比最乐观还乐观:英伟达把AI泡沫论按在地上摩擦

美股研究社
Feb 26

*内容仅为呈现不同市场观点与研究视角,并不意味着本公众号对文中观点结论认可。过去几个月,华尔街的空气中弥漫着一种谨慎的怀疑主义。关于"AI 算力是否见顶”的争论愈演愈烈,从云厂商资本开支可能放缓的传闻,到定制芯片崛起对通用 GPU 构成的威胁,质疑声此起彼伏。市场似乎在等待一个信号,一个能够证明 AI 热潮正在退坡的信号。然而,NVIDIA 刚刚交出的 2026 财年 Q4 成绩单,只能用一句话...

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