软件增长轨迹。</p><p style=\"text-align: left;\">巴克莱的Andrew Keches则提示,IBM上一季度财报电话会议中曾明确提及并购意愿,表示当前估值具有吸引力、收购胃口可能高于正常年份。此次业绩不及预期本身并不直接指向并购动向,但疲弱的业绩无疑将为这一议题增添更多不确定性。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IBM创纪录暴跌,高盛警告:AI资本开支转向或坐实“软件熊市”</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; 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\">\nIBM创纪录暴跌,高盛警告:AI资本开支转向或坐实“软件熊市”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-07-15 03:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/IBM\">IBM</a>周二发布令人意外的第二季度业绩预警,股价创下有记录以来最大单日跌幅,由此引发市场对企业IT预算正大规模向AI基础设施转移、传统软件与服务支出遭受挤压的深层忧虑。</p><p style=\"text-align: left;\"><strong>IBM股价美股盘中一度暴跌26%,跌幅超越互联网泡沫崩溃及1987年股灾期间的单日损失。</strong>据彭博追溯至1968年的交易数据,若跌幅于收盘前维持,这将是IBM有记录以来最惨烈的一个交易日。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3f70613e5c5a873a9721125fbf2babab\" data-align=\"center\" tg-width=\"800\" tg-height=\"466\"/><span></span></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/205ca39128d244ef24ba176c0b257dcd\" data-align=\"center\" tg-width=\"800\" tg-height=\"438\"/><span></span></p><p style=\"text-align: left;\">IBM首席执行官Arvind Krishna将业绩不及预期归咎于客户资本支出优先级的"突然转变"——在AI繁荣推高服务器、存储及内存供应紧张的背景下,<strong>企业客户将大量预算临时转向抢购硬件基础设施,导致多笔大型合同未能如期签署</strong>。</p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/GS\">高盛</a>随即警告,<strong>此次IBM事件将充分印证"软件熊市情景",预计软件与服务板块将出现广泛抛售。</strong></p><h2 style=\"text-align: left;\">业绩预警核心:营收、利润双双落空,主机业务首当其冲</h2><p style=\"text-align: left;\">据IBM初步公布的二季度数据,<strong>公司总营收为172亿美元,低于市场预期的179亿美元;Non-GAAP每股收益为2.93美元,亦低于预期的3.02美元。</strong></p><p style=\"text-align: left;\">从分部表现来看,软件业务收入同比仅增长5%,大幅低于市场预期的11%增速;基础设施业务同比下滑7%,差于预期的下滑3%;咨询业务录得持平,不及预期的2%增幅。</p><p style=\"text-align: left;\">据UBS分析师Robert Ruple及高盛分析师James Schneider分析:</p><p style=\"text-align: left;\"><strong>此次业绩缺口最主要的驱动因素来自IBM大型机(zSeries)疲软,进而重创高利润率的Transaction Processing(TP)业务。</strong></p><p style=\"text-align: left;\">Transaction Processing收入同比降幅估计达到中双位数,而该业务约占IBM软件部门收入的近30%。</p><p style=\"text-align: left;\">相比之下,Red Hat实现了11%的固定汇率增速,HashiCorp及Confluent等近期收购资产表现亦符合预期,但均难以抵消TP业务的大幅下滑。</p><p style=\"text-align: left;\">IBM管理层在致股东信中坦言:</p><blockquote><p style=\"text-align: left;\">"六月最后几周,我们看到客户将季度资本支出转向服务器、存储和内存采购,以在价格上涨预期前锁定供应紧张的基础设施。我们预料到了部分供应链影响,但未能预判到资本支出重新排序的幅度。"</p></blockquote><h2 style=\"text-align: left;\">高盛发出"软件熊市"警告,板块连锁反应显现</h2><p style=\"text-align: left;\">高盛在第一时间研究报告中直接点明,<strong>IBM此次事件"将充分印证软件熊市情景",并预计软件与服务层面将出现"相当广泛"的下行压力。</strong></p><p style=\"text-align: left;\">巴克莱分析师Andrew Keches指出,此次更新使IBM的投资逻辑正面临考验。此前,管理层一再强调AI对软件栈具有"加法"效应而非破坏性,但此次业绩缺口集中于大型机及其关联的Transaction Processing软件,且客户正将支出转向供应紧张的服务器、存储和内存,这一现实令上述叙事难以为继。</p><p style=\"text-align: left;\">他认为,当前市场核心争论在于:<strong>这究竟是企业采购节奏的短暂错位,还是AI基础设施投资开始系统性挤占传统软件支出的早期信号。</strong></p><p style=\"text-align: left;\">BNP Paribas分析师Stefan Slowinski亦指出,IBM目前尚未给出任何改善迹象。</p><p style=\"text-align: left;\">就板块联动而言,Andrew Keches认为,最直接的潜在受益者为服务器和存储相关硬件厂商,包括<a href=\"https://laohu8.com/S/DELL\">戴尔</a>、<a href=\"https://laohu8.com/S/HPQ\">惠普</a>,以及内存领域的<a href=\"https://laohu8.com/S/MU\">美光</a>;而ACN、KD等咨询与IT服务企业,以及软件板块整体,则面临更大的情绪压力。</p><h2 style=\"text-align: left;\">分析师:IBM存在个股特定因素,行业外溢解读应保持审慎</h2><p style=\"text-align: left;\">尽管市场担忧情绪蔓延,多位分析师提示不宜将IBM的情况简单等同于行业整体信号。</p><p style=\"text-align: left;\">Andrew Keches明确表示,IBM已承认存在公司层面的执行问题,包括多笔大型合同未能按时完成。</p><p style=\"text-align: left;\">他还指出,IBM选择在正式财报发布日前逾一周提前披露,本身暗示此次缺口可能更多属于个案,而非行业性趋势。他写道:</p><blockquote><p style=\"text-align: left;\">"我们理解这是一个'先卖出、后追问'的市场,<strong>但将IBM的结果1:1映射至每一家软件和服务公司,这样的做法需要谨慎。</strong>"</p></blockquote><p style=\"text-align: left;\">高盛分析师James Schneider亦指出,IBM的Data & Automation软件业务疲软部分源于公司内部执行问题,并表示在下周财报电话会议召开、管理层就2026年指引及应对措施提供进一步说明之前,他暂不调整估值模型。</p><p style=\"text-align: left;\">瑞银分析师Robert Ruple则将此次IBM预警定性为一个潜在"前兆",可能预示后续其他软件、IT服务及硬件公司在二季度财报季中陆续发出类似信号,进而对整体市场情绪形成累积性压力。</p><h2 style=\"text-align: left;\">华尔街预期落差巨大,评级体系面临重估压力</h2><p style=\"text-align: left;\">在此次业绩预警之前,华尔街对IBM的预期普遍乐观,与当日市场反应形成鲜明对比。据彭博追踪的分析师数据,IBM过去12个月平均目标价为300美元,在25位覆盖分析师中,17位给予买入评级,6位持中性立场,仅2位建议卖出。</p><p style=\"text-align: left;\">瑞银的David Vogt指出,此次结果可能促使投资者重新评估IBM的长期软件增长前景,尤其是2027年及以后的展望——基础设施成本上升与IT预算收紧的双重压力正在持续压制需求。</p><p style=\"text-align: left;\">他认为,Red Hat等增长较快的业务或许已不足以对冲Transaction Processing业务的持续疲软,IBM将面临更大压力,需要通过较大规模并购或其他举措来维持软件增长轨迹。</p><p style=\"text-align: left;\">巴克莱的Andrew Keches则提示,IBM上一季度财报电话会议中曾明确提及并购意愿,表示当前估值具有吸引力、收购胃口可能高于正常年份。此次业绩不及预期本身并不直接指向并购动向,但疲弱的业绩无疑将为这一议题增添更多不确定性。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bdc7472c280ee4af2ee0f797310d6b13","relate_stocks":{"159180":"软件","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","BK4534":"瑞士信贷持仓","AMZP":"KURV YIELD PREMIUM STRATEGY AMAZON (AMZN) ETF","BK4585":"ETF&股票定投概念","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","TDIV":"第一信托纳斯达克科技股利指数基金","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","AMZU":"2倍做多AMZN ETF-Direxion","MSFD":"1倍做空MSFT ETF-Direxion","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU1883839398.USD":"AMUNDI FUNDS INCOME OPPORTUNITIES \"A2\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","AZYY":"GraniteShares YieldBOOST AMZN ETF","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","AMZW":"Roundhill AMZN WeeklyPay™ ETF","MSFL":"2倍做多MSFT ETF-GraniteShares","VGT":"信息技术ETF-Vanguard","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","MSFO":"MSFT期权收益策略ETF-YieldMax","AMZY":"AMZN期权收益策略ETF-YieldMax","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","GSX":"Tradr 2X Long GS Daily ETF","BK4612":"AI芯片","AMZZ":"2倍做多AMZN ETF-GraniteShares","BK4504":"桥水持仓","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","MSFU":"2倍做多MSFT ETF-Direxion","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","BK4588":"碎股","MSFW":"Roundhill MSFT WeeklyPay ETF","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","MSFX":"2倍做多MSFT ETF-T-Rex","IGPT":"INVESCO AI AND NEXT GEN SOFTWARE ETF","BK4552":"Archegos爆仓风波概念","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","IBM":"IBM","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","MSFY":"Kurv Yield Premium Strategy Microsoft (MSFT) ETF","AMZD":"1倍做空AMZN ETF-Direxion","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","SKYY":"First Trust Cloud Computing ETF","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU2237443465.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","BK4543":"AI","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC"},"source_url":"https://wallstreetcn.com/articles/3776938","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2651348694","content_text":"IBM周二发布令人意外的第二季度业绩预警,股价创下有记录以来最大单日跌幅,由此引发市场对企业IT预算正大规模向AI基础设施转移、传统软件与服务支出遭受挤压的深层忧虑。