刘元春:AI泡沫不可怕,关键是沉淀为真实生产能力

智通财经
Sep 09
【刘元春:AI泡沫不可怕,关键是沉淀为真实生产能力】9月9日,上海财经大学校长刘元春在2026 Inclusion·外滩大会上指出,经济学界对AI能拉动多少增长分歧显著,不同研究测算未来10年AI对全要素生产率的贡献,从每年0.07个百分点到1.3个百分点不等,差异源于对AI可替代任务的假设不同,不必全信。对于当前AI估值泡沫,他认为有泡沫不可怕,关键看泡沫期间形成的算力、数据中心等基础设施能否沉淀为真实生产能力。以互联网泡沫为例,资产价格调整并未阻止技术发展,留下的实体资本仍支撑了后续增长。刘元春认为,判断AI投资是否泡沫,不能只看估值,更要看资本积累能否跨过临界点、提升长期产出水平。

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