兴证策略张启尧团队：近期美股AI行情的两大分化

市场资讯

2025/11/26

【兴证策略张启尧团队】近期美股AI行情的两大分化来源：尧望后势近期，从模型到算力，谷歌正在引领全球AI新叙事，美股AI行情也围绕谷歌这一焦点，在算力和应用层面出现两大分化：算力：谷歌 VS 英伟达，TPU VS GPU。11中旬以来，谷歌与英伟达股价开始分化，除了“AI泡沫”叙事扰动之外，近期Meta计划采购谷歌TPU的消息，也引发了市场对于谷歌TPU是否会替代英伟达GPU市场份额的讨论。应用：...

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