IBM股价美股盘中一度暴跌26%,跌幅超越互联网泡沫崩溃及1987年股灾期间的单日损失。据彭博追溯至1968年的交易数据,若跌幅于收盘前维持,这将是IBM有记录以来最惨烈的一个交易日。IBM首席执行官Arvind Krishna将业绩不及预期归咎于客户资本支出优先级的\"突然转变\"——在AI繁荣推高服务器、存储及内存供应紧张的背景下,企业客户将大量预算临时转向抢购硬件基础设施,导致多笔大型合同未能如期签署。高盛随即警告,此次IBM事件将充分印证\"软件熊市情景\",预计软件与服务板块将出现广泛抛售。业绩预警核心:营收、利润双双落空,主机业务首当其冲据IBM初步公布的二季度数据,公司总营收为172亿美元,低于市场预期的179亿美元;Non-GAAP每股收益为2.93美元,亦低于预期的3.02美元。从分部表现来看,软件业务收入同比仅增长5%,大幅低于市场预期的11%增速;基础设施业务同比下滑7%,差于预期的下滑3%;咨询业务录得持平,不及预期的2%增幅。据UBS分析师Robert Ruple及高盛分析师James Schneider分析:此次业绩缺口最主要的驱动因素来自IBM大型机(zSeries)疲软,进而重创高利润率的Transaction Processing(TP)业务。Transaction Processing收入同比降幅估计达到中双位数,而该业务约占IBM软件部门收入的近30%。相比之下,Red Hat实现了11%的固定汇率增速,HashiCorp及Confluent等近期收购资产表现亦符合预期,但均难以抵消TP业务的大幅下滑。IBM管理层在致股东信中坦言:\"六月最后几周,我们看到客户将季度资本支出转向服务器、存储和内存采购,以在价格上涨预期前锁定供应紧张的基础设施。我们预料到了部分供应链影响,但未能预判到资本支出重新排序的幅度。\"高盛发出\"软件熊市\"警告,板块连锁反应显现高盛在第一时间研究报告中直接点明,IBM此次事件\"将充分印证软件熊市情景\",并预计软件与服务层面将出现\"相当广泛\"的下行压力。巴克莱分析师Andrew Keches指出,此次更新使IBM的投资逻辑正面临考验。此前,管理层一再强调AI对软件栈具有\"加法\"效应而非破坏性,但此次业绩缺口集中于大型机及其关联的Transaction Processing软件,且客户正将支出转向供应紧张的服务器、存储和内存,这一现实令上述叙事难以为继。他认为,当前市场核心争论在于:这究竟是企业采购节奏的短暂错位,还是AI基础设施投资开始系统性挤占传统软件支出的早期信号。BNP Paribas分析师Stefan Slowinski亦指出,IBM目前尚未给出任何改善迹象。就板块联动而言,Andrew Keches认为,最直接的潜在受益者为服务器和存储相关硬件厂商,包括戴尔、惠普,以及内存领域的美光;而ACN、KD等咨询与IT服务企业,以及软件板块整体,则面临更大的情绪压力。分析师:IBM存在个股特定因素,行业外溢解读应保持审慎尽管市场担忧情绪蔓延,多位分析师提示不宜将IBM的情况简单等同于行业整体信号。Andrew Keches明确表示,IBM已承认存在公司层面的执行问题,包括多笔大型合同未能按时完成。他还指出,IBM选择在正式财报发布日前逾一周提前披露,本身暗示此次缺口可能更多属于个案,而非行业性趋势。他写道:\"我们理解这是一个'先卖出、后追问'的市场,但将IBM的结果1:1映射至每一家软件和服务公司,这样的做法需要谨慎。\"高盛分析师James Schneider亦指出,IBM的Data & Automation软件业务疲软部分源于公司内部执行问题,并表示在下周财报电话会议召开、管理层就2026年指引及应对措施提供进一步说明之前,他暂不调整估值模型。瑞银分析师Robert Ruple则将此次IBM预警定性为一个潜在\"前兆\",可能预示后续其他软件、IT服务及硬件公司在二季度财报季中陆续发出类似信号,进而对整体市场情绪形成累积性压力。华尔街预期落差巨大,评级体系面临重估压力在此次业绩预警之前,华尔街对IBM的预期普遍乐观,与当日市场反应形成鲜明对比。据彭博追踪的分析师数据,IBM过去12个月平均目标价为300美元,在25位覆盖分析师中,17位给予买入评级,6位持中性立场,仅2位建议卖出。瑞银的David Vogt指出,此次结果可能促使投资者重新评估IBM的长期软件增长前景,尤其是2027年及以后的展望——基础设施成本上升与IT预算收紧的双重压力正在持续压制需求。他认为,Red Hat等增长较快的业务或许已不足以对冲Transaction Processing业务的持续疲软,IBM将面临更大压力,需要通过较大规模并购或其他举措来维持软件增长轨迹。巴克莱的Andrew Keches则提示,IBM上一季度财报电话会议中曾明确提及并购意愿,表示当前估值具有吸引力、收购胃口可能高于正常年份。此次业绩不及预期本身并不直接指向并购动向,但疲弱的业绩无疑将为这一议题增添更多不确定性。","news_type":1,"symbols_score_info":{"159180":1.5,"SKYY":0.6,"AMZU":0.6,"AMZW":0.6,"IBM":1.5,"MSFL":0.6,"GSX":0.6,"AMZZ":0.6,"VGT":1.5,"MSFD":1.5,"MSFO":0.6,"MSFW":0.6,"TDIV":0.6,"MSFX":1.5,"AMZD":0.6,"AMZP":1.5,"AZYY":0.6,"IGPT":1.5,"MSFY":0.6,"MSFU":0.6,"AMZY":0.6}},"isVote":1,"tweetType":1,"viewCount":1167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":608288692327192,"gmtCreate":1789531507255,"gmtModify":1789531509182,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"黄皮是怕自己的高价卡没人买","listText":"黄皮是怕自己的高价卡没人买","text":"黄皮是怕自己的高价卡没人买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608288692327192","repostId":"1126005674","repostType":2,"repost":{"id":"1126005674","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1789515244,"share":"https://www.laohunote.com/m/news/1126005674?lang=zh_CN&edition=full","pubTime":"2026-09-16 07:34","market":"us","language":"zh","title":"英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”","url":"https://stock-news.laohu8.com/highlight/detail?id=1126005674","media":"老虎资讯综合","summary":"关键要点英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。Anthropic 没有回应就黄仁勋上述言论提出的置评请求。黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”","content":"<html><head></head><body><h2 style=\"text-align: left;\">关键要点</h2><ul><li><p style=\"text-align: left;\">英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。相关豁免将允许这些公司协调行动,以放缓先进 AI 模型的开发速度。</p></li><li><p style=\"text-align: left;\">黄仁勋表示,AI 安全确实是一个现实问题,但应该通过工程和测试来解决,而不是通过制定新的法律或监管规定。</p></li></ul><p style=\"text-align: left;\">英伟达 CEO 黄仁勋周二猛烈抨击了这样一种提议:给予人工智能公司反垄断豁免,以便它们能够协调行动,放缓越来越强大 AI 模型的开发。</p><p style=\"text-align: left;\">黄仁勋是在接受 CNBC 主持人 Jim Cramer 采访时发表上述言论的。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。</p><p style=\"text-align: left;\">Amodei 提议,让领先的 AI 实验室协调行动,“控制前沿发展速度”(pace the frontier),也就是有意放缓先进 AI 模型的开发,从而给企业更多时间进行测试并采取安全防护措施。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。</p><p style=\"text-align: left;\">黄仁勋同意 AI 公司需要认真对待安全问题,但他认为,这些公司应该能够自行解决这些挑战。</p><p style=\"text-align: left;\">黄仁勋表示:“我们需要制定新的法律、新的反垄断法或新的监管规定,才能让这些公司完成它们最基本的工程工作,并在产品发布之前把这些工作做好——这完全没有必要。我们已经有大量法律,也有大量监管规定,用来规范产品的可靠性和功能。”</p><p style=\"text-align: left;\">Amodei 在他的文章中提出了一套分三步走的方法,以适度放缓 AI 模型开发的速度。</p><p style=\"text-align: left;\">第一步是在每一家 AI 实验室内部引入第三方安全评估人员。</p><p style=\"text-align: left;\">Amodei 写道,第二步和第三步则是围绕安全标准开展民主化和全球范围的协调,以及“限制未经审查的 AI 发展速度”。</p><p style=\"text-align: left;\">Amodei 写道:“一些能够对控制发展速度产生实际影响的协调形式,在法律上存在挑战,并且需要政府提供支持。”</p><p style=\"text-align: left;\">之所以会产生法律问题,是因为领先的 AI 实验室彼此之间存在竞争,而且它们开发的模型也是相互竞争的产品。</p><p style=\"text-align: left;\">《谢尔曼反托拉斯法》(Sherman Antitrust Act)通常禁止竞争对手之间达成不合理限制竞争的协议,而某些形式的协调——包括限制产量的协议——可能属于违法行为。</p><p style=\"text-align: left;\">因此,如果相互竞争的 AI 开发商共同约定它们应该以多快的速度开发或发布新模型,就可能产生潜在的法律风险。</p><p style=\"text-align: left;\">黄仁勋表示,模型开发商有能力在产品发布之前确保其产品安全。</p><p style=\"text-align: left;\">“安全是一个工程问题。测试也是一个工程问题。”黄仁勋表示。</p><p style=\"text-align: left;\">黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。与此同时,英伟达也在开发自己的 Nemotron 系列开放权重模型。</p><p style=\"text-align: left;\">黄仁勋表示:“我们应该创造产品,并对它们进行适当的测试。如果产品还没有准备好发布,那就先不要发布,继续测试,继续进行工程开发,直到它准备好为止。”</p><p style=\"text-align: left;\">AI 热潮已经将英伟达推向全球最大芯片制造商以及全球市值最高公司的位置。放缓更强大 AI 模型的开发速度,可能会对英伟达未来的增长构成风险。</p><p style=\"text-align: left;\">Anthropic 没有回应就黄仁勋上述言论提出的置评请求。</p><p style=\"text-align: left;\">黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”</p><p style=\"text-align: left;\">“通过工程手段打造安全的产品,让全世界都能够安全地使用这些产品——这确实是一个现实问题。企业应该尽可能快地进行创新,但绝不能为了创新速度而快到发布不安全的产品。”</p><p style=\"text-align: left;\">黄仁勋还反驳了有关越来越强大的 AI 模型将对人类构成生存威胁的警告。</p><p style=\"text-align: left;\">他说:“我们不会在 2030 年灭亡。”</p><p style=\"text-align: left;\">“世界上有这么多人将会以正确的方式开发 AI。我们将会建立各种各样的安全护栏,也会发明各种各样用于安全与保障的技术。”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; 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英伟达黄仁勋抨击 Anthropic 关于 AI 安全反垄断豁免的提议:“完全没有必要”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-09-16 07:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 style=\"text-align: left;\">关键要点</h2><ul><li><p style=\"text-align: left;\">英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。相关豁免将允许这些公司协调行动,以放缓先进 AI 模型的开发速度。</p></li><li><p style=\"text-align: left;\">黄仁勋表示,AI 安全确实是一个现实问题,但应该通过工程和测试来解决,而不是通过制定新的法律或监管规定。</p></li></ul><p style=\"text-align: left;\">英伟达 CEO 黄仁勋周二猛烈抨击了这样一种提议:给予人工智能公司反垄断豁免,以便它们能够协调行动,放缓越来越强大 AI 模型的开发。</p><p style=\"text-align: left;\">黄仁勋是在接受 CNBC 主持人 Jim Cramer 采访时发表上述言论的。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。