{"id":1368,"date":"2026-07-27T20:58:05","date_gmt":"2026-07-27T12:58:05","guid":{"rendered":"https:\/\/www.zhangting.us\/?p=1368"},"modified":"2026-07-27T21:02:22","modified_gmt":"2026-07-27T13:02:22","slug":"ai-data-center-investment","status":"publish","type":"post","link":"https:\/\/www.zhangting.us\/index.php\/2026\/07\/27\/ai-data-center-investment\/","title":{"rendered":"AI,\u673a\u623f\u6295\u8d44,\u672a\u6765\u8def\u5728\u4f55\u65b9?(AI\u6ce1\u6cab\u5316\u5b9a\u5c40?)"},"content":{"rendered":"<div class=\"eb-card eb-gradient\">\n\t\t\t\t<div class=\"eb-card-bgbox\"><\/div>\n\t\t\t\t<div class=\"eb-card-body\">\n\t\t\t\t\t<div class=\"eb-titlebox\">\n\t\t\t\t\t<span class=\"eb-titicon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" fill=\"currentColor\" class=\"xh-svg\" viewBox=\"0 0 16 16\"><path d=\"M7.657 6.247c.11-.33.576-.33.686 0l.645 1.937a2.89 2.89 0 0 0 1.829 1.828l1.936.645c.33.11.33.576 0 .686l-1.937.645a2.89 2.89 0 0 0-1.828 1.829l-.645 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p-id=\"71517\" width=\"24\" height=\"24\"><path d=\"M554.144375 443.52552083L655.7121875 53.33333333 200 559.25333333l237.6478125 55.68-101.52 390.24 455.664375-505.96875z\" p-id=\"71518\" fill=\"currentColor\"><\/path><\/svg><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"eb-excerpt\">\u9762\u5bf9AI\u6a21\u578b\u6bcf\u5e74 4\u20115 \u500d\u7684\u7b97\u529b\u98d9\u5347\uff0c2028 \u5e74\u65b0\u5efa\u7684\u4f20\u7edf\u673a\u623f\u5f88\u53ef\u80fd\u56e0\u4f9b\u7535\u5bc6\u5ea6\u3001\u6d78\u6ca1\u6db2\u51b7\u3001\u5149\u4e92\u8054\u7b49\u74f6\u9888\u800c\u201c\u5f00\u4e1a\u5373\u843d\u540e\u201d\uff0c\u800c\u5de8\u989d\u7684 7000\u20117500 \u4ebf\u7f8e\u5143\u8d44\u672c\u652f\u51fa\u4e0e GPU \u4ec5 3\u20114 \u5e74\u7684\u5feb\u901f\u8d2c\u503c\u66f4\u8ba9\u7b97\u529b ROI \u6210\u4e3a\u60ac\u5d16\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u80fd\u6e90\u4f9b\u5e94\u4e0e\u4f4e\u65f6\u5ef6\u4e92\u8054\u7684\u7f3a\u53e3\u662f\u5426\u4f1a\u628a\u6295\u8d44\u56de\u62a5\u63a8\u5411\u4e0d\u53ef\u9006\u7684\u6df1\u6e0a\uff0c\u884c\u4e1a\u5230\u5e95\u8be5\u5982\u4f55\u5728\u7535\u529b\u3001\u6563\u70ed\u3001\u7f51\u7edc\u548c\u878d\u8d44\u56db\u5927\u5236\u7ea6\u4e0b\u91cd\u65b0\u89c4\u5212\u4e0b\u4e00\u4ee3\u6570\u636e\u4e2d\u5fc3\uff1f<\/div><div class=\"eb-desc\"><span>\u2014 AI \u751f\u6210\uff0c\u4ec5\u4f9b\u53c2\u8003<\/span><\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n<p class=\"wp-block-paragraph\"><strong>\u6838\u5fc3\u95ee\u98981:\u6309\u7167\u73b0\u5728AI \u6a21\u578b\u5347\u7ea7\u901f\u5ea6,2028\u5e74\u5b8c\u6210\u7684\u6570\u636e\u4e2d\u5fc3\u4f1a\u4e0d\u4f1a\u4e0d\u80fd\u6ee1\u8db3\u90a3\u65f6\u5019\u7684AI\u7b97\u529b\u9700\u6c42?