科技巨头巨额AI基建投资难见回报引发华尔街担忧
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据2026年11月报道，亚马逊、微软、Alphabet和Meta等科技巨头仍在持续加码AI数据中心建设，四家公司计划年内投入至少7200亿美元资本开支用于AI基础设施，未来数年还承诺了至少1万亿美元的支出。尽管各家公司的总营收与云业务仍在持续增长，但巨额投入下的AI商业化变现仍未见明显成效，部分业务甚至面临负面影响，如Google的AI Mode搜索正对其核心搜索广告业务形成冲击。AI商业化变现的迟滞，引发了华尔街对各巨头投资回报周期的强烈担忧。
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