</p><p style=\"text-align: left;\">Amodei 提议,让领先的 AI 实验室协调行动,“控制前沿发展速度”(pace the frontier),也就是有意放缓先进 AI 模型的开发,从而给企业更多时间进行测试并采取安全防护措施。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。</p><p style=\"text-align: left;\">黄仁勋同意 AI 公司需要认真对待安全问题,但他认为,这些公司应该能够自行解决这些挑战。</p><p style=\"text-align: left;\">黄仁勋表示:“我们需要制定新的法律、新的反垄断法或新的监管规定,才能让这些公司完成它们最基本的工程工作,并在产品发布之前把这些工作做好——这完全没有必要。我们已经有大量法律,也有大量监管规定,用来规范产品的可靠性和功能。”</p><p style=\"text-align: left;\">Amodei 在他的文章中提出了一套分三步走的方法,以适度放缓 AI 模型开发的速度。</p><p style=\"text-align: left;\">第一步是在每一家 AI 实验室内部引入第三方安全评估人员。</p><p style=\"text-align: left;\">Amodei 写道,第二步和第三步则是围绕安全标准开展民主化和全球范围的协调,以及“限制未经审查的 AI 发展速度”。</p><p style=\"text-align: left;\">Amodei 写道:“一些能够对控制发展速度产生实际影响的协调形式,在法律上存在挑战,并且需要政府提供支持。”</p><p style=\"text-align: left;\">之所以会产生法律问题,是因为领先的 AI 实验室彼此之间存在竞争,而且它们开发的模型也是相互竞争的产品。</p><p style=\"text-align: left;\">《谢尔曼反托拉斯法》(Sherman Antitrust Act)通常禁止竞争对手之间达成不合理限制竞争的协议,而某些形式的协调——包括限制产量的协议——可能属于违法行为。</p><p style=\"text-align: left;\">因此,如果相互竞争的 AI 开发商共同约定它们应该以多快的速度开发或发布新模型,就可能产生潜在的法律风险。</p><p style=\"text-align: left;\">黄仁勋表示,模型开发商有能力在产品发布之前确保其产品安全。</p><p style=\"text-align: left;\">“安全是一个工程问题。测试也是一个工程问题。”黄仁勋表示。</p><p style=\"text-align: left;\">黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。与此同时,英伟达也在开发自己的 Nemotron 系列开放权重模型。</p><p style=\"text-align: left;\">黄仁勋表示:“我们应该创造产品,并对它们进行适当的测试。如果产品还没有准备好发布,那就先不要发布,继续测试,继续进行工程开发,直到它准备好为止。”</p><p style=\"text-align: left;\">AI 热潮已经将英伟达推向全球最大芯片制造商以及全球市值最高公司的位置。放缓更强大 AI 模型的开发速度,可能会对英伟达未来的增长构成风险。</p><p style=\"text-align: left;\">Anthropic 没有回应就黄仁勋上述言论提出的置评请求。</p><p style=\"text-align: left;\">黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”</p><p style=\"text-align: left;\">“通过工程手段打造安全的产品,让全世界都能够安全地使用这些产品——这确实是一个现实问题。企业应该尽可能快地进行创新,但绝不能为了创新速度而快到发布不安全的产品。”</p><p style=\"text-align: left;\">黄仁勋还反驳了有关越来越强大的 AI 模型将对人类构成生存威胁的警告。</p><p style=\"text-align: left;\">他说:“我们不会在 2030 年灭亡。”</p><p style=\"text-align: left;\">“世界上有这么多人将会以正确的方式开发 AI。我们将会建立各种各样的安全护栏,也会发明各种各样用于安全与保障的技术。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f51e0887617e5ccdb1f56ab9d6b7e088","relate_stocks":{"NVDO":"2倍上限加速NVDA ETF-Leverage Shares","07388":"南方两倍做空英伟达","DIPS":"做空NVDA期权收益策略ETF-YieldMax","NVDD":"1倍做空NVDA ETF-Direxion","NVDU":"2倍做多NVDA ETF-Direxion","NVDB":"ProShares Ultra NVDA ETF","ANV":"GraniteShares Autocallable NVDA ETF","NVD":"2倍做空NVDA ETF-GraniteShares","07788":"南方两倍做多英伟达","NVC":"Corgi NVDA 2x Daily ETF","NVII":"Rex NVDA Growth & Income ETF","NVYY":"GraniteShares YieldBOOST NVDA ETF","NVDW":"NVDA周配息ETF-Roundhill","NVDL":"2倍做多NVDA ETF-GraniteShares","NVDA":"英伟达","NVDX":"2倍做多NVDA ETF-T-Rex","NVDQ":"2倍做空NVDA ETF-T-Rex","NVDG":"2倍做多NVDA ETF- Leverage Shares","NVDY":"NVDA期权收益策略ETF-YieldMax","NVDS":"1.5倍做空NVDA ETF-Tradr"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126005674","content_text":"关键要点英伟达 CEO 黄仁勋反对给予 AI 公司反垄断豁免的呼吁。相关豁免将允许这些公司协调行动,以放缓先进 AI 模型的开发速度。黄仁勋表示,AI 安全确实是一个现实问题,但应该通过工程和测试来解决,而不是通过制定新的法律或监管规定。英伟达 CEO 黄仁勋周二猛烈抨击了这样一种提议:给予人工智能公司反垄断豁免,以便它们能够协调行动,放缓越来越强大 AI 模型的开发。黄仁勋是在接受 CNBC 主持人 Jim Cramer 采访时发表上述言论的。当前,围绕 AI 安全问题的争论正变得异常激烈,此前 Anthropic CEO Dario Amodei 于周六发表了一篇文章,进一步推动了这场讨论。Amodei 提议,让领先的 AI 实验室协调行动,“控制前沿发展速度”(pace the frontier),也就是有意放缓先进 AI 模型的开发,从而给企业更多时间进行测试并采取安全防护措施。Amodei 表示,这项工作可能需要政府进行协调,或者给予相关企业反垄断豁免。黄仁勋同意 AI 公司需要认真对待安全问题,但他认为,这些公司应该能够自行解决这些挑战。黄仁勋表示:“我们需要制定新的法律、新的反垄断法或新的监管规定,才能让这些公司完成它们最基本的工程工作,并在产品发布之前把这些工作做好——这完全没有必要。我们已经有大量法律,也有大量监管规定,用来规范产品的可靠性和功能。”Amodei 在他的文章中提出了一套分三步走的方法,以适度放缓 AI 模型开发的速度。第一步是在每一家 AI 实验室内部引入第三方安全评估人员。Amodei 写道,第二步和第三步则是围绕安全标准开展民主化和全球范围的协调,以及“限制未经审查的 AI 发展速度”。Amodei 写道:“一些能够对控制发展速度产生实际影响的协调形式,在法律上存在挑战,并且需要政府提供支持。”之所以会产生法律问题,是因为领先的 AI 实验室彼此之间存在竞争,而且它们开发的模型也是相互竞争的产品。《谢尔曼反托拉斯法》(Sherman Antitrust Act)通常禁止竞争对手之间达成不合理限制竞争的协议,而某些形式的协调——包括限制产量的协议——可能属于违法行为。因此,如果相互竞争的 AI 开发商共同约定它们应该以多快的速度开发或发布新模型,就可能产生潜在的法律风险。黄仁勋表示,模型开发商有能力在产品发布之前确保其产品安全。“安全是一个工程问题。测试也是一个工程问题。”黄仁勋表示。黄仁勋所在的英伟达将 Anthropic 和竞争对手 OpenAI 都视为重要客户。与此同时,英伟达也在开发自己的 Nemotron 系列开放权重模型。黄仁勋表示:“我们应该创造产品,并对它们进行适当的测试。如果产品还没有准备好发布,那就先不要发布,继续测试,继续进行工程开发,直到它准备好为止。”AI 热潮已经将英伟达推向全球最大芯片制造商以及全球市值最高公司的位置。放缓更强大 AI 模型的开发速度,可能会对英伟达未来的增长构成风险。Anthropic 没有回应就黄仁勋上述言论提出的置评请求。黄仁勋对 Cramer 表示:“AI 安全确实是一个真实存在的问题。”“通过工程手段打造安全的产品,让全世界都能够安全地使用这些产品——这确实是一个现实问题。企业应该尽可能快地进行创新,但绝不能为了创新速度而快到发布不安全的产品。”黄仁勋还反驳了有关越来越强大的 AI 模型将对人类构成生存威胁的警告。他说:“我们不会在 2030 年灭亡。”“世界上有这么多人将会以正确的方式开发 AI。我们将会建立各种各样的安全护栏,也会发明各种各样用于安全与保障的技术。”","news_type":1,"symbols_score_info":{"07388":0.6,"NVDQ":0.6,"NVDS":0.6,"NVDD":0.6,"ANV":0.6,"NVDG":0.6,"NVDU":0.6,"07788":0.6,"NVC":0.6,"NVII":0.6,"NVDX":0.6,"NVDY":0.6,"NVDA":2,"NVDB":0.6,"NVYY":0.6,"DIPS":0.6,"NVDL":0.6,"NVD":0.6,"NVDW":0.6,"NVDO":0.6}},"isVote":1,"tweetType":1,"viewCount":825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":567032621838360,"gmtCreate":1779456979433,"gmtModify":1779457308419,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 这特么完全就是随便喊价能骗一个算一个了","listText":"<a href=\"https://laohu8.com/S/SNDK\">$闪迪(SNDK)$ </a> 这特么完全就是随便喊价能骗一个算一个了","text":"$闪迪(SNDK)$ 这特么完全就是随便喊价能骗一个算一个了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/567032621838360","repostId":"2637918391","repostType":2,"repost":{"id":"2637918391","kind":"news","pubTimestamp":1779447600,"share":"https://www.laohunote.com/m/news/2637918391?lang=zh_CN&edition=full","pubTime":"2026-05-22 19:00","market":"us","language":"zh","title":"暴涨之后仍然低估?闪迪站上AI存储超级风口,多头喊出3000美元目标价","url":"https://stock-news.laohu8.com/highlight/detail?id=2637918391","media":"智通财经","summary":"智通财经APP获悉,得益于AI驱动的“存储超级周期”,美国存储巨头闪迪股价迎来爆发式行情,在2025年大涨580%的基础上,今年迄今再度暴涨550%,目前股价约为1542美元。基于业绩高增与行业估值重构,Fernandez将闪迪的评级从“中性”上调至“买入”,未来12个月目标价为3000美元,较当前股价具备95%的上涨空间。市场低估闪迪在AI存储中的核心地位,其基于2027财年业绩的市盈率仅7倍,当前估值未充分反映其技术壁垒与业绩弹性。","content":"<html><head></head><body><p style=\"text-align: left;\">5月22日,得益于AI驱动的“存储超级周期”,美国存储巨头<a href=\"https://laohu8.com/S/SNDK\">闪迪</a>(SNDK.US)股价迎来爆发式行情,在2025年大涨580%的基础上,今年迄今再度暴涨550%,目前股价约为1542美元。</p><p style=\"text-align: left;\">即便股价飙升,Seeking Alpha撰稿人Ricardo Fernandez仍看好闪迪长期成长价值,认为随着闪迪持续深耕产业链高端环节、依托差异化产品构筑核心壁垒,公司估值仍有极大上涨空间,目标价看高至3000美元。</p><p style=\"text-align: left;\"><strong>AI数据中心需求爆发,高附加值产品构筑壁垒</strong></p><p style=\"text-align: left;\">AI与智能体AI的规模化落地,正重塑全球存储需求格局。Fernandez表示,作为AI算力的核心载体,数据中心到2030年新增装机规划容量达100吉瓦,假设实际落地约80吉瓦,将直接推动NAND闪存年均需求增长20%。而按照已公布的产能增长计划,供需缺口预计持续至2028年。</p><p style=\"text-align: left;\">数据中心NAND需求有望持续增长</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7037459903a46ce1995b2257e46106d\" data-align=\"center\" tg-width=\"480\" tg-height=\"289\"/><span></span></p><p style=\"text-align: left;\">数据中心使用的NAND闪存对技术的要求远高于消费电子产品闪存,尽管在供应短缺的环境下所有产品的价格都有所上涨,但当产能达到平衡时,数据中心闪存的价格仍有可能保持较高水平。</p><p style=\"text-align: left;\">Fernandez强调,数据中心的NAND闪存需求每年增长20%,部分原因是随着 AI 从训练大型语言模型(LLM)和聊天机器人转向需要更高存储强度的智能体AI,推理工作负载将会增加。