当前AI泡沫究竟多大?瑞银:三大见顶信号尚未出现

资本市场那些事儿
Nov 04, 2025

瑞银研报指出我们正处于一场潜在泡沫的早期阶段,但预示泡沫见顶的三大关键信号,极端估值、长期过热催化剂和短期见顶信号目前均未出现。报告强调生成式AI强大的生产力提升潜力,以及当前政府资产负债表风险高于企业,为本轮估值扩张提供了比2000年互联网泡沫时期更坚实的基础。瑞银认为,尽管当前美股已具备泡沫周期的七大前提条件,但本轮AI泡沫的"合理性"远超2000年时期,且关键见顶事件尚未出现。10月29日,...

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