仅事实
投资者对科技巨头不断升级的人工智能支出担忧加剧
摘要
Meta和微软宣布2026年加大人工智能投资，引发投资者对潜在过度支出的担忧。
Meta平台公司和微软公司已公布计划，在2026年前大幅增加对人工智能（AI）基础设施的投资，导致其股价显著下跌，投资者对不断上升的支出表示担忧。
Meta宣布将增加其人工智能资本支出，预计2025年支出将在700亿至720亿美元之间，高于此前指导的660亿至720亿美元。首席财务官Susan Li表示，这一上升趋势将在2026年继续，主要由基础设施成本推动。该消息公布后，Meta股价周四一度下跌达14%。
同样，微软报告称上一季度资本支出创纪录达到349亿美元，较前一季度的242亿美元大幅增长。公司还表示计划在2026年进一步增加支出。此消息导致微软股价周四盘中下跌3%。
这些科技巨头的大规模投资加剧了关于潜在人工智能投资泡沫的讨论。巴克莱分析师指出，尽管华尔街预计到2026年大型科技公司每年将在人工智能开发上花费约600亿美元，但同期人工智能带来的预计收入仅为200亿美元。这种差距使投资者对如此激进的支出策略的可持续性日益持怀疑态度。
BCA研究公司的首席市场策略师Peter Berezin将Meta和微软近期的股价下跌称为人工智能领域的“黄旗”信号。他表示，如果其他科技公司出现类似模式，将更清楚地警示当前对人工智能投资的热情可能正在减退。
随着人工智能行业的持续发展，巨额投资与实际回报之间的平衡仍然是投资者和市场分析师关注的焦点。
事实核查
使用外部来源和数据库核实文章的事实。
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Meta announced an increase in its capital expenditures for AI, projecting spending between $70 billion and $72 billion in 2025, up from the previous guidance of $66 billion to $72 billion.
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Confirmed
Chief Financial Officer Susan Li indicated that this upward trend would continue into 2026, primarily driven by infrastructure costs.
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Following this disclosure, Meta's stock experienced a decline of up to 14% on Thursday.
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Similarly, Microsoft reported a record $34.9 billion in capital expenditures for the past quarter, marking a significant rise from $24.2 billion in the prior quarter.
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The company also signaled plans for further increases in 2026.
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This announcement contributed to a 3% drop in Microsoft's stock during intraday trading on Thursday.
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Analysts from Barclays have noted that while Wall Street anticipates Big Tech companies to spend around $60 billion annually on AI development by 2026, projected revenues from AI during that period are estimated at only $20 billion.
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