</p><p style=\"text-align: left;\">与铠侠等同行不同,闪迪生产更高附加值的产品。铠侠主要是一家晶圆制造商,其控制器智能和固件部分则外包给第三方。因此,尽管闪迪和铠侠可能共享生产设施,但最终产品却截然不同,而这正是部分投资者低估闪迪在数据中心生态系统中的重要性的原因。</p><p style=\"text-align: left;\">值得关注的是,闪迪与SK海力士的战略合作,成为公司锁定高端市场的关键一步。双方将合作开发高带宽闪存(HBF),打造介于HBM与SSD之间的新型存储层,服务于AI推理场景。</p><p style=\"text-align: left;\"><strong>业绩爆发+巨额回购,多头看高至3000美元</strong></p><p style=\"text-align: left;\">考虑到NAND闪存需求周期的乐观前景以及公司高附加值产品的定价优势,闪迪业绩将迎来集中爆发,核心财务指标全线高增:2027财年调整后EPS有望同比增长183%,EBITDA利润率峰值将达77%,自由现金流(FCF)预计超200亿美元,且在2028年有望达到250亿美元。</p><p style=\"text-align: left;\">闪迪财务数据及预测值</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5db66ff6cb9f394ea041a4a4eb14873b\" data-align=\"center\" tg-width=\"885\" tg-height=\"731\"/><span></span></p><p style=\"text-align: left;\">强劲现金流支撑大规模股东回报计划。闪迪近期表示,将在2026年回购价值60亿美元的股票,并且很可能将60%的自由现金流用于股票回购,这相当于超过8%的资本回报率。</p><p style=\"text-align: left;\">基于业绩高增与行业估值重构,Fernandez将闪迪的评级从“中性”上调至“买入”,未来12个月目标价为3000美元,较当前股价具备95%的上涨空间。市场低估闪迪在AI存储中的核心地位,其基于2027财年业绩的市盈率仅7倍,当前估值未充分反映其技术壁垒与业绩弹性。</p><p style=\"text-align: left;\">值得注意的是,Tipranks的数据显示,整体而言,华尔街分析师对闪迪持乐观看法,共识评级为“强力买入”,但平均目标价为1516.88美元,较当前股价低1.6%。闪迪的凌厉涨势已然超出华尔街分析师预期。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/63870e2c054f231fc526f460c2e7e796\" data-align=\"center\" tg-width=\"947\" tg-height=\"429\"/><span></span></p><p style=\"text-align: left;\">尽管Fernandez坚信闪迪增长逻辑坚实,但他也警告称,仍需警惕三大核心风险:一是数据中心建设延迟,受资金、用地、电力短缺等因素影响,落地进度或低于预期,拖累NAND需求与价格;二是供应链约束,伊朗冲突导致能源、石化原材料短缺,推高生产成本并限制产能释放;三是2028年后需求冲击,新产能集中释放或引发供需反转,同时智能体AI普及速度不及预期,可能导致存储需求与业绩回调。</p><p style=\"text-align: left;\">Fernandez总结道,AI数据中心扩张带来的NAND需求高景气、差异化高附加值产品构筑的壁垒、2027财年业绩爆发与巨额回购,共同支撑闪迪股价上行。在当前7倍PE的低估值下,闪迪投资价值凸显。</p><p style=\"text-align: left;\">花旗集团在人工智能推动存储定价持续飙升以及AI训练/推理驱动的存储需求近乎无止境的背景之下,将其目标价上调超50%至惊人的2025美元。</p><p style=\"text-align: left;\">花旗最新目标股价意味着,已经踏入狂飙式疯牛行情的闪迪股价较本周一的美股收盘价仍有约51.9%的潜在上涨空间,此外,从最新披露的13F报告来看,华尔街最顶级机构投资者们对于存储芯片的风险敞口可谓不断扩张。美国知名亿万富豪投资者、对冲基金传奇人物大卫·泰珀(David Tepper)创立并管理的顶级资管机构Appaloosa Management递交了截至2026年3月31日的第一季度美股持仓报告(13F),报告显示,该机构大举加仓存储芯片领军者。</p><p style=\"text-align: left;\">花旗还重申了其对闪迪的“买入”评级,并且表示该公司签署的诸多长期协议有望提供80%或更高的基准毛利率预期,并提供“预先确定的强劲出货量轨迹”,这些出货量未来还将在合同期限内持续增长。花旗分析师团队最新预测数据则显示,NAND存储芯片的平均售价将在2026年大幅上涨186%,其中eSSD将大幅上涨约265%。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>暴涨之后仍然低估?闪迪站上AI存储超级风口,多头喊出3000美元目标价</title>\n<style 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href=\"http://www.zhitongcaijing.com/content/detail/1444997.html\">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/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"SNXX":"2倍做多SNDK ETF-Tradr","SNDK":"闪迪","BK4170":"电脑硬件、储存设备及电脑周边","SNDU":"2倍做多SNDK ETF-T-REX","LU0963586101.USD":"ALLIANZ GLOBAL SMALL CAP EQUITY \"AT\" ACC","LU0054578231.USD":"BGF SYSTEMATIC SUSTAINABLE GLOBAL SMALLCAP \"A2\" (USD) ACC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1444997.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2637918391","content_text":"5月22日,得益于AI驱动的“存储超级周期”,美国存储巨头闪迪(SNDK.US)股价迎来爆发式行情,在2025年大涨580%的基础上,今年迄今再度暴涨550%,目前股价约为1542美元。即便股价飙升,Seeking Alpha撰稿人Ricardo Fernandez仍看好闪迪长期成长价值,认为随着闪迪持续深耕产业链高端环节、依托差异化产品构筑核心壁垒,公司估值仍有极大上涨空间,目标价看高至3000美元。AI数据中心需求爆发,高附加值产品构筑壁垒AI与智能体AI的规模化落地,正重塑全球存储需求格局。Fernandez表示,作为AI算力的核心载体,数据中心到2030年新增装机规划容量达100吉瓦,假设实际落地约80吉瓦,将直接推动NAND闪存年均需求增长20%。而按照已公布的产能增长计划,供需缺口预计持续至2028年。数据中心NAND需求有望持续增长数据中心使用的NAND闪存对技术的要求远高于消费电子产品闪存,尽管在供应短缺的环境下所有产品的价格都有所上涨,但当产能达到平衡时,数据中心闪存的价格仍有可能保持较高水平。Fernandez强调,数据中心的NAND闪存需求每年增长20%,部分原因是随着 AI 从训练大型语言模型(LLM)和聊天机器人转向需要更高存储强度的智能体AI,推理工作负载将会增加。与铠侠等同行不同,闪迪生产更高附加值的产品。铠侠主要是一家晶圆制造商,其控制器智能和固件部分则外包给第三方。因此,尽管闪迪和铠侠可能共享生产设施,但最终产品却截然不同,而这正是部分投资者低估闪迪在数据中心生态系统中的重要性的原因。值得关注的是,闪迪与SK海力士的战略合作,成为公司锁定高端市场的关键一步。双方将合作开发高带宽闪存(HBF),打造介于HBM与SSD之间的新型存储层,服务于AI推理场景。业绩爆发+巨额回购,多头看高至3000美元考虑到NAND闪存需求周期的乐观前景以及公司高附加值产品的定价优势,闪迪业绩将迎来集中爆发,核心财务指标全线高增:2027财年调整后EPS有望同比增长183%,EBITDA利润率峰值将达77%,自由现金流(FCF)预计超200亿美元,且在2028年有望达到250亿美元。闪迪财务数据及预测值强劲现金流支撑大规模股东回报计划。闪迪近期表示,将在2026年回购价值60亿美元的股票,并且很可能将60%的自由现金流用于股票回购,这相当于超过8%的资本回报率。基于业绩高增与行业估值重构,Fernandez将闪迪的评级从“中性”上调至“买入”,未来12个月目标价为3000美元,较当前股价具备95%的上涨空间。市场低估闪迪在AI存储中的核心地位,其基于2027财年业绩的市盈率仅7倍,当前估值未充分反映其技术壁垒与业绩弹性。值得注意的是,Tipranks的数据显示,整体而言,华尔街分析师对闪迪持乐观看法,共识评级为“强力买入”,但平均目标价为1516.88美元,较当前股价低1.6%。闪迪的凌厉涨势已然超出华尔街分析师预期。尽管Fernandez坚信闪迪增长逻辑坚实,但他也警告称,仍需警惕三大核心风险:一是数据中心建设延迟,受资金、用地、电力短缺等因素影响,落地进度或低于预期,拖累NAND需求与价格;二是供应链约束,伊朗冲突导致能源、石化原材料短缺,推高生产成本并限制产能释放;三是2028年后需求冲击,新产能集中释放或引发供需反转,同时智能体AI普及速度不及预期,可能导致存储需求与业绩回调。Fernandez总结道,AI数据中心扩张带来的NAND需求高景气、差异化高附加值产品构筑的壁垒、2027财年业绩爆发与巨额回购,共同支撑闪迪股价上行。在当前7倍PE的低估值下,闪迪投资价值凸显。花旗集团在人工智能推动存储定价持续飙升以及AI训练/推理驱动的存储需求近乎无止境的背景之下,将其目标价上调超50%至惊人的2025美元。花旗最新目标股价意味着,已经踏入狂飙式疯牛行情的闪迪股价较本周一的美股收盘价仍有约51.9%的潜在上涨空间,此外,从最新披露的13F报告来看,华尔街最顶级机构投资者们对于存储芯片的风险敞口可谓不断扩张。美国知名亿万富豪投资者、对冲基金传奇人物大卫·泰珀(David Tepper)创立并管理的顶级资管机构Appaloosa Management递交了截至2026年3月31日的第一季度美股持仓报告(13F),报告显示,该机构大举加仓存储芯片领军者。花旗还重申了其对闪迪的“买入”评级,并且表示该公司签署的诸多长期协议有望提供80%或更高的基准毛利率预期,并提供“预先确定的强劲出货量轨迹”,这些出货量未来还将在合同期限内持续增长。花旗分析师团队最新预测数据则显示,NAND存储芯片的平均售价将在2026年大幅上涨186%,其中eSSD将大幅上涨约265%。","news_type":1,"symbols_score_info":{"SNDU":0.6,"SNXX":0.6,"SNDK":1.98}},"isVote":1,"tweetType":1,"viewCount":4109,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"content":"闪迪没有反向ETF,我加MUD,你加闪迪吧,毕竟是你的信仰","text":"闪迪没有反向ETF,我加MUD,你加闪迪吧,毕竟是你的信仰","html":"闪迪没有反向ETF,我加MUD,你加闪迪吧,毕竟是你的信仰"},{"author":{"id":"3566290818801808","authorId":"3566290818801808","name":"亿千","avatar":"https://static.tigerbbs.com/b8074aa8994a90800980e41658344389","crmLevel":1,"crmLevelSwitch":0,"idStr":"3566290818801808","authorIdStr":"3566290818801808"},"content":"你加仓做空不就好了~我都说了 我们可以看2个月后盈亏比","text":"你加仓做空不就好了~我都说了 我们可以看2个月后盈亏比","html":"你加仓做空不就好了~我都说了 我们可以看2个月后盈亏比"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":595590025111000,"gmtCreate":1786425950551,"gmtModify":1786425952803,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"不就是东大玩剩的融资租赁模式嘛","listText":"不就是东大玩剩的融资租赁模式嘛","text":"不就是东大玩剩的融资租赁模式嘛","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/595590025111000","repostId":"2658968202","repostType":2,"repost":{"id":"2658968202","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1786408498,"share":"https://www.laohunote.com/m/news/2658968202?lang=zh_CN&edition=full","pubTime":"2026-08-11 08:34","market":"us","language":"zh","title":"回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”","url":"https://stock-news.laohu8.com/highlight/detail?id=2658968202","media":"华尔街见闻","summary":"黄仁勋称资金为第三方资本,金融机构将独立尽调,并强调AI需求真实存在,英伟达“AI工厂”具备长期经济价值与广泛生态。英伟达已联合Apollo、贝莱德、黑石等六大金融机构建立独立融资平台。\"末日博士\"查诺斯将此类比2008年金融危机:\"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……\"","content":"<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋亲自下场,为公司与六大<a href=\"https://laohu8.com/S/FISI\">金融机构</a>联手动员逾5000亿美元AI基础设施融资的计划正名。