[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio7ede52e8":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},"dcio7ede52e8","大摩喂下“定心丸”：亚马逊(AMZN)、谷歌(GOOGL)、微软(MSFT)的“激进”AI资本支出终将转为丰厚回报","\u002Fdoc\u002Fdcio7ede52e8","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，尽管投资者对超大规模云服务商(Hyperscaler)——亚马逊(AMZN)、谷歌(GOOGL)和微软(MSFT)——看似“极端”的资本支出规模忧心忡忡，但摩根士丹利认为，这些巨额投入终将获得可观回报。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">由布莱恩·诺瓦克(Brian Nowak)领衔的分析师团队指出，尽管三大云巨头合计资本支出高达1.4万亿美元，但他们测算这些投资有望带来25%至50%的投资资本回报率(ROIC)。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">诺瓦克在一份详尽的投资者报告中表示“我们对这些投资的长期ROIC持乐观态度，并首次提出三项生成式AI(GenAI)ROIC分析框架与模型，详细阐述了我们认为可实现的诱人增量ROIC(约25%以上)及单位经济性。这三个业务场景分别是1)超大规模GPU租赁业务;2)模型赋能API业务;3)运行于第三方基础设施之上的模型赋能API业务。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">诺瓦克指出“我们对超大规模服务商收入的底层测算，涉及对英伟达GB300 GPU每小时定价及利用率的弹性分析。主要成本包括IT设备(服务器\u002F网络)和非IT设备(供电外壳)折旧、能源成本及其他运营支出(人力、维护等)。虽然GPU定价是需密切监控的关键变量(定价因超大规模服务商、芯片类型、预留实例与竞价\u002F按需实例而异)，但总体而言，我们估算该业务可产生约60%～70%的增量EBIT利润率，ROIC区间为25%～40%。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">面向开发者、企业及中小企业的模型赋能API业务，其ROIC潜力可达40%或以上。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">诺瓦克写道“此处同样，尽管前期投资沉重，但增量单位经济性颇具吸引力。在该场景下，我们调整了用于推理(vs.训练)的计算容量比例、每GPU每秒令牌吞吐量以及令牌定价(这些是决定盈利经济性和ROIC的关键杠杆)……但产品创新(驱动令牌定价)和芯片\u002F软件创新(驱动令牌吞吐量)的重要性，恰恰印证了为赢得市场所需的大规模投入。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最后，基于第三方基础设施运行的模型赋能API业务，预计可产生约25%的ROIC。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">诺瓦克补充道“与拥有自有容量的模型提供商类似，产品创新驱动的令牌定价和令牌效率(吞吐量)对于该业务的规模化盈利至关重要。但在本场景中，计算成本(即超大规模服务商的收入分成)在单位经济性中也扮演着举足轻重的角色。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，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模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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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"]