Yardeni:AI投资逻辑转变,投资者聚焦资本支出计划与营收预期

格隆汇
Aug 05
Yardeni Research指出,投资者在布局AI超大规模云计算商股票时已变得更加审慎,不再盲目跟风,而是开始深入审视各家公司的资本支出计划与营收预期。亚马逊、Alphabet、微软和甲骨文2026年的资本支出计划合计约达6000亿美元,较2025财年的3090亿美元大幅攀升,且仍在持续增长。由于电力供应、设备采购及地方审批等方面的延误,今年原定的大量产能建设已被推迟至2027年及以后。尽管如此,Yardeni认为这一现象呈现出的是延迟而非撤退的格局。Yardeni同时指出了一项潜在风险,即客户集中度问题,尤其是OpenAI和Anthropic能否履行其已签订的算力合同承诺。

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