他明确表示,英伟达AI工厂算力正在成为一种可投资的资产类别,需求来自真实的商业场景,独立机构投资者将对每个项目进行独立尽调,这绝非外界质疑的"循环融资"。</p><p style=\"text-align: left;\">8月10日,黄仁勋在社交平台X上发文宣布,英伟达已与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作,共同建立独立融资平台,<strong>旨在随时间推移动员逾5000亿美元第三方资本,支持AI基础设施建设</strong>。他强调,这5000亿美元代表的是上述平台设计用于动员的第三方资本总量,<strong>"既非英伟达的收入,也非单一基金或对单一客户的承诺"。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/32bfd44ad3b0696030d0bffee189162a\" data-align=\"center\" tg-width=\"729\" tg-height=\"995\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">消息公布后,英伟达股价一度下跌3.2%。衡量该公司信用风险的5年期信用违约互换(CDS)价格周一一度升至77.215个基点,较前一交易日上涨约5.3个基点,<strong>创两周来最大单日升幅</strong>。分析认为,<strong>这反映出市场对英伟达在巨额融资模式下潜在信用风险的关注度正在上升。</strong></p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,据英国《金融时报》援引知情人士报道,英伟达正寻求联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及KKR等华尔街巨头,以联合体形式为AI基础设施项目筹集高达5000亿美元资金,用于AI芯片采购、电力生产及数据中心建设。</p><p style=\"text-align: left;\">在相关报道出炉之后,“末世博士”吉姆·查诺斯(Jim Chanos)发帖讽刺英伟达与黑石等金融巨头联合融资AI基础设施,类比2008年金融危机的金融工程操作,暗示<strong>若AI泡沫破裂,相关方可能重蹈当年华尔街高管被国会问责的覆辙。</strong></p><h2 style=\"text-align: left;\">AI工厂:从"买芯片"到"可融资基础设施"</h2><p style=\"text-align: left;\">黄仁勋在帖文中系统阐述了英伟达AI工厂的资产逻辑,试图重新定义市场对这一商业模式的认知框架。</p><p style=\"text-align: left;\">他表示,<strong>AI行业已从"企业逐项目采购芯片、自建数据中心"的时代,迈入"AI工厂可作为生产性基础设施进行融资"的新阶段——具备可复制的平台、长期机构资本支持,以及利用算力创造收入的多元化客户群体。</strong></p><p style=\"text-align: left;\">黄仁勋强调,英伟达算力并非单纯的芯片,而是一套完整的AI工厂平台,涵盖加速计算、网络、系统软件、AI框架及全球开发者生态。</p><p style=\"text-align: left;\">他指出,一座英伟达AI工厂可同时服务多个客户和多类工作负载,具备灵活性与可替代性;当某一客户需求发生变化时,工厂可转由另一客户、另一云服务商或另一运营商使用,<strong>"这一广泛生态赋予英伟达算力深厚的潜在用户市场,有助于保护残值"。</strong></p><p style=\"text-align: left;\">黄仁勋在文章中将上述合作定性为"AI基础设施开放资本市场的开端"。他表示,<strong>这些金融机构均是全球领先的基础设施投资者,在承销长期生产性资产方面拥有深厚专业积累,双方将共同创建可复制的融资平台,帮助AI生态系统建设所需的工厂。</strong></p><h2 style=\"text-align: left;\">CUDA软件持续升值,A100六年仍在商用</h2><p style=\"text-align: left;\">黄仁勋着重强调了英伟达算力资产的长期经济价值,并以具体数据加以佐证。</p><p style=\"text-align: left;\">他表示,CUDA软件持续提升已安装基础设施的性能、效率与总拥有成本,使AI工厂在整个生命周期内能够以更低成本产出更多智能,延长其经济使用价值。</p><p style=\"text-align: left;\">黄仁勋以A100为例:英伟达于2020年推出基于Ampere架构的A100,六年后该产品仍在AI训练、微调、推理及高性能计算领域保持活跃商业应用,客户持续签订多年期容量合同,"A100的经济寿命正向十年延伸"。</p><p style=\"text-align: left;\">在GPU租赁定价方面,黄仁勋援引市场数据称,H100一年期租赁价格已从2025年10月的约每GPU小时1.70美元,升至2026年3月的约2.35美元;跨服务商按需中位定价则从2025年10月的约2.00美元升至2026年6月的2.70美元。Blackwell系列产品溢价更为显著,B200云端报价约为每GPU小时5.30至7.05美元。</p><p style=\"text-align: left;\">他认为,上述数据印证了英伟达算力经济价值的持久性。</p><h2 style=\"text-align: left;\">正面回应"循环融资"质疑</h2><p style=\"text-align: left;\">针对市场最为关注的"循环融资"质疑,黄仁勋在文章中专门设立问答环节予以回应。</p><p style=\"text-align: left;\">他表示,此次融资安排的设计初衷正是为了解决这一顾虑。<strong>需求来自前沿AI实验室、AI原生初创企业、企业客户、云服务商以及正在构建AI服务的国家,"需求是真实的"</strong>。各资本方将独立对每个项目进行尽调,评估维度涵盖客户资质、需求状况、利用率、现金流及残值,<strong>"英伟达提供平台,投资者作出独立融资决策"。</strong></p><p style=\"text-align: left;\">在英伟达自身的风险敞口方面,黄仁勋披露,在部分情况下,英伟达可能为单个项目提供最高25%的残值支持机制,"逐项目审慎评估"。他强调,这一比例"远低于其他算力融资安排",且属于残值支持性质,旨在补充而非替代独立尽调。</p><p style=\"text-align: left;\">黄仁勋在帖文结尾将AI工厂建设置于更宏观的历史框架之下。他表示,每一次工业革命都建立在基础设施之上——电力、交通、通信与计算,每一次建设都依赖外部融资。<strong>"AI工厂是智能时代的基础设施。"</strong></p><p style=\"text-align: left;\">他将AI的商业逻辑概括为一个正向循环:<strong>企业利用AI编写软件、研发药物、设计产品、服务客户、自动化运营并构建新服务;更多算力带来更好的AI,更好的AI带来更多使用,更多使用带来更多收入,更多收入驱动更多算力投入。</strong></p><blockquote><p style=\"text-align: left;\">"这是AI工业革命的良性循环。"</p></blockquote><p style=\"text-align: left;\">黄仁勋表示,通过此次合作,英伟达与全球领先金融机构将共同为这场工业革命提供基础设施融资,使AI工厂对企业、行业和国家更具可及性。</p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,此次合作并非英伟达首次深度介入AI产业链融资。</p><p style=\"text-align: left;\">此前有报道称,英伟达正就为OpenAI提供最高250亿美元融资担保进行谈判,并在讨论为OpenAI芯片采购计划融资3500亿美元;英伟达上月还宣布扩大与韩国SK集团的合作,双方总业务规模将超过5000亿美元。上述举措表明,英伟达正将自身从芯片供应商逐步转型为AI基础设施生态的资本动员核心。</p><h2 style=\"text-align: left;\">"末日博士"类比2008年:下一次国会听证?</h2><p style=\"text-align: left;\">就在黄仁勋发文的同一时间,华尔街知名大空头,又被称作“末日博士”的James Chanos在社交平台上发出了一条意味深长的评论。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……"</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/403760680ebbf6e0ecd753e2b19f0dc6\" data-align=\"center\" tg-width=\"730\" tg-height=\"641\"/><span></span></p></blockquote><p style=\"text-align: left;\">Chanos的言外之意指向2008年金融危机——彼时,华尔街各大金融机构的高管们因次贷危机、信用违约互换及CDO等复杂金融工具引发的系统性风险,被迫出席国会听证。他将此次英伟达与Apollo、贝莱德、黑石、Brookfield、高盛、KKR的联合融资安排与当年的金融工程相提并论,<strong>暗示若AI基础设施投资泡沫在数年后破裂,黄仁勋或将与这些金融机构高管一同面对国会的质询。</strong></p><p style=\"text-align: left;\">值得注意的是,当有人在他的帖文下方追问相关方是否会面临刑事追责时,Chanos明确表示:"没有人说过要坐牢。"</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/de69971fefda3fc3dc12bf79641bb4cd\" data-align=\"center\" tg-width=\"815\" tg-height=\"815\"/><span></span></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ 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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回应“5000亿美元融资质疑”!黄仁勋:英伟达“AI工厂”正成为“投资级资产”,需求真实存在,绝非“循环融资”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-11 08:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋亲自下场,为公司与六大<a href=\"https://laohu8.com/S/FISI\">金融机构</a>联手动员逾5000亿美元AI基础设施融资的计划正名。他明确表示,英伟达AI工厂算力正在成为一种可投资的资产类别,需求来自真实的商业场景,独立机构投资者将对每个项目进行独立尽调,这绝非外界质疑的"循环融资"。</p><p style=\"text-align: left;\">8月10日,黄仁勋在社交平台X上发文宣布,英伟达已与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作,共同建立独立融资平台,<strong>旨在随时间推移动员逾5000亿美元第三方资本,支持AI基础设施建设</strong>。他强调,这5000亿美元代表的是上述平台设计用于动员的第三方资本总量,<strong>"既非英伟达的收入,也非单一基金或对单一客户的承诺"。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/32bfd44ad3b0696030d0bffee189162a\" data-align=\"center\" tg-width=\"729\" tg-height=\"995\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">消息公布后,英伟达股价一度下跌3.2%。衡量该公司信用风险的5年期信用违约互换(CDS)价格周一一度升至77.215个基点,较前一交易日上涨约5.3个基点,<strong>创两周来最大单日升幅</strong>。分析认为,<strong>这反映出市场对英伟达在巨额融资模式下潜在信用风险的关注度正在上升。</strong></p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,据英国《金融时报》援引知情人士报道,英伟达正寻求联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及KKR等华尔街巨头,以联合体形式为AI基础设施项目筹集高达5000亿美元资金,用于AI芯片采购、电力生产及数据中心建设。</p><p style=\"text-align: left;\">在相关报道出炉之后,“末世博士”吉姆·查诺斯(Jim Chanos)发帖讽刺英伟达与黑石等金融巨头联合融资AI基础设施,类比2008年金融危机的金融工程操作,暗示<strong>若AI泡沫破裂,相关方可能重蹈当年华尔街高管被国会问责的覆辙。</strong></p><h2 style=\"text-align: left;\">AI工厂:从"买芯片"到"可融资基础设施"</h2><p style=\"text-align: left;\">黄仁勋在帖文中系统阐述了英伟达AI工厂的资产逻辑,试图重新定义市场对这一商业模式的认知框架。</p><p style=\"text-align: left;\">他表示,<strong>AI行业已从"企业逐项目采购芯片、自建数据中心"的时代,迈入"AI工厂可作为生产性基础设施进行融资"的新阶段——具备可复制的平台、长期机构资本支持,以及利用算力创造收入的多元化客户群体。</strong></p><p style=\"text-align: left;\">黄仁勋强调,英伟达算力并非单纯的芯片,而是一套完整的AI工厂平台,涵盖加速计算、网络、系统软件、AI框架及全球开发者生态。</p><p style=\"text-align: left;\">他指出,一座英伟达AI工厂可同时服务多个客户和多类工作负载,具备灵活性与可替代性;当某一客户需求发生变化时,工厂可转由另一客户、另一云服务商或另一运营商使用,<strong>"这一广泛生态赋予英伟达算力深厚的潜在用户市场,有助于保护残值"。</strong></p><p style=\"text-align: left;\">黄仁勋在文章中将上述合作定性为"AI基础设施开放资本市场的开端"。