巨头利润狂欢 VS 新贵狂烧钱:揭秘AI万亿盛宴的残酷真相

腾讯科技
Nov 14, 2025

当全球科技巨头在AI浪潮中赚得盆满钵盈、股价屡创新高时,备受追捧的AI明星公司们却可能正在经历一场"史诗级大出血"。以OpenAI为代表的生成式AI初创公司,虽然推动着这场技术革命,自己却陷入了一个个"烧钱无底洞"。它们在芯片、云服务和数据中心上的巨额开支,如同吞噬资金的巨兽,反过来却滋养着供应商巨头们的利润增长。这不仅是财务报表上的数字游戏,更暴露出AI军备竞赛中一个尖锐问题:通往通用人工智能的...

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