AI泡沫到底存在吗？54位科技界与华尔街大佬是这么说的

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cspan style=\"font-size: 12px; display: flex; color: #999999; align-items: center;\"\u003e\u003csvg width=\"1.4em\" height=\"1.4em\" viewBox=\"0 0 18 18\" xmlns=\"http://www.w3.org/2000/svg\"\u003e\u003cmask id=\"exclamation-mask\"\u003e\u003crect width=\"16\" height=\"16\" fill=\"white\"\u003e\u003c/rect\u003e\u003cpath d=\"M8 3.5a1 1 0 0 1 1 1v4a1 1 0 1 1-2 0v-4a1 1 0 0 1 1-1zM8 12a1 1 0 1 0 0-2 1 1 0 0 0 0 2z\" fill=\"black\"\u003e\u003c/path\u003e\u003c/mask\u003e\u003ccircle cx=\"8\" cy=\"8\" r=\"8\" fill=\"#999999\" mask=\"url(#exclamation-mask)\"\u003e\u003c/circle\u003e\u003c/svg\u003e 该图片属于AI生成\u003c/span\u003e\u003cp\u003e\u003c!--IMG_0--\u003e\u003c/p\u003e \u003cp data-check-id=\"511098\"\u003e\u003cspan class=\"text-remarks\" label=\"备注\"\u003e本文来自微信公众号：\u003c/span\u003e\u003cspan class=\"text-remarks\"\u003e\u003c!--SECURE_LINK_BEGIN_0--\u003e字母AI\u003c!--SECURE_LINK_END_0--\u003e\u003c/span\u003e\u003cspan class=\"text-remarks\"\u003e，作者：小金牙，题图来自：AI生成\u003c/span\u003e\u003c/p\u003e\u003cp data-check-id=\"371546\"\u003e2025年的AI行业仍然在向前狂奔，但与此同时“AI是否正在形成一场新的泡沫”几乎成了资本市场绕不开的问题。\u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp data-check-id=\"358291\"\u003e在美股屡创新高、AI概念股估值快速抬升的背景下，这个问题既被反复提出，也被反复否认。\u003c/p\u003e\u003cp data-check-id=\"617748\"\u003e外界捡到一个又一个碎片，这个人说了这些，那个人又说了那些。\u003c/p\u003e\u003cp data-check-id=\"964470\"\u003eCNBC近期采访了多位科技界、投资界大佬，把他们关于“AI泡沫”的看法摆在一起，可以看到共性——他们并不否认阶段性的过热，但普遍不认为当前的AI热潮构成一场传统意义上的“泡沫”。\u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp data-check-id=\"894789\"\u003e我们在此基础之上做了补充，引入了更多硅谷科技界的声音，以下是超�位相关人士对“AI泡沫”的看法。\u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp class=\"text-big-title\" data-check-id=\"541633\" label=\"大标题\"\u003e01 科技界\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"110583\"\u003e\u003c!--IMG_1--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"765224\"\u003e\u003c!--IMG_2--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"829449\"\u003e\u003c!--IMG_3--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"316468\"\u003e\u003c!--IMG_4--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"188217\"\u003e\u003c!--IMG_5--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"399815\"\u003e\u003c!--IMG_6--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"226516\"\u003e\u003c!--IMG_7--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"608629\"\u003e\u003c!--IMG_8--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"445826\"\u003e\u003c!--IMG_9--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"202811\"\u003e\u003c!--IMG_10--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"254211\"\u003e\u003c!--IMG_11--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"233651\"\u003e\u003c!--IMG_12--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"679545\"\u003e\u003c!--IMG_13--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"295102\"\u003e\u003c!--IMG_14--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"212511\"\u003e\u003c!--IMG_15--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"785484\"\u003e\u003c!--IMG_16--\u003e\u003c/p\u003e\u003cp class=\"text-big-title\" data-check-id=\"201591\" label=\"大标题\"\u003e02 投资界\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"463374\"\u003e\u003c!--IMG_17--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"501531\"\u003e\u003c!--IMG_18--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"340644\"\u003e\u003c!--IMG_19--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"507224\"\u003e\u003c!--IMG_20--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"684105\"\u003e\u003c!--IMG_21--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"234868\"\u003e\u003c!--IMG_22--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"580872\"\u003e\u003c!--IMG_23--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"494964\"\u003e\u003c!--IMG_24--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"219575\"\u003e\u003c!--IMG_25--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"555336\"\u003e\u003c!--IMG_26--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"597171\"\u003e\u003c!--IMG_27--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"219246\"\u003e\u003c!--IMG_28--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"958261\"\u003e\u003c!--IMG_29--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"191712\"\u003e\u003c!--IMG_30--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"945721\"\u003e\u003c!--IMG_31--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"645335\"\u003e\u003c!--IMG_32--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"949797\"\u003e\u003c!--IMG_33--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"838311\"\u003e\u003c!--IMG_34--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"276222\"\u003e\u003c!--IMG_35--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"300342\"\u003e\u003c!--IMG_36--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"439503\"\u003e\u003c!--IMG_37--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"501112\"\u003e\u003c!--IMG_38--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"699818\"\u003e\u003c!