他表示,<strong>这些金融机构均是全球领先的基础设施投资者,在承销长期生产性资产方面拥有深厚专业积累,双方将共同创建可复制的融资平台,帮助AI生态系统建设所需的工厂。</strong></p><h2 style=\"text-align: left;\">CUDA软件持续升值,A100六年仍在商用</h2><p style=\"text-align: left;\">黄仁勋着重强调了英伟达算力资产的长期经济价值,并以具体数据加以佐证。</p><p style=\"text-align: left;\">他表示,CUDA软件持续提升已安装基础设施的性能、效率与总拥有成本,使AI工厂在整个生命周期内能够以更低成本产出更多智能,延长其经济使用价值。</p><p style=\"text-align: left;\">黄仁勋以A100为例:英伟达于2020年推出基于Ampere架构的A100,六年后该产品仍在AI训练、微调、推理及高性能计算领域保持活跃商业应用,客户持续签订多年期容量合同,"A100的经济寿命正向十年延伸"。</p><p style=\"text-align: left;\">在GPU租赁定价方面,黄仁勋援引市场数据称,H100一年期租赁价格已从2025年10月的约每GPU小时1.70美元,升至2026年3月的约2.35美元;跨服务商按需中位定价则从2025年10月的约2.00美元升至2026年6月的2.70美元。Blackwell系列产品溢价更为显著,B200云端报价约为每GPU小时5.30至7.05美元。</p><p style=\"text-align: left;\">他认为,上述数据印证了英伟达算力经济价值的持久性。</p><h2 style=\"text-align: left;\">正面回应"循环融资"质疑</h2><p style=\"text-align: left;\">针对市场最为关注的"循环融资"质疑,黄仁勋在文章中专门设立问答环节予以回应。</p><p style=\"text-align: left;\">他表示,此次融资安排的设计初衷正是为了解决这一顾虑。<strong>需求来自前沿AI实验室、AI原生初创企业、企业客户、云服务商以及正在构建AI服务的国家,"需求是真实的"</strong>。各资本方将独立对每个项目进行尽调,评估维度涵盖客户资质、需求状况、利用率、现金流及残值,<strong>"英伟达提供平台,投资者作出独立融资决策"。</strong></p><p style=\"text-align: left;\">在英伟达自身的风险敞口方面,黄仁勋披露,在部分情况下,英伟达可能为单个项目提供最高25%的残值支持机制,"逐项目审慎评估"。他强调,这一比例"远低于其他算力融资安排",且属于残值支持性质,旨在补充而非替代独立尽调。</p><p style=\"text-align: left;\">黄仁勋在帖文结尾将AI工厂建设置于更宏观的历史框架之下。他表示,每一次工业革命都建立在基础设施之上——电力、交通、通信与计算,每一次建设都依赖外部融资。<strong>"AI工厂是智能时代的基础设施。"</strong></p><p style=\"text-align: left;\">他将AI的商业逻辑概括为一个正向循环:<strong>企业利用AI编写软件、研发药物、设计产品、服务客户、自动化运营并构建新服务;更多算力带来更好的AI,更好的AI带来更多使用,更多使用带来更多收入,更多收入驱动更多算力投入。</strong></p><blockquote><p style=\"text-align: left;\">"这是AI工业革命的良性循环。"</p></blockquote><p style=\"text-align: left;\">黄仁勋表示,通过此次合作,英伟达与全球领先金融机构将共同为这场工业革命提供基础设施融资,使AI工厂对企业、行业和国家更具可及性。</p><p style=\"text-align: left;\">华尔街见闻文章稍早前写道,此次合作并非英伟达首次深度介入AI产业链融资。</p><p style=\"text-align: left;\">此前有报道称,英伟达正就为OpenAI提供最高250亿美元融资担保进行谈判,并在讨论为OpenAI芯片采购计划融资3500亿美元;英伟达上月还宣布扩大与韩国SK集团的合作,双方总业务规模将超过5000亿美元。上述举措表明,英伟达正将自身从芯片供应商逐步转型为AI基础设施生态的资本动员核心。</p><h2 style=\"text-align: left;\">"末日博士"类比2008年:下一次国会听证?</h2><p style=\"text-align: left;\">就在黄仁勋发文的同一时间,华尔街知名大空头,又被称作“末日博士”的James Chanos在社交平台上发出了一条意味深长的评论。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>"这些人下次同坐一桌解释AI融资,不排除是在2031年的国会听证会上……"</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/403760680ebbf6e0ecd753e2b19f0dc6\" data-align=\"center\" tg-width=\"730\" tg-height=\"641\"/><span></span></p></blockquote><p style=\"text-align: left;\">Chanos的言外之意指向2008年金融危机——彼时,华尔街各大金融机构的高管们因次贷危机、信用违约互换及CDO等复杂金融工具引发的系统性风险,被迫出席国会听证。他将此次英伟达与Apollo、贝莱德、黑石、Brookfield、高盛、KKR的联合融资安排与当年的金融工程相提并论,<strong>暗示若AI基础设施投资泡沫在数年后破裂,黄仁勋或将与这些金融机构高管一同面对国会的质询。</strong></p><p style=\"text-align: left;\">值得注意的是,当有人在他的帖文下方追问相关方是否会面临刑事追责时,Chanos明确表示:"没有人说过要坐牢。"</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/de69971fefda3fc3dc12bf79641bb4cd\" data-align=\"center\" tg-width=\"815\" tg-height=\"815\"/><span></span></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/518cb4aae27806e6913c88c422cb90a7","relate_stocks":{"LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","ANV":"GraniteShares Autocallable NVDA ETF","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) 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INC"},"source_url":"https://wallstreetcn.com/articles/3779130","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2658968202","content_text":"英伟达CEO黄仁勋亲自下场,为公司与六大金融机构联手动员逾5000亿美元AI基础设施融资的计划正名。他明确表示,英伟达AI工厂算力正在成为一种可投资的资产类别,需求来自真实的商业场景,独立机构投资者将对每个项目进行独立尽调,这绝非外界质疑的\"循环融资\"。8月10日,黄仁勋在社交平台X上发文宣布,英伟达已与Apollo、贝莱德、黑石、Brookfield、高盛及KKR达成合作,共同建立独立融资平台,旨在随时间推移动员逾5000亿美元第三方资本,支持AI基础设施建设。他强调,这5000亿美元代表的是上述平台设计用于动员的第三方资本总量,\"既非英伟达的收入,也非单一基金或对单一客户的承诺\"。消息公布后,英伟达股价一度下跌3.2%。衡量该公司信用风险的5年期信用违约互换(CDS)价格周一一度升至77.215个基点,较前一交易日上涨约5.3个基点,创两周来最大单日升幅。分析认为,这反映出市场对英伟达在巨额融资模式下潜在信用风险的关注度正在上升。华尔街见闻文章稍早前写道,据英国《金融时报》援引知情人士报道,英伟达正寻求联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及KKR等华尔街巨头,以联合体形式为AI基础设施项目筹集高达5000亿美元资金,用于AI芯片采购、电力生产及数据中心建设。在相关报道出炉之后,“末世博士”吉姆·查诺斯(Jim Chanos)发帖讽刺英伟达与黑石等金融巨头联合融资AI基础设施,类比2008年金融危机的金融工程操作,暗示若AI泡沫破裂,相关方可能重蹈当年华尔街高管被国会问责的覆辙。AI工厂:从\"买芯片\"到\"可融资基础设施\"黄仁勋在帖文中系统阐述了英伟达AI工厂的资产逻辑,试图重新定义市场对这一商业模式的认知框架。他表示,AI行业已从\"企业逐项目采购芯片、自建数据中心\"的时代,迈入\"AI工厂可作为生产性基础设施进行融资\"的新阶段——具备可复制的平台、长期机构资本支持,以及利用算力创造收入的多元化客户群体。黄仁勋强调,英伟达算力并非单纯的芯片,而是一套完整的AI工厂平台,涵盖加速计算、网络、系统软件、AI框架及全球开发者生态。他指出,一座英伟达AI工厂可同时服务多个客户和多类工作负载,具备灵活性与可替代性;当某一客户需求发生变化时,工厂可转由另一客户、另一云服务商或另一运营商使用,\"这一广泛生态赋予英伟达算力深厚的潜在用户市场,有助于保护残值\"。黄仁勋在文章中将上述合作定性为\"AI基础设施开放资本市场的开端\"。他表示,这些金融机构均是全球领先的基础设施投资者,在承销长期生产性资产方面拥有深厚专业积累,双方将共同创建可复制的融资平台,帮助AI生态系统建设所需的工厂。CUDA软件持续升值,A100六年仍在商用黄仁勋着重强调了英伟达算力资产的长期经济价值,并以具体数据加以佐证。他表示,CUDA软件持续提升已安装基础设施的性能、效率与总拥有成本,使AI工厂在整个生命周期内能够以更低成本产出更多智能,延长其经济使用价值。黄仁勋以A100为例:英伟达于2020年推出基于Ampere架构的A100,六年后该产品仍在AI训练、微调、推理及高性能计算领域保持活跃商业应用,客户持续签订多年期容量合同,\"A100的经济寿命正向十年延伸\"。在GPU租赁定价方面,黄仁勋援引市场数据称,H100一年期租赁价格已从2025年10月的约每GPU小时1.70美元,升至2026年3月的约2.35美元;跨服务商按需中位定价则从2025年10月的约2.00美元升至2026年6月的2.70美元。Blackwell系列产品溢价更为显著,B200云端报价约为每GPU小时5.30至7.05美元。他认为,上述数据印证了英伟达算力经济价值的持久性。正面回应\"循环融资\"质疑针对市场最为关注的\"循环融资\"质疑,黄仁勋在文章中专门设立问答环节予以回应。他表示,此次融资安排的设计初衷正是为了解决这一顾虑。需求来自前沿AI实验室、AI原生初创企业、企业客户、云服务商以及正在构建AI服务的国家,\"需求是真实的\"。各资本方将独立对每个项目进行尽调,评估维度涵盖客户资质、需求状况、利用率、现金流及残值,\"英伟达提供平台,投资者作出独立融资决策\"。在英伟达自身的风险敞口方面,黄仁勋披露,在部分情况下,英伟达可能为单个项目提供最高25%的残值支持机制,\"逐项目审慎评估\"。他强调,这一比例\"远低于其他算力融资安排\",且属于残值支持性质,旨在补充而非替代独立尽调。黄仁勋在帖文结尾将AI工厂建设置于更宏观的历史框架之下。他表示,每一次工业革命都建立在基础设施之上——电力、交通、通信与计算,每一次建设都依赖外部融资。\"AI工厂是智能时代的基础设施。\"他将AI的商业逻辑概括为一个正向循环:企业利用AI编写软件、研发药物、设计产品、服务客户、自动化运营并构建新服务;更多算力带来更好的AI,更好的AI带来更多使用,更多使用带来更多收入,更多收入驱动更多算力投入。\"这是AI工业革命的良性循环。\"黄仁勋表示,通过此次合作,英伟达与全球领先金融机构将共同为这场工业革命提供基础设施融资,使AI工厂对企业、行业和国家更具可及性。华尔街见闻文章稍早前写道,此次合作并非英伟达首次深度介入AI产业链融资。此前有报道称,英伟达正就为OpenAI提供最高250亿美元融资担保进行谈判,并在讨论为OpenAI芯片采购计划融资3500亿美元;英伟达上月还宣布扩大与韩国SK集团的合作,双方总业务规模将超过5000亿美元。上述举措表明,英伟达正将自身从芯片供应商逐步转型为AI基础设施生态的资本动员核心。\"末日博士\"类比2008年:下一次国会听证?就在黄仁勋发文的同一时间,华尔街知名大空头,又被称作“末日博士”的James 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你觉得还有二杀吗","text":"这走势太像借财报派发了 你觉得还有二杀吗","html":"这走势太像借财报派发了 你觉得还有二杀吗"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":559624686228784,"gmtCreate":1777658898306,"gmtModify":1777658900551,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"目标价简直成了可以随便写的数字","listText":"目标价简直成了可以随便写的数字","text":"目标价简直成了可以随便写的数字","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/559624686228784","repostId":"2632648381","repostType":2,"repost":{"id":"2632648381","kind":"highlight","pubTimestamp":1777645021,"share":"https://www.laohunote.com/m/news/2632648381?lang=zh_CN&edition=full","pubTime":"2026-05-01 22:17","market":"sh","language":"zh","title":"美银:将闪迪目标价上调至1550美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2632648381","media":"中金财经","summary":"美银全球研究将闪迪股票目标价位从1080美元上调至1550美元。","content":"<html><body><p> 美银全球研究将<a href=\"https://laohu8.com/S/SNDK\">闪迪</a>股票目标价位从1080美元上调至1550美元。