[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio21ddaeea":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio21ddaeea","AI资本开支预测：美国云科技大厂的投资动向","\u002Fdoc\u002Fdcio21ddaeea","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>摩根大通研究团队近期指出，美国前五大云服务商——包括微软Azure、亚马逊AWS、谷歌云、Meta以及甲骨文——正在经历前所未有的资本开支放量过程。为了支撑AI模型训练和推理的算力需求，这些企业的数据中心投资正在呈现加速态势。\u003C\u002Fp>\u003Cp>摩根大通认为：美国云大厂的资本强度将结构性提高，预示着未来几年资本支出仍有巨大的上行空间：为了支持大规模AI基础设施建设，超大规模数据中心的资本强度（资本支出占总收入的百分比）已在过去几年中稳步提升。\u003C\u002Fp>\u003Cp>预测美国前五大云服务商的该比例将从2023年的约8%增长到2026年的约21%。尽管资本强度最终会从峰值回落，但长远来看将保持在高于历史水平的结构性高位。若假设2028年资本强度达到25%，则意味着相对于2026年将产生近2000亿美元的增量支出，这远超当前卖方甚至买方的预期。\u003C\u002Fp>\u003Cp>根据美股投资网获悉，过去，资本开支（Capex）在云厂商收入中的占比仅约8%左右，这在传统云计算时代被视为健康、稳健的投入节奏。然而自2023年起，随着GPT-4、Gemini Ultra、Claude-Next等模型的快速迭代，AI训练集群对算力的需求呈指数级增长，资本强度开始快速爬升。机构预测该比例将在2026年提升至约21%，甚至在2028年进一步冲高至25%。这一数据背后意味着，光是未来两年，新增资本投入就可能接近2000亿美元，远远超出市场当前的普遍预期。\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cfigure class=\"image\">\u003Cimg style=\"aspect-ratio:1098\u002F385;\" src=\"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202510-stk\u002F624953935a0111111.png\" width=\"1098\" height=\"385\">\u003C\u002Ffigure>\u003Cp> \u003C\u002Fp>\u003Cp>这不是一次简单的GPU采购，而是对整个产业链的重塑\u003C\u002Fp>\u003Cp>很多投资者仍习惯将云厂商的AI投入理解为一次“显卡采购潮”，但来自微软、AWS、谷歌的最新公开表态已经很明确：AI基础设施意味着全面重造计算、存储、冷却、带宽和电力系统。GPU只是起点，液冷系统、高速光模块、硅光互连、数据中心土地、电力配给等环节都正在进入资本开支清单。\u003C\u002Fp>\u003Cp>微软明确表示，AI数据中心紧缺状况将持续至2026年，期间资本开支会维持“高强度水平”。AWS则强调，AI工作负载天然要求更高的资本密度，未来几年不会出现明显回落。谷歌云则提到，每推出一代新的AI模型，对算力与机房部署的要求都会再度提升，资本支出因此呈现持续拉升的趋势。\u003C\u002Fp>\u003Cp>市场真正低估的，是资本开支周期的长度和弹性\u003C\u002Fp>\u003Cp>目前的大多数估值模型仍停留在“2024-2025年GPU采购高峰”这类短期框架中，忽视了AI推理商业化落地后带来的持续现金流能力。推理阶段意味着AI不再只是研发成本，而是可以嵌入企业服务、SaaS订阅、广告引擎、搜索引擎乃至办公系统中，成为持续性、可规模化放大的收入来源。当现金流与AI算力形成正向反馈时，资本开支就不再是负担，而是一种加速增长的杠杆。\u003C\u002Fp>\u003Cp>正因如此，华尔街一些资金正在提前布局整个AI基础设施链条，不只是盯着NVIDIA，而是开始向上游的光通信、CPO模块、先进封装、液冷散热，以及数据中心REITs进行扩散。机构用一个词来形容这个趋势——“AI Capex Supercycle”，AI资本超级周期。\u003C\u002Fp>","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202510-stk\u002FUploader5hr5wioq2jg_2025_10_17_10_48_29.jpg","2025-10-17T17:44:42.86","2025.10.17","2025\u002F10\u002F17",55156,[22],"AI","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]