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6309\u7167\u76ee\u524d AI \u5927\u6a21\u578b\u8fed\u4ee3\u7684\u901f\u5ea6\uff08\u8bad\u63a8\u7b97\u529b\u9700\u6c42\u7ea6\u4ee5\u6bcf\u5e74 4 \u81f3 5 \u500d\u7684\u5e45\u5ea6\u589e\u957f\uff09\uff0c<strong>2028 \u5e74\u5efa\u6210\u7684\u4f20\u7edf\u6216\u521d\u671f\u89c4\u5212\u7684\u6570\u636e\u4e2d\u5fc3\uff0c\u786e\u5b9e\u6781\u5927\u6982\u7387\u65e0\u6cd5\u76f4\u63a5\u6ee1\u8db3\u5c4a\u65f6\u7684 AI \u9876\u5c16\u7b97\u529b\u9700\u6c42\uff0c\u751a\u81f3\u9762\u4e34\u201c\u5f00\u4e1a\u5373\u843d\u540e\u201d\u7684\u98ce\u9669\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u4ece\u67b6\u6784\u3001\u80fd\u6e90\u3001\u4f20\u8f93\u4e0e\u6280\u672f\u6f14\u8fdb\u7b49\u7ef4\u5ea6\uff0c\u6574\u7406\u4e86\u5bfc\u81f4\u8fd9\u4e00\u73b0\u8c61\u7684<strong>\u6838\u5fc3\u53ef\u80fd\u6027<\/strong>\u53ca<strong>\u5177\u4f53\u884c\u4e1a\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e00\u3001 \u7b97\u529b\u4e0e\u57fa\u7840\u8bbe\u65bd\u4e0d\u5339\u914d\u7684\u6838\u5fc3\u53ef\u80fd\u6027<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">1. \u4f9b\u7535\u4e0e\u529f\u8017\u74f6\u9888\uff08Power Density Bottleneck\uff09<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u73b0\u72b6\u4e0e\u77db\u76fe<\/strong>\uff1a\u4f20\u7edf\u901a\u7528\u6570\u636e\u4e2d\u5fc3\u5355\u673a\u67dc\u529f\u7387\u5bc6\u5ea6\u901a\u5e38\u5728 <strong>10 kW<\/strong> \u5de6\u53f3\uff0c\u800c\u6700\u65b0 AI \u9ad8\u5bc6\u5ea6\u673a\u67dc\u5df2\u8fbe\u5230 <strong>60 kW \u81f3 100 kW+<\/strong>\u3002<\/li>\n\n\n\n<li><strong>2028 \u5e74\u98ce\u9669<\/strong>\uff1a\u6839\u636e\u884c\u4e1a\u5206\u6790\uff0c\u5230 2028 \u5e74\uff0c\u8bad\u7ec3\u5355\u4ee3\u9876\u5c16\u5927\u6a21\u578b\uff08Frontier Model\uff09\u53ef\u80fd\u9700\u8981 <strong>1 GW\uff08\u5409\u74e6\uff09<\/strong> \u7ea7\u522b\u7684\u5355\u4f53\/\u96c6\u7fa4\u7535\u91cf\u9700\u6c42\uff08\u76f8\u5f53\u4e8e\u8fd1\u767eMW\u7ea7\u4f20\u7edf\u6570\u636e\u4e2d\u5fc3\u603b\u548c\uff09\u3002\u5982\u679c\u5728\u89c4\u5212\u9636\u6bb5\u672a\u9884\u7559\u8db3\u591f\u7684\u53d8\u538b\u5668\u3001\u914d\u7535\u7f51\u53ca\u8d85\u5927\u7535\u529b\u63a5\u5165\uff0c2028 \u5e74\u5efa\u6210\u7684\u673a\u623f\u5c06\u56e0<strong>\u65e0\u6cd5\u83b7\u5f97\u8db3\u989d\u4f9b\u7535<\/strong>\u800c\u65e0\u6cd5\u6ee1\u8f7d\u8fd0\u884c\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">2. \u6563\u70ed\u4e0e\u51b7\u5374\u6280\u672f\u8fed\u4ee3\uff08Cooling