「AI泡沫論」被反覆提及，吳泳銘、孫正義、黃仁勳紛紛駁斥

Ofweek光電信息網

5小時前

作者：龔進輝最近，英偉達交出一份全面超出預期的2026財年Q3業績，但股價連續兩天下跌，由此引發市場上對AI（人工智能）泡沫的擔憂，似乎短期內無法消散，進而導致關於「AI泡沫論」的激辯愈演愈烈。比如，橋水基金創始人達利歐表示，AI確實存在泡沫，但還沒到泡沫破裂的時候。不過，更多大佬卻不以為然，紛紛出面駁斥「AI泡沫論」。阿里CEO吳泳銘首當其衝，他在2026年財年Q2財報電話會上表示，阿里看到的...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2588806160"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2588806160\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2588806160?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-12-02 15:32","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2588806160","market":"hk","top_or_hot":-1,"title":"「AI泡沫論」被反覆提及，吳泳銘、孫正義、黃仁勳紛紛駁斥","media":"Ofweek光電信息網","content":"<div>\n<p>作者：龔進輝最近，英偉達交出一份全面超出預期的2026財年Q3業績，但股價連續兩天下跌，由此引發市場上對AI（人工智能）泡沫的擔憂，似乎短期內無法消散，進而導致關於「AI泡沫論」的激辯愈演愈烈。比如，橋水基金創始人達利歐表示，AI確實存在泡沫，但還沒到泡沫破裂的時候。不過，更多大佬卻不以為然，紛紛出面駁斥「AI泡沫論」。阿里CEO吳泳銘首當其衝，他在2026年財年Q2財報電話會上表示，阿里看到的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202153953a71e9e42&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","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>「AI泡沫論」被反覆提及，吳泳銘、孫正義、黃仁勳紛紛駁斥</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「AI泡沫論」被反覆提及，吳泳銘、孫正義、黃仁勳紛紛駁斥\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Ofweek光電信息網</strong><span class=\"h-time small\">2025-12-02 15:32</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>作者：龔進輝最近，英偉達交出一份全面超出預期的2026財年Q3業績，但股價連續兩天下跌，由此引發市場上對AI（人工智能）泡沫的擔憂，似乎短期內無法消散，進而導致關於「AI泡沫論」的激辯愈演愈烈。比如，橋水基金創始人達利歐表示，AI確實存在泡沫，但還沒到泡沫破裂的時候。不過，更多大佬卻不以為然，紛紛出面駁斥「AI泡沫論」。阿里CEO吳泳銘首當其衝，他在2026年財年Q2財報電話會上表示，阿里看到的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202153953a71e9e42&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202153953a71e9e42&s=b\">Ofweek光電信息網</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348783662.USD","symbol_name":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202153953a71e9e42&s=b","article_id":"2588806160","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202153953a71e9e42&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2588806160","pubTimestamp":1764660720,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"不過，更多大佬卻不以為然，紛紛出面駁斥「AI泡沫論」。這意味着，未來3年所謂的AI泡沫應該是不太存在的。對於近期外界反覆討論的「AI泡沫論」，軟銀創始人孫正義駁斥稱這種説法「不夠聰明」。