\r\n\r\n </p></body></html>","source":"zhongjincaijing_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美银:将闪迪目标价上调至1550美元</title>\n<style 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靠信仰的市场涨不动了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/499449858670672","isVote":1,"tweetType":1,"viewCount":3489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":581072877446680,"gmtCreate":1782893670086,"gmtModify":1782893672230,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"永远缺存储,大家快掏钱买啊","listText":"永远缺存储,大家快掏钱买啊","text":"永远缺存储,大家快掏钱买啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/581072877446680","repostId":"1148084573","repostType":2,"repost":{"id":"1148084573","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1782866963,"share":"https://www.laohunote.com/m/news/1148084573?lang=zh_CN&edition=full","pubTime":"2026-07-01 08:49","market":"us","language":"zh","title":"美光CEO高位减持,套现金额按披露区间估算超2600万美元","url":"https://stock-news.laohu8.com/highlight/detail?id=1148084573","media":"老虎资讯综合","summary":"美光科技总裁兼CEO Sanjay Mehrotra于2026年6月26日出售23,263股公司普通股,成交价格区间为每股1128.41美元至1169.96美元。按该价格区间估算,交易金额约为2625万美元至2722万美元。交易完成后,Mehrotra仍直接持有355,997股美光普通股。","content":"<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/MU\">美光科技</a>总裁兼CEO Sanjay Mehrotra近期披露减持公司股份,于2026年6月26日出售美光普通股,交易价格区间为每股1128.41美元至1169.96美元。若按23,263股计算,对应减持金额约2625万美元至2722万美元。交易完成后,Mehrotra仍直接持有355,997股美光普通股。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1df085875401d60b81bd099e3ad5075d\" data-align=\"center\" tg-width=\"1009\" tg-height=\"578\"/><span></span></p><p style=\"text-align: left;\">此前,美光公布2026财年第三季度业绩,营收、EPS及毛利率均大幅超出市场预期,并给出强劲的第四财季指引。AI服务器、HBM、高端DRAM及数据中心存储需求持续增长,也推动市场进一步上调对存储行业景气度的预期,美光股价在财报后持续走高。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美光CEO高位减持,套现金额按披露区间估算超2600万美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; 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美光CEO高位减持,套现金额按披露区间估算超2600万美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-07-01 08:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/MU\">美光科技</a>总裁兼CEO Sanjay Mehrotra近期披露减持公司股份,于2026年6月26日出售美光普通股,交易价格区间为每股1128.41美元至1169.96美元。若按23,263股计算,对应减持金额约2625万美元至2722万美元。交易完成后,Mehrotra仍直接持有355,997股美光普通股。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1df085875401d60b81bd099e3ad5075d\" data-align=\"center\" tg-width=\"1009\" tg-height=\"578\"/><span></span></p><p style=\"text-align: left;\">此前,美光公布2026财年第三季度业绩,营收、EPS及毛利率均大幅超出市场预期,并给出强劲的第四财季指引。AI服务器、HBM、高端DRAM及数据中心存储需求持续增长,也推动市场进一步上调对存储行业景气度的预期,美光股价在财报后持续走高。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"MULL":"2倍做多MU ETF-GraniteShares","MU":"美光科技","MUD":"1倍做空MU ETF-Direxion","MUU":"2倍做多MU ETF-Direxion"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148084573","content_text":"美光科技总裁兼CEO Sanjay Mehrotra近期披露减持公司股份,于2026年6月26日出售美光普通股,交易价格区间为每股1128.41美元至1169.96美元。若按23,263股计算,对应减持金额约2625万美元至2722万美元。交易完成后,Mehrotra仍直接持有355,997股美光普通股。此前,美光公布2026财年第三季度业绩,营收、EPS及毛利率均大幅超出市场预期,并给出强劲的第四财季指引。AI服务器、HBM、高端DRAM及数据中心存储需求持续增长,也推动市场进一步上调对存储行业景气度的预期,美光股价在财报后持续走高。","news_type":1,"symbols_score_info":{"MUD":0.6,"MUU":0.6,"MU":2.1,"MULL":0.6}},"isVote":1,"tweetType":1,"viewCount":1939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563121115320464,"gmtCreate":1778509362057,"gmtModify":1778509364474,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"既然才开始,高管大手笔减持套现是在给散户们作慈善发钱?","listText":"既然才开始,高管大手笔减持套现是在给散户们作慈善发钱?","text":"既然才开始,高管大手笔减持套现是在给散户们作慈善发钱?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/563121115320464","isVote":1,"tweetType":1,"viewCount":1771,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000414","authorId":"9000000000000414","name":"RandolphStilwell","avatar":"https://static.tigerbbs.com/d63237e21ae39bc54951c8ab6ec41ee9","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000414","authorIdStr":"9000000000000414"},"content":"这话扎心了 真有人接吗","text":"这话扎心了 真有人接吗","html":"这话扎心了 真有人接吗"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616161384514400,"gmtCreate":1791449230846,"gmtModify":1791449232858,"author":{"id":"3561899791972822","authorId":"3561899791972822","name":"帅帅的爸爸","avatar":"https://static.tigerbbs.com/0501a1700aaa7542563567264289ab1f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561899791972822","authorIdStr":"3561899791972822"},"themes":[],"title":"","htmlText":"3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心] ","listText":"3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心] ","text":"3000美元还是低估了,30000都不为过的,以后内存条比金条还稀缺呢[开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616161384514400","repostId":"2673215210","repostType":2,"repost":{"id":"2673215210","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1791444892,"share":"https://www.laohunote.com/m/news/2673215210?lang=zh_CN&edition=full","pubTime":"2026-10-08 15:34","market":"us","language":"zh","title":"美光目标价被投行大幅上调,最高3000美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2673215210","media":"华尔街见闻","summary":"DA Davidson将美光目标价上调至3000美元,较当前股价隐含176%上行空间,核心逻辑是:AI驱动的内存超级周期将延续至2028年,供需缺口持续扩大。关键变量在于需求方\"换血\"——买家从易违约中小客户变为亚马逊、微软、谷歌等科技巨头,美光已锁定1500亿美元剩余履约义务。","content":"<html><head></head><body><p style=\"text-align: left;\">在 <a href=\"https://laohu8.com/S/MU\">美光科技</a>发布又一份创纪录业绩后,投行DA Davidson将其目标价从2100美元大幅上调至3000美元,成为华尔街最高预期。这一目标价隐含约176%的上行空间,背后是对存储超级周期延续至2028年、以及需求方结构变化将改写存储行业周期性的极端乐观判断。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/240064df36f75a49730690571fa51277\" data-align=\"center\" tg-width=\"1098\" tg-height=\"747\"/><span></span></p><p style=\"text-align: left;\">DA Davidson科技研究主管Gil Luria的核心论点直截了当:<strong>人工智能基础设施需要的内存比以往任何技术周期都要多,供应无法跟上,而2027年和2028年内存需求都将超过供给。</strong>他特别指出,这一次的需求来自亚马逊、微软、谷歌、英伟达和苹果等全美最大的公司,而非以往周期中经常违约的中小客户。</p><p style=\"text-align: left;\">自去年4月以来,美光股价已上涨约1500%,3000美元目标价约为其2027财年盈利预期的19倍。相比之下,摩根士丹利对美光的目标价仅1200美元、维持“增持”评级,尚不足DA Davidson目标价的一半——投行之间的巨大分歧,构成了当前市场对存储超级周期“长度与高度”的显著预期差。</p><p style=\"text-align: left;\">在Luria看来,随着存储器行业的竞争对手也转向长期合同,传统存储周期的结构性波动性正在全面降低。这一判断的潜台词是:<strong>市场此前以“周期股”逻辑给美光定价的框架,可能面临系统性重估。</strong></p><h2 style=\"text-align: left;\">3000美元背后的供需判断</h2><p style=\"text-align: left;\">Luria的看多建立在一个技术事实之上:内存对AI系统性能的重要性正在快速上升。他在报告中写道:</p><blockquote><p style=\"text-align: left;\">“内存是提升人工智能性能的关键因素。人工智能模型拥有更多内存,就能产生更好的结果,运行速度更快,并且拥有更长的上下文窗口。”</p></blockquote><p style=\"text-align: left;\">DA Davidson据此断言2027年和2028年内存需求都将超过供给,并强调这是一种结构性转变,而非周期性上升。</p><p style=\"text-align: left;\"><strong>美光自身的业绩与表态与这一判断相互印证。</strong>公司管理层预计到2028年销量和价格都将上涨,并称“美光正处在未来3-5年的增长轨道上,而这正是市场尚未认可的部分”。</p><p style=\"text-align: left;\">在最近一季财报中,美光单季营收达542亿美元、同比增长379%,毛利率攀升至87%;公司CEO Sanjay Mehrotra此前透露,数据中心客户采购意愿约为可承诺供应量的150%,供需紧张将延续至2027年之后。