特朗普的"一項漂亮法案"將助力科技巨頭現金盛宴與AI主導地位：摩根士丹利

英為財情

2025/07/26

Investing.com - 特朗普總統的"一項漂亮法案"雖被宣傳為改變美國未來的遊戲規則，但摩根士丹利分析師認為，其真正影響是為科技巨頭帶來意外之財——為AI領域的最大玩家提供強大的現金支持，幫助他們主導AI的未來。該法案核心的全面稅收改革將大幅提升美國科技巨頭的自由現金流，亞馬遜(NASDAQ:AMZN)、Meta Platforms Inc (NASDAQ:META)和谷歌A(...

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特朗普總統的\"一項漂亮法案\"雖被宣傳為改變美國未來的遊戲規則，但摩根士丹利分析師認為，其真正影響是為科技巨頭帶來意外之財——為AI領域的最大玩家提供強大的現金支持，幫助他們主導AI的未來。\n該法案核心的全面稅收改革將大幅提升美國科技巨頭的自由現金流，亞馬遜(NASDAQ:AMZN)、Meta Platforms Inc (NASDAQ:META)和谷歌A(...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2904022\">網頁鏈接</a>\n\n</div>\n","source":"investing_news","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>特朗普的\"一項漂亮法案\"將助力科技巨頭現金盛宴與AI主導地位：摩根士丹利</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: 12.5px; color: #7E829C; margin: 0;}\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特朗普的\"一項漂亮法案\"將助力科技巨頭現金盛宴與AI主導地位：摩根士丹利\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">英為財情</strong><span class=\"h-time small\">2025-07-26 18:05</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>Investing.com - 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特朗普總統的\"一項漂亮法案\"雖被宣傳為改變美國未來的遊戲規則，但摩根士丹利分析師認為，其真正影響是為科技巨頭帶來意外之財——為AI領域的最大玩家提供強大的現金支持，幫助他們主導AI的未來。該法案核心的全面税收改革將大幅提升美國科技巨頭的自由現金流，亞馬遜、Meta Platforms Inc 和谷歌A將在短期內獲得最大收益。","collect":0,"end_time":0,"defaultTopTitle":"investing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0971096721.USD":"富达环球金融服务 A","LU1548497426.USD":"安联环球人工智能AT Acc","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4581":"高盛持仓","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0106831901.USD":"贝莱德世界金融基金A2","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","BK4585":"ETF&股票定投概念","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","MS":"摩根士丹利","BK4127":"投资银行业与经纪业","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4516":"特朗普概念","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","BK4504":"桥水持仓","LU1074936037.SGD":"JPMorgan Funds - 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特朗普總統的\"一項漂亮法案\"雖被宣傳為改變美國未來的遊戲規則，但摩根士丹利分析師認為，其真正影響是為科技巨頭帶來意外之財——為AI領域的最大玩家提供強大的現金支持，幫助他們主導AI的未來。\n該法案核心的全面税收改革將大幅提升美國科技巨頭的自由現金流，亞馬遜(NASDAQ:AMZN)、Meta Platforms Inc (NASDAQ:META)和谷歌A(NASDAQ:GOOGL)將在短期內獲得最大收益。\n\"我們預計到2026年，亞馬遜、Meta和谷歌的自由現金流將分別提升約30%/22%/5%，這將使這些公司在生成式AI領域繼續深化競爭優勢，並為投資者提供更多近期自由現金流的靈活性，\"分析師表示。\n亞馬遜：最大贏家\n亞馬遜有望成為最大受益者，預計到2026年，該法案將使其年度自由現金流提升約30%，即約150億美元，這主要得益於其在數據中心、物流和研發方面的大規模資本支出。\"我們並不一定期望亞馬遜讓所有收益都直接流入，我們認為這更可能給亞馬遜提供更多靈活性，繼續投資並深化其在零售領域（機器人、雜貨、物流、當日配送、農村等）和AWS（GPU和其他芯片、電力、基礎設施）的競爭壁壘和生成式AI產品...同時也為投資者提供更多近期自由現金流，\"分析師補充道。\nMeta和谷歌：AI基礎設施軍備競賽\nMeta緊隨其後，預計到2028年將獲得80億至100億美元的助力，相當於法案前自由現金流的22%增長。但與亞馬遜一樣，摩根士丹利表示，Meta可能會將這筆現金收益的大部分用於資助其基礎設施需求，加速投資於多吉瓦級AI集羣和Nvidia(NASDAQ:NVDA)GPU，以支持下一波商業信息、廣告定位和生成式AI產品。\n對於谷歌而言，其即時收益更大——2025年將獲得250億美元的自由現金流，這得益於其大量研發遞延税資產和現金税收狀況。摩根士丹利預計，這一提振在隨後幾年將趨於温和，持續帶來每年40億至60億美元的收益。\n股東預計不會從這次自由現金流注入中獲得顯著收益，因為這些資金很可能會用於AI基礎設施和產品開發的積極投資。\n\"我們不期望[這些公司]讓所有自由現金流收益都直接流入，我們認為這些增量現金流將為繼續投資並深化[它們的]競爭壁壘和生成式AI產品提供額外靈活性，\"分析師表示。\n本文由人工智能協助翻譯。更多信息，請參見我們的使用條款。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}