AI泡沫原罪:英伟达是AI戒不掉的“毒丸”?

芯师爷
Dec 07, 2025

以2022年年末ChatGPT发布为标志,三年间AI狂热从算力、存储、网络、制造、电力基建、软件应用,甚至到边缘设备,每个方向的细分赛道都被轮番反复炒作了一遍。但到三周年末,当AI基建的顶梁柱们,在三季报前后一个个宣布前所未有的AI大基建时,市场反而跟突然丧魂了一样,开始担心AI投资要泡沫了。产业有人赚得盆满钵满,有人亏到疯狂融资,问题到底出在哪里?融资眼花缭乱,千奇百怪,为什么?本篇,海豚君通过...

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