巴克莱:AI模型公司每赚100美元 约35至40美元流向三大云巨头

格隆汇
Aug 30
巴克莱在报告中称,AI模型公司每获得100美元收入,其中约有35至40美元会以推理算力费用的形式流向三大云巨头,即亚马逊AWS、微软Azure和谷歌云平台(GCP)。在这部分收入中,云服务商能够获得约10至20美元的营业利润,对应约35%至45%的营业利润率。 报告指出,AI实验室付费推理业务的利润率已经大幅攀升,从2025年的低双位数水平升至2026年的50%至65%甚至更高,调整后毛利率同比提升30至50个百分点。巴克莱分析师认为,实际利润率可能甚至高于报告中的估算,但随着前沿模型竞争加剧以及算力供给持续增加,利润率预计将逐步回落。

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