摘要2025年美股在关税冲击与AI热潮交织中展现韧性,OBBBA法案与美联储鸽派转向助推市场情绪,OpenAI与科技巨头们的合作更将AI热度推向高峰。但年末AI叙事遭质疑,科技巨头为扩张资本开支不惜消耗现金流、加码融资,相互投资形成的“铁索连环”格局加剧了市场非理性繁荣,2026年美股AI泡沫的风险拐点成为核心议题。AI投资确属泡沫,但对美国而言存在其合理性。与2000年科网泡沫不同,当前AI投资...
Source Link摘要2025年美股在关税冲击与AI热潮交织中展现韧性,OBBBA法案与美联储鸽派转向助推市场情绪,OpenAI与科技巨头们的合作更将AI热度推向高峰。但年末AI叙事遭质疑,科技巨头为扩张资本开支不惜消耗现金流、加码融资,相互投资形成的“铁索连环”格局加剧了市场非理性繁荣,2026年美股AI泡沫的风险拐点成为核心议题。AI投资确属泡沫,但对美国而言存在其合理性。与2000年科网泡沫不同,当前AI投资...
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