AI产业前瞻报告(四)：从美股科技公司资本开支看国内互联网行业：AIDC行情将如何演绎？

光大证券股份有...2025-03-08

23 年以来美股科技巨头的投资逻辑和AI 叙事出现多次变化。23 年涨幅较好的Meta、亚马逊股价并非单纯由AI 叙事驱动，投资主线在于顺周期业务复苏；微软和谷歌在于AI 乐观预期能否在云业务上兑现，亚马逊在戴维斯双击行情下能够容忍AWS 营收增速放缓。24 年高额资本开支逐渐成为大型云厂商业绩的拖累，云业务营收能否加速增长成为科技巨头最重要的投资主线。复盘2023 年至今美股云厂商股价，AIDC...

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