東方港灣創始人但斌也不認同「AI泡沫論」，稱「我們僅僅處於AI爆發的第一天」。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89988":"阿里巴巴-WR","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","BK1247":"药品零售","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","09988":"阿里巴巴-W","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","BK1521":"挪威政府全球养老基金持仓","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","HBBD.SI":"Alibaba HK SDR 5to1","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BABA":"阿里巴巴","00241":"阿里健康","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC"},"translate_title":"The \"AI bubble theory\" has been repeatedly mentioned, and Wu Yongming, Sun Zhengyi, and Huang Renxun have refuted it","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"HBBD.SI":0.6,"00241":1.5,"09988":0.9,"BABA":0.6,"ALBmain":0.6},"content_text":"作者：龔進輝最近，英偉達交出一份全面超出預期的2026財年Q3業績，但股價連續兩天下跌，由此引發市場上對AI（人工智能）泡沫的擔憂，似乎短期內無法消散，進而導致關於「AI泡沫論」的激辯愈演愈烈。比如，橋水基金創始人達利歐表示，AI確實存在泡沫，但還沒到泡沫破裂的時候。不過，更多大佬卻不以為然，紛紛出面駁斥「AI泡沫論」。阿里CEO吳泳銘首當其衝，他在2026年財年Q2財報電話會上表示，阿里看到的AI客户需求非常旺盛，從今年下半年開始，全球存儲廠商、CPU、AI服務器等各個環節都在缺貨，是AI需求帶動供應鏈方方面面的廠商去擴產的一個週期。他認為，這起碼是一個兩三年的擴產週期，至少三年內，整個AI資源是供不應求的狀態。阿里自己包括美國許多新的GPU基本是跑滿的，甚至是上一代、三五年前的幾代GPU都是跑滿的。這意味着，未來3年所謂的AI泡沫應該是不太存在的。除了需求側的推動，基座模型能力的持續提升也在提升AI想象力。AI模型可適配的場景會越來越多，繼而帶來各個行業滲透率的提升，市場空間巨大。基於上述洞察，吳泳銘斷言，此前阿里3年3800億元的基礎設施投入計劃可能增投，「現在看起來這個數字偏小了。」面對AI泡沫的質疑，阿里董事長蔡崇信明確回應道，「只有金融泡沫，沒有技術泡沫。」在他看來，當年加密貨幣的曇花一現與如今AI的持續滲透形成鮮明對比——AI不是轉瞬即逝的風口，而是將深刻改變社會結構的底層力量。對於近期外界反覆討論的「AI泡沫論」，軟銀創始人孫正義駁斥稱這種説法「不夠聰明」。他指出，如果AI未來能貢獻全球GDP的10%，即便投入以萬億美元計，也遠不算泡沫。「泡沫在哪裏？」孫正義反問道。「我不認為AI存在泡沫。」聯想掌門人楊元慶一針見血地指出，未來AI需求將會增長，而且這個增長將是持續的。他表示，AI不僅涉及大語言模型，還涉及計算機視覺、自動駕駛、工業自動化等多個領域，其普惠化和深入應用才啱啱開始。「關於AI泡沫的説法有很多，但從我們的角度來看，情況（與互聯網泡沫時期相比）截然不同。AI正在改變現有的工作負載，並沒有看到AI泡沫的存在。」在英偉達掌門人黃仁勳看來，AI生態系統正在快速擴張，湧現出更多新的基礎模型構建者、更多AI初創公司，遍及更多行業和國家。AI正無處不在，無所不能，已經進入AI的良性循環期。因此，對AI泡沫的擔憂大可不必。東方港灣創始人但斌也不認同「AI泡沫論」，稱「我們僅僅處於AI爆發的第一天」。他認為，既然AI時代啱啱開始，投資要想真正賺到大錢，一定要養成個習慣，就是要從產業的角度，橫跨二三十年的角度來處理投資，這樣投資才可能會有比較好的結果。我推測，那些相信「AI泡沫論」的人，原因可能在於：在AI熱潮的推動下，科技巨頭的股價飆升過快，與最終破裂的2000年互聯網泡沫有相似之處。其實不然，2000年互聯網泡沫破裂，並非對互聯網的全盤否定，實際上互聯網並未消失，且反而更強大，國內形成BAT三巨頭。當下亦如此，不管是否真的存在AI泡沫，所有投入AI基礎設施和模型開發的資源不會白費，AI正深刻改變人們的生活和工作方式。正如但斌所言，要用長遠眼光和產業角度來看待AI的發展，把時間拉長到二三十年，而不是單憑市場短期波動就一驚一乍，那註定是短視之舉。你説呢？","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}