人工智能颠覆性影响引发的担忧正在股市蔓延。高盛分析师在最新客户报告中提出两项关键指标，用以衡量企业面临的AI风险暴露程度。
——劳动力自动化潜力：相对于营收而言人力成本较高、或从事可自动化工作的企业更易受到冲击。同时满足这两个条件的行业（如软件与专业服务类）已遭遇股市重挫。
——行业准入门槛：高盛分析师指出，"实体资产需求可能延缓AI驱动的行业变革"，并举例称资产密集型科技企业近期股价表现更为稳健。
——风险提示补充："当然还需考量其他潜在颠覆风险维度，包括监管壁垒与市场支配力等因素。"
虽然AI应用必将造就赢家与输家，但公开市场投资者目前明显更关注风险端。高盛分析师在报告中强调："与预期相反，投资者对上市公司AI赋能带来的增长潜力并未给予乐观定价。"
（本文根据道琼斯公司2026年2月25日发布的金融市场数据进行分析）
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