[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio67b856c9":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},"dcio67b856c9","Agentic AI（智能体 AI）让token使用量大幅增长","\u002Fdoc\u002Fdcio67b856c9","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp data-start=\"0\" data-end=\"32\">\u003Cspan style=\"font-size: large;\">Goldman Sachs 的这份 AI 报告让我印象非常深刻。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"34\" data-end=\"42\">\u003Cspan style=\"font-size: large;\">核心观点其实是：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"44\" data-end=\"115\">\u003Cspan style=\"font-size: large;\">Agentic AI（智能体 AI）可能会把 AI 从一个“资本开支极重的成本负担”，转变成一个“随着使用量增长，利润率反而不断扩大的生意”。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"117\" data-end=\"182\">\u003Cspan style=\"font-size: large;\">随着 token 成本持续下降，更复杂的 AI 智能体开始具备经济可行性。而这些智能体会消耗远远更多的 token，因为它们需要：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"184\" data-end=\"224\">\u003Cspan style=\"font-size: large;\">更长的上下文窗口、\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 反复推理循环、\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 结果验证、\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 工具调用、\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 以及全天候后台监控。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"226\" data-end=\"320\">\u003Cspan style=\"font-size: large;\">这种 token 使用量的大幅增长，会进一步提升 AI 基础设施的利用率，改善单位经济模型（unit economics），同时也会让云计算巨头和大模型公司拥有更大的利润空间，继续投入到：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"322\" data-end=\"343\">\u003Cspan style=\"font-size: large;\">模型能力提升、\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 分发渠道、\u003C\u002Fspan>\u003Cbr \u002F>\u003Cspan style=\"font-size: large;\"> 以及算力扩张。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"345\" data-end=\"350\">\u003Cspan style=\"font-size: large;\">换句话说，\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"352\" data-end=\"394\">\u003Cspan style=\"font-size: large;\">AI 资本开支（AI Capex）的真正多头逻辑，并不仅仅是“AI 使用量会增长”。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"396\" data-end=\"399\">\u003Cspan style=\"font-size: large;\">而是：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"401\" data-end=\"459\">\u003Cspan style=\"font-size: large;\">这种增长的使用量，未来会越来越多地转化为高增量利润（attractive incremental margins）。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp data-start=\"461\" data-end=\"510\" data-is-last-node=\"\" data-is-only-node=\"\">\u003Cspan style=\"font-size: large;\">高盛认为，这种利润率拐点（margin inflection）从 2026 年开始，已经逐渐显现。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAI\u002FAI.jpg","2026-05-09T16:58:29","2026.05.09","2026\u002F05\u002F09",57428,[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 noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\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":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\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 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"]