--IMG_39--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"878745\"\u003e\u003c!--IMG_40--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"247482\"\u003e\u003c!--IMG_41--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"235164\"\u003e\u003c!--IMG_42--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"179370\"\u003e\u003c!--IMG_43--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"103916\"\u003e\u003c!--IMG_44--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"785756\"\u003e\u003c!--IMG_45--\u003e\u003c/p\u003e\u003cp class=\"text-big-title\" data-check-id=\"195273\" label=\"大标题\"\u003e03 国内观点\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"126911\"\u003e\u003c!--IMG_46--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"718157\"\u003e\u003c!--IMG_47--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"389938\"\u003e\u003c!--IMG_48--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"708997\"\u003e\u003c!--IMG_49--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"660619\"\u003e\u003c!--IMG_50--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"210043\"\u003e\u003c!--IMG_51--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"826407\"\u003e\u003c!--IMG_52--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"308344\"\u003e\u003c!--IMG_53--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"588439\"\u003e\u003c!--IMG_54--\u003e\u003c/p\u003e\u003cp data-check-id=\"167695\"\u003e\u003cspan class=\"text-remarks\" label=\"备注\"\u003e本文来自微信公众号：\u003c/span\u003e\u003cspan class=\"text-remarks\"\u003e\u003c!--SECURE_LINK_BEGIN_1--\u003e字母AI\u003c!--SECURE_LINK_END_1--\u003e\u003c/span\u003e\u003cspan class=\"text-remarks\"\u003e，作者：小金牙\u003c/span\u003e\u003c/p\u003e\u003cp\u003e本内容由作者授权发布，观点仅代表作者本人，不代表虎嗅立场。如对本稿件有异议或投诉，请联系 tougao@huxiu.com。\u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003c!--PARAGRAPH_3--\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. ';counter-increment:olCounter;font-variant-numeric:tabular-nums;display:inline-block}.rich_media_content ul[data-ex-list]{--ul-list-style-type: circle;list-style-type:none;position:relative}.rich_media_content ul[data-ex-list].nonUnicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.5)}.rich_media_content ul[data-ex-list].unicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.8)}.rich_media_content ol:not([data-ex-list]){padding-left:revert}.rich_media_content ul:not([data-ex-list]){padding-left:revert}.rich_media_content table{display:table;border-collapse:collapse;margin-bottom:var(--news-bottom-distance)}.rich_media_content table th,.rich_media_content table td{word-wrap:break-word;border:1px solid #ddd;white-space:nowrap;padding:2px 5px}.rich_media_content table th{font-weight:700;background-color:#f0f0f0;text-align:left}.rich_media_content table p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content table th{background:var(--news-tabel-th-night-color)}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content table th{background:var(--news-tabel-th-night-color)}}.rich_media_content .qqnews_image_desc,.rich_media_content p[type=om-image-desc]{line-height:20px!important;text-align:center!important;font-size:14px!important;color:#666!important}.rich_media_content div[data-exeditor-arbitrary-box=wrap]:not([data-exeditor-arbitrary-box-special-style]){max-width:100%}.rich_media_content .qqnews-content{--wmfont: 0;--wmcolor: transparent;font-size:var(--wmfont);color:var(--wmcolor);line-height:var(--wmfont)!important;margin-bottom:var(--wmfont)!important}.rich_media_content .qqnews_sign_emphasis{background:#f7f7f7}.rich_media_content .qqnews_sign_emphasis ol{word-wrap:break-word;border:none;color:#5c5c5c;line-height:28px;list-style:none;margin:14px 0 6px;padding:16px 15px 4px}.rich_media_content .qqnews_sign_emphasis p{margin-bottom:12px!important}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{padding-left:30px}.rich_media_content .qqnews_sign_emphasis ol\u003eli{list-style:none}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep:first-child::before{margin-left:-30px;content:counter(olCounter,decimal) ''!important;counter-increment:olCounter!important;font-variant-numeric:tabular-nums!important;background:#37f;border-radius:2px;color:#fff;font-size:15px;font-style:normal;text-align:center;line-height:18px;width:18px;height:18px;margin-right:12px;position:relative;top:-1px}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis{background:#262626}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis{background:#262626}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}}.rich_media_content h1,.rich_media_content h2,.rich_media_content h3,.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{margin-bottom:var(--news-bottom-distance);font-weight:700}.rich_media_content h1{font-size:20px}.rich_media_content h2,.rich_media_content h3{font-size:19px}.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{font-size:18px}.rich_media_content li:empty{display:none}.rich_media_content ul,.rich_media_content ol{margin-bottom:var(--news-bottom-distance)}.rich_media_content div\u003ep:only-child{margin-bottom:0!important}.rich_media_content .cms-cke-widget-title-wrap p{margin-bottom:0!important}\u003c/style\u003e\u003c/div\u003e

【纠错】【责任编辑:youxisb】

深度观察

新华全媒头条丨娉5浠ユュ哄浼渚700渚