小摩:云端订单暴增超150%,AI投资开始兑现,科技股估值跌出投资机会

格隆汇
Aug 05
摩根大通分析指出,超大型云端服务商(Hyperscaler)目前云端业务积压订单同比增长超过150%,总金额已达约1.7万亿美元,增幅明显高于同期约80%的资本支出增长速度。分析师Mark Schilsky表示,无论是云端业务积压订单或新增年度经常性收入(ARR),成长速度均持续领先资本支出,意味未来营收有望足以支撑目前数千亿美元的AI投资。 该行认为,若市场焦点由“AI资本支出是否过高”逐渐转向“AI投资回报开始实现”,下一波科技股涨势将更可能由大型科技平台接棒,而非持续仅由AI芯片股领军。从技术面观察,追踪美股七大科技巨头的Roundhill Magnificent Seven ETF已自近期低点反弹近10%,重新站上200日移动平均线,并逼近去年4月以来的长期上升趋势线。目前200日均线已逐渐走平,显示市场历经长时间整理。从历史经验来看,盘整时间越长,后续一旦突破,行情往往更具爆发力,因此科技股未来表现仍值得投资人持续关注。

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