</p><h2 style=\"text-align: left;\">需求方换血:从违约客户到科技巨头</h2><p style=\"text-align: left;\">Luria报告中最具颠覆性的论点是需求方结构的变化。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>“与以往的周期不同,这一次的需求来自全美最大的那些公司——亚马逊、微软、谷歌、英伟达和苹果——而不是那些经常违约的公司。”</strong></p></blockquote><p style=\"text-align: left;\">这一变化直接指向存储行业估值长期受压的根源。传统上,存储芯片被视为典型周期股,盈利与股价随供需周期剧烈波动,市场只愿给予较低估值倍数。</p><p style=\"text-align: left;\">若需求方从分散的中小客户转向信用极强、资本开支计划明确的科技巨头,且行业普遍转向长期供货协议,盈利的可预测性将显著提升。美光已签署26份战略客户协议(SCA),剩余履约义务约1500亿美元,2027年超过75%的产出已获客户承诺。</p><h2 style=\"text-align: left;\">预期差与风险:投行分歧与“降规格”之争</h2><p style=\"text-align: left;\">DA Davidson的3000美元与摩根士丹利的1200美元之间,是<strong>华尔街当前对美光最直观的分歧。</strong>若Luria对供需失衡的判断成立,美光股价仍有上行空间;若供给端资本开支竞赛导致产能提前释放,当前股价则可能透支了大部分利好。<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>、美光及<a href=\"https://laohu8.com/S/688825\">长鑫科技</a>等厂商均在加速扩产,新增产能集中释放的时点将是验证超级周期成色的关键。</p><p style=\"text-align: left;\">Luria在报告中专门驳斥了“降规格”论——即英伟达等芯片制造商在每个AI处理器上减少内存用量,被部分投资者解读为看跌信号。他以汽车行业作比喻:</p><blockquote><p style=\"text-align: left;\">若特斯拉因需求激增而将单车电池容量减半但销量翻倍,最终赚得更多。在其框架下,减少内存用量会因性能下降而在未来产品周期中催生更多积压需求。</p></blockquote><p style=\"text-align: left;\">此外,三星、SK海力士与美光在美国面临的DRAM价格操纵集体诉讼,也为行业供给行为增添了不确定性。后续可关注美光新增产能的爬坡进度,以及明年HBM4E的量产进展。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美光目标价被投行大幅上调,最高3000美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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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美光目标价被投行大幅上调,最高3000美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-10-08 15:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">在 <a href=\"https://laohu8.com/S/MU\">美光科技</a>发布又一份创纪录业绩后,投行DA Davidson将其目标价从2100美元大幅上调至3000美元,成为华尔街最高预期。这一目标价隐含约176%的上行空间,背后是对存储超级周期延续至2028年、以及需求方结构变化将改写存储行业周期性的极端乐观判断。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/240064df36f75a49730690571fa51277\" data-align=\"center\" tg-width=\"1098\" tg-height=\"747\"/><span></span></p><p style=\"text-align: left;\">DA Davidson科技研究主管Gil Luria的核心论点直截了当:<strong>人工智能基础设施需要的内存比以往任何技术周期都要多,供应无法跟上,而2027年和2028年内存需求都将超过供给。</strong>他特别指出,这一次的需求来自亚马逊、微软、谷歌、英伟达和苹果等全美最大的公司,而非以往周期中经常违约的中小客户。</p><p style=\"text-align: left;\">自去年4月以来,美光股价已上涨约1500%,3000美元目标价约为其2027财年盈利预期的19倍。相比之下,摩根士丹利对美光的目标价仅1200美元、维持“增持”评级,尚不足DA Davidson目标价的一半——投行之间的巨大分歧,构成了当前市场对存储超级周期“长度与高度”的显著预期差。</p><p style=\"text-align: left;\">在Luria看来,随着存储器行业的竞争对手也转向长期合同,传统存储周期的结构性波动性正在全面降低。这一判断的潜台词是:<strong>市场此前以“周期股”逻辑给美光定价的框架,可能面临系统性重估。</strong></p><h2 style=\"text-align: left;\">3000美元背后的供需判断</h2><p style=\"text-align: left;\">Luria的看多建立在一个技术事实之上:内存对AI系统性能的重要性正在快速上升。他在报告中写道:</p><blockquote><p style=\"text-align: left;\">“内存是提升人工智能性能的关键因素。人工智能模型拥有更多内存,就能产生更好的结果,运行速度更快,并且拥有更长的上下文窗口。”</p></blockquote><p style=\"text-align: left;\">DA Davidson据此断言2027年和2028年内存需求都将超过供给,并强调这是一种结构性转变,而非周期性上升。</p><p style=\"text-align: left;\"><strong>美光自身的业绩与表态与这一判断相互印证。</strong>公司管理层预计到2028年销量和价格都将上涨,并称“美光正处在未来3-5年的增长轨道上,而这正是市场尚未认可的部分”。</p><p style=\"text-align: left;\">在最近一季财报中,美光单季营收达542亿美元、同比增长379%,毛利率攀升至87%;公司CEO Sanjay Mehrotra此前透露,数据中心客户采购意愿约为可承诺供应量的150%,供需紧张将延续至2027年之后。</p><h2 style=\"text-align: left;\">需求方换血:从违约客户到科技巨头</h2><p style=\"text-align: left;\">Luria报告中最具颠覆性的论点是需求方结构的变化。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>“与以往的周期不同,这一次的需求来自全美最大的那些公司——亚马逊、微软、谷歌、英伟达和苹果——而不是那些经常违约的公司。”</strong></p></blockquote><p style=\"text-align: left;\">这一变化直接指向存储行业估值长期受压的根源。传统上,存储芯片被视为典型周期股,盈利与股价随供需周期剧烈波动,市场只愿给予较低估值倍数。</p><p style=\"text-align: left;\">若需求方从分散的中小客户转向信用极强、资本开支计划明确的科技巨头,且行业普遍转向长期供货协议,盈利的可预测性将显著提升。美光已签署26份战略客户协议(SCA),剩余履约义务约1500亿美元,2027年超过75%的产出已获客户承诺。</p><h2 style=\"text-align: left;\">预期差与风险:投行分歧与“降规格”之争</h2><p style=\"text-align: left;\">DA Davidson的3000美元与摩根士丹利的1200美元之间,是<strong>华尔街当前对美光最直观的分歧。</strong>若Luria对供需失衡的判断成立,美光股价仍有上行空间;若供给端资本开支竞赛导致产能提前释放,当前股价则可能透支了大部分利好。<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、<a href=\"https://laohu8.com/S/SKHY\">SK海力士</a>、美光及<a href=\"https://laohu8.com/S/688825\">长鑫科技</a>等厂商均在加速扩产,新增产能集中释放的时点将是验证超级周期成色的关键。</p><p style=\"text-align: left;\">Luria在报告中专门驳斥了“降规格”论——即英伟达等芯片制造商在每个AI处理器上减少内存用量,被部分投资者解读为看跌信号。他以汽车行业作比喻:</p><blockquote><p style=\"text-align: left;\">若特斯拉因需求激增而将单车电池容量减半但销量翻倍,最终赚得更多。在其框架下,减少内存用量会因性能下降而在未来产品周期中催生更多积压需求。</p></blockquote><p style=\"text-align: left;\">此外,三星、SK海力士与美光在美国面临的DRAM价格操纵集体诉讼,也为行业供给行为增添了不确定性。后续可关注美光新增产能的爬坡进度,以及明年HBM4E的量产进展。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c394e8e734b45bc10939e5d9e0bde04","relate_stocks":{"MULL":"2倍做多MU ETF-GraniteShares","MU":"美光科技","MIC":"2倍做多MU ETF-Corgi","MUYY":"GraniteShares YieldBOOSTMU ETF","MUD":"1倍做空MU ETF-Direxion","MUU":"2倍做多MU ETF-Direxion","MUZ":"2倍做空MU ETF-Defiance","MUG":"Leverage Shares 2X Long MU Daily ETF"},"source_url":"https://wallstreetcn.com/articles/3783174","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2673215210","content_text":"在 美光科技发布又一份创纪录业绩后,投行DA Davidson将其目标价从2100美元大幅上调至3000美元,成为华尔街最高预期。这一目标价隐含约176%的上行空间,背后是对存储超级周期延续至2028年、以及需求方结构变化将改写存储行业周期性的极端乐观判断。DA Davidson科技研究主管Gil Luria的核心论点直截了当:人工智能基础设施需要的内存比以往任何技术周期都要多,供应无法跟上,而2027年和2028年内存需求都将超过供给。他特别指出,这一次的需求来自亚马逊、微软、谷歌、英伟达和苹果等全美最大的公司,而非以往周期中经常违约的中小客户。自去年4月以来,美光股价已上涨约1500%,3000美元目标价约为其2027财年盈利预期的19倍。相比之下,摩根士丹利对美光的目标价仅1200美元、维持“增持”评级,尚不足DA Davidson目标价的一半——投行之间的巨大分歧,构成了当前市场对存储超级周期“长度与高度”的显著预期差。在Luria看来,随着存储器行业的竞争对手也转向长期合同,传统存储周期的结构性波动性正在全面降低。这一判断的潜台词是:市场此前以“周期股”逻辑给美光定价的框架,可能面临系统性重估。3000美元背后的供需判断Luria的看多建立在一个技术事实之上:内存对AI系统性能的重要性正在快速上升。他在报告中写道:“内存是提升人工智能性能的关键因素。人工智能模型拥有更多内存,就能产生更好的结果,运行速度更快,并且拥有更长的上下文窗口。”DA Davidson据此断言2027年和2028年内存需求都将超过供给,并强调这是一种结构性转变,而非周期性上升。美光自身的业绩与表态与这一判断相互印证。公司管理层预计到2028年销量和价格都将上涨,并称“美光正处在未来3-5年的增长轨道上,而这正是市场尚未认可的部分”。在最近一季财报中,美光单季营收达542亿美元、同比增长379%,毛利率攀升至87%;公司CEO Sanjay Mehrotra此前透露,数据中心客户采购意愿约为可承诺供应量的150%,供需紧张将延续至2027年之后。需求方换血:从违约客户到科技巨头Luria报告中最具颠覆性的论点是需求方结构的变化。他写道:“与以往的周期不同,这一次的需求来自全美最大的那些公司——亚马逊、微软、谷歌、英伟达和苹果——而不是那些经常违约的公司。”这一变化直接指向存储行业估值长期受压的根源。传统上,存储芯片被视为典型周期股,盈利与股价随供需周期剧烈波动,市场只愿给予较低估值倍数。若需求方从分散的中小客户转向信用极强、资本开支计划明确的科技巨头,且行业普遍转向长期供货协议,盈利的可预测性将显著提升。美光已签署26份战略客户协议(SCA),剩余履约义务约1500亿美元,2027年超过75%的产出已获客户承诺。预期差与风险:投行分歧与“降规格”之争DA Davidson的3000美元与摩根士丹利的1200美元之间,是华尔街当前对美光最直观的分歧。若Luria对供需失衡的判断成立,美光股价仍有上行空间;若供给端资本开支竞赛导致产能提前释放,当前股价则可能透支了大部分利好。三星、SK海力士、美光及长鑫科技等厂商均在加速扩产,新增产能集中释放的时点将是验证超级周期成色的关键。Luria在报告中专门驳斥了“降规格”论——即英伟达等芯片制造商在每个AI处理器上减少内存用量,被部分投资者解读为看跌信号。他以汽车行业作比喻:若特斯拉因需求激增而将单车电池容量减半但销量翻倍,最终赚得更多。在其框架下,减少内存用量会因性能下降而在未来产品周期中催生更多积压需求。此外,三星、SK海力士与美光在美国面临的DRAM价格操纵集体诉讼,也为行业供给行为增添了不确定性。后续可关注美光新增产能的爬坡进度,以及明年HBM4E的量产进展。","news_type":1,"symbols_score_info":{"MU":2.1,"MIC":0.6,"MUD":0.6,"MUU":0.6,"MUG":0.6,"MULL":0.6,"MUZ":0.6,"MUYY":0.6}},"isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}