[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio2e2d688c":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"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,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio2e2d688c","AI商业化收入增速开始快于资本开支扩张速度","\u002Fdoc\u002Fdcio2e2d688c","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">根据美股大数据\u003C\u002Fspan> StockWe.com \u003Cspan style=\"font-family: DengXian;\">统计\u003C\u002Fspan>:\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">“在标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">指数成分股中，已有\u003C\u002Fspan>87%\u003Cspan style=\"font-family: DengXian;\">的公司公布了财报。从目前情况来看，整体盈利表现依然强劲，而且这种增长并非集中于少数行业，而是广泛分布于多个板块。”\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">具体来看：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">78%\u003Cspan style=\"font-family: DengXian;\">的公司盈利（\u003C\u002Fspan>EPS\u003Cspan style=\"font-family: DengXian;\">）超出市场预期；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">73%\u003Cspan style=\"font-family: DengXian;\">的公司营收超出市场预期；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">约\u003C\u002Fspan>61%\u003Cspan style=\"font-family: DengXian;\">的公司同时实现了“营收和利润双双超预期”（\u003C\u002Fspan>Double Beat\u003Cspan style=\"font-family: DengXian;\">）；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">只有\u003C\u002Fspan>10%\u003Cspan style=\"font-family: DengXian;\">的公司同时出现营收和利润双双低于预期的情况。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">此外，自财报季开始以来，分析师对企业未来每股收益（\u003C\u002Fspan>EPS\u003Cspan style=\"font-family: DengXian;\">）的预期也在持续上调。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">基于这一强劲的企业盈利表现，摩根大通首席市场策略师\u003C\u002Fspan>Dubravko Lakos-Bujas\u003Cspan style=\"font-family: DengXian;\">周一将标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">指数目标位从\u003C\u002Fspan>7800\u003Cspan style=\"font-family: DengXian;\">点上调至\u003C\u002Fspan>8000\u003Cspan style=\"font-family: DengXian;\">点。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">关于\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">投资主题，“在本轮财报季开始之前，我们就认为市场最核心的主题仍然是云计算巨头（\u003C\u002Fspan>Hyperscalers\u003Cspan style=\"font-family: DengXian;\">）的资本支出（\u003C\u002Fspan>CapEx\u003Cspan style=\"font-family: DengXian;\">）指引，同时投资者会更加关注\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">投资是否开始产生商业化回报，以及投资资本回报率（\u003C\u002Fspan>ROIC\u003Cspan style=\"font-family: DengXian;\">）的改善情况。”\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">他指出，\u003C\u002Fspan>2026\u003Cspan style=\"font-family: DengXian;\">年第二季度已经开始看到这些趋势逐渐显现，尤其是在谷歌、亚马逊和微软身上表现得最为明显：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">云业务增长进一步加速；\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">在手订单（\u003C\u002Fspan>Backlog\u003Cspan style=\"font-family: DengXian;\">）持续扩大；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">经营现金流的可见性明显提升。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这些表现成功满足甚至超越了此前市场极高的预期标准。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">“尽管对于大多数超大规模云服务商而言，\u003C\u002Fspan>2027\u003Cspan style=\"font-family: DengXian;\">财年自由现金流（\u003C\u002Fspan>Free Cash Flow\u003Cspan style=\"font-family: DengXian;\">）预计仍将维持负值，但与资本支出相比，需求和订单覆盖率正在持续改善。”\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这一点体现在几个关键指标上：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Backlog-to-CapEx\u003Cspan style=\"font-family: DengXian;\">（积压订单与资本支出比率）持续上升；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Book-to-Bill Ratio\u003Cspan style=\"font-family: DengXian;\">（订单与收入比率）持续改善。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这些数据说明：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AI\u003Cspan style=\"font-family: DengXian;\">商业化收入增长的速度可能开始快于资本开支扩张的速度。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">如果这一趋势持续下去，将带来两个重要结果：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">未来收入增长有望进一步加速；\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">市场对于\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">投资回报率（\u003C\u002Fspan>ROI\u003Cspan style=\"font-family: DengXian;\">）和资本回报率（\u003C\u002Fspan>ROIC\u003Cspan style=\"font-family: DengXian;\">）的担忧将进一步减弱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAI\u002FAI.jpg","2026-08-10T15:12:05","2026.08.10","2026\u002F08\u002F10",44372,[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,"useContentVideo":5,"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 noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 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，每天处理海量股票数据：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，美股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":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"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","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"]