联合研究:AI投资泡沫化了吗?

长江证券股份有...
Nov 11

事件描述近期海外四大云厂商披露季报显示其对CapEx 的投入仍在加码,OpenAI 大规模算力布局与当前AI 投入的呈现出规模不经济引发担忧,与此同时美国宏观经济层面出现政府停摆等不确定性因素,共同加重市场对AI 投入泡沫化的讨论与担忧。事件评论2025 年开始AI 迎来上下半场切换。1)AI 上半场:2023 年以来行业是“以ScalingLaw驱动、通向AGI”的叙事,核心聚焦于模型和方法的...

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