[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio6fb31692":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,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio6fb31692","中国开源模型，开始动摇美国AI的技术溢价","\u002Fdoc\u002Fdcio6fb31692","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">近期美国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">硬件股持续大跌，市场可能正在交易一条很多人没有充分意识到的暗线：中国开源模型，开始动摇美国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">的技术溢价。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Kimi K3\u003Cspan style=\"font-family: DengXian;\">在\u003C\u002Fspan>Frontend Code Arena \u003Cspan style=\"font-family: DengXian;\">这一细分榜单中冲到第一。单项领先不等于中国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">全面超越美国，但对资金而言，信号已经足够明确：当中国模型用更低成本做到接近甚至超过\u003C\u002Fspan>GPT\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Claude\u003Cspan style=\"font-family: DengXian;\">的部分能力，美国闭源模型的高定价就不再牢不可破。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">短期内，美国企业受安全和合规限制，不会轻易直接使用中国公司的\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">服务。但开源模型可以下载后部署在美国本土或企业私有云里。数据不出境，成本却可能只有\u003C\u002Fspan>GPT\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Claude\u003Cspan style=\"font-family: DengXian;\">的几分之一，部分场景甚至接近十分之一。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cstrong>\u003Cspan style=\"font-family: DengXian; font-size: large;\">接下来市场会怎么推演？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网获悉，美国企业增加开源模型使用→\u003C\u002Fspan> GPT\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Claude\u003Cspan style=\"font-family: DengXian;\">调用量被分流\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">→\u003C\u002Fspan> OpenAI\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">被迫降价\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">→\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">收入增速与利润率承压\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">→\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">云厂商开始重新计算\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">资本开支回报率\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">→\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">数据中心建设斜率放缓\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">→\u003C\u002Fspan> GPU\u003Cspan style=\"font-family: DengXian;\">、服务器、光通信、存储和电力设备的远期收入预期被下修。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这就是最危险的地方。硬件订单今天不需要立刻下降，只要市场开始怀疑未来资本开支还能不能继续加速，估值就会先杀下来。股票交易的从来不是今天缺不缺货，而是两年后还缺不缺。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">当然，低价模型也可能刺激更大的\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">使用量，最终增加推理算力需求。所以这不是已经兑现的事实，而是资金开始定价的二阶风险。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">中国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">真正影响美股的方式，未必是今天抢走美国多少客户，而是让市场开始怀疑：\u003C\u002Fspan>OpenAI\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">未来还能维持多高的价格，云厂商还需要用多快的速度扩建基础设施。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">市场担心的不是中国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">现在赚了多少钱，而是它可能让美国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">未来少赚多少钱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">扫码\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">美股\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">量化分析工具使用\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAI\u002FAI.jpg","2026-07-17T17:19:10","2026.07.17","2026\u002F07\u002F17",47101,[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":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],"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 \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,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"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"]