瑞银认为,当前科技巨头面临的核心问题是,在AI基础设施大规模投资的背景下,能否维持强劲的资本收益率。市场正从对科技巨头的集体乐观转向基于基本面的差异化定价。那些能够在AI投资浪潮中保持强劲资本收益率、同时增长预期相对保守的公司,可能提供更好的风险调整后收益。美股科技巨头们正在经历一场前所未有的分化。2025年以来,美股科技八巨头(英伟达、微软、苹果、谷歌、亚马逊、Meta、博通、特斯拉)股价表现...
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