Architecture Displacement\uff09<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u73b0\u72b6\u4e0e\u77db\u76fe<\/strong>\uff1a\u8fc7\u53bb\u6570\u636e\u4e2d\u5fc3\u591a\u91c7\u7528\u98ce\u51b7\u6216\u7b80\u6613\u51b7\u677f\u5f0f\u6db2\u51b7\u3002<\/li>\n\n\n\n<li><strong>2028 \u5e74\u98ce\u9669<\/strong>\uff1aGPU\/NPU \u7684\u5355\u82af\u7247\u70ed\u8bbe\u8ba1\u529f\u8017\uff08TDP\uff09\u6b63\u5feb\u901f\u8fc8\u5411 <strong>1000W &#8211; 2000W+<\/strong>\u30022028 \u5e74\u7684\u4e3b\u6d41\u7b97\u529b\u8282\u70b9\u5c06\u5168\u9762\u8f6c\u5411<strong>\u5168\u6d78\u6ca1\u5f0f\u6db2\u51b7\uff08Immersion Cooling\uff09\u6216\u76f8\u53d8\u6db2\u51b7<\/strong>\u30022028 \u5e74\u4ea4\u4ed8\u7684\u6570\u636e\u4e2d\u5fc3\u82e5\u5728\u5efa\u7b51\u627f\u91cd\u3001\u7ba1\u9053\u5e03\u5c40\u3001\u6db2\u4f53\u5faa\u73af\u7cfb\u7edf\u4e0a\u4ecd\u57fa\u4e8e\u4f20\u7edf\u67b6\u6784\u8bbe\u8ba1\uff0c\u5c06\u65e0\u6cd5\u627f\u8f7d\u6700\u65b0\u7684\u9ad8\u7b97\u529b\u82af\u7247\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">3. \u7f51\u7edc\u4e92\u8054\u4e0e\u62d3\u6251\u7ed3\u6784\u6ede\u540e\uff08Interconnect &amp; Latency Limits\uff09<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u73b0\u72b6\u4e0e\u77db\u76fe<\/strong>\uff1aAI \u8bad\u7ec3\u96c6\u7fa4\u5df2\u4ece\u201c\u5355\u673a\u7b97\u529b\u201d\u7ade\u4e89\u8f6c\u5411\u201c\u5927\u89c4\u6a21\u96c6\u7fa4\u5e76\u884c\uff08Scale-Out\uff09\u201d\u3002<\/li>\n\n\n\n<li><strong>2028 \u5e74\u98ce\u9669<\/strong>\uff1a\u5c4a\u65f6\u5355\u96c6\u7fa4\u8282\u70b9\u89c4\u6a21\u53ef\u80fd\u8fbe\u5230 <strong>10 \u4e07\u81f3 100 \u4e07\u5f20\u5361<\/strong>\u3002\u4f20\u7edf\u7f51\u7edc\u62d3\u6251\u5728\u9762\u5bf9\u8fd9\u79cd\u8d85\u5927\u89c4\u6a21\u65f6\uff0c\u5149\u7ea4\u5e03\u7ebf\u3001\u4ea4\u6362\u673a\u65f6\u5ef6\u548c\u541e\u5410\u901f\u7387\uff08\u5982\u9700\u8981 1.6T\/3.2T \u5149\u6a21\u5757\u53ca CPO \u5149\u7535\u5171\u5c01\u88c5\u6280\u672f\uff09\u5c06\u6210\u4e3a\u4e25\u5cfb\u74f6\u9888\u3002\u7f51\u7edc\u534f\u8bae\u4e0e\u62d3\u6251\u82e5\u672a\u91cd\u6784\uff0c\u7b97\u529b\u96c6\u7fa4\u7684\u5229\u7528\u7387\uff08MFU\uff09\u5c06\u5927\u5e45\u8870\u51cf\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">4. \u7b97\u6cd5\u4e0e\u786c\u4ef6\u8303\u5f0f\u8f6c\u79fb\uff08Algorithmic &amp; Hardware Paradigm Shift\uff09<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u73b0\u72b6\u4e0e\u77db\u76fe<\/strong>\uff1a\u82af\u7247\u548c\u67b6\u6784\u7684\u8bbe\u8ba1\u5468\u671f\uff083\u20135 \u5e74\uff09\u8fdc\u957f\u4e8e AI \u7b97\u6cd5\u7684\u66f4\u65b0\u5468\u671f\uff086\u201312 \u4e2a\u6708\uff09\u3002<\/li>\n\n\n\n<li><strong>2028 \u5e74\u98ce\u9669<\/strong>\uff1a\u5982\u679c AI \u67b6\u6784\u4ece Transformer \u8f6c\u5411\u5168\u65b0\u7684\u975e\u5173\u6ce8\u5ea6\u673a\u5236\uff08\u5982 Mamba\/SSM \u53d8\u4f53\uff09\u6216\u7c7b\u8111\/\u5149\u5b50\/\u91cf\u5b50\u6df7\u5408\u8ba1\u7b97\uff0c\u6216\u8005\u4ece\u201c\u96c6\u4e2d\u5f0f\u5927\u6a21\u578b\u201d\u8f6c\u5411\u201c\u5206\u5e03\u5f0f\u7aef\u4fa7+\u534f\u540c\u63a8\u7406\u201d\uff0c2028 \u5e74\u6309\u73b0\u6709 GPU \u67b6\u6784\u96c6\u6210\u7684\u673a\u67b6\u548c\u670d\u52a1\u5668\u7269\u7406\u7ed3\u6784\u53ef\u80fd\u4f1a\u9762\u4e34<strong>\u7b97\u529b\u7ed3\u6784\u6027\u8fc7\u5269\u4e0e\u7279\u5b9a\u7b97\u529b\u7ed3\u6784\u6027\u77ed\u7f3a<\/strong>\u5e76\u5b58\u7684\u5c34\u5c2c\u5c40\u9762\u7684\u98ce\u9669\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e8c\u3001 \u5177\u4f53\u53c2\u8003\u6765\u6e90\u4e0e\u6743\u5a01\u9884\u6d4b<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>RAND Corporation\uff08\u5170\u5fb7\u516c\u53f8\u62a5\u544a\uff0c2025\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u89c2\u70b9<\/strong>\uff1a\u7814\u7a76\u6307\u51fa\uff0c\u6309\u7167\u76ee\u524d\u6307\u6570\u7ea7\u589e\u957f\u8f68\u8ff9\uff0c\u5355\u4e2a\u9876\u7ea7 AI \u6a21\u578b\u7684\u8bad\u7ec3\u5230 <strong>2028 \u5e74\u53ef\u80fd\u9700\u8981\u5728\u5355\u4e00\u5730\u70b9\u6d88\u8017\u9ad8\u8fbe 1 GW \u7684\u7535\u529b<\/strong>\u3002\u4f20\u7edf\u7535\u7f51\u5ba1\u6279\u4e0e\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u666e\u904d\u9700\u8981 4 \u81f3 7 \u5e74\uff0c\u8fd9\u5bfc\u81f4\u6570\u636e\u4e2d\u5fc3\u4f9b\u7535\u80fd\u529b\u7684\u5efa\u8bbe\u901f\u5ea6\u8fdc\u843d\u540e\u4e8e\u5927\u6a21\u578b\u7684\u8bad\u7ec3\u7b97\u529b\u9700\u6c42\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/www.rand.org\/pubs\/research_reports\/RRA3572-1.html\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AI&#8217;s Power Requirements Under Exponential Growth<\/em> &#8211; RAND Corporation<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Institute for Progress (IFP \u521b\u65b0\u653f\u7b56\u7814\u7a76\u6240)<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u89c2\u70b9<\/strong>\uff1a\u9884\u6d4b\u4ece 2024 \u81f3 2028 \u5e74\uff0c\u8bad\u7ec3\u9876\u5c16\u6a21\u578b\u6240\u9700\u7684\u7b97\u529b\u589e\u957f\u7ea6 1000 \u500d\uff08\u4ee5 FLOP \u8ba1\uff09\u3002\u5230 2028 \u5e74\uff0c\u5355\u96c6\u7fa4\u9700\u6c42\u5c06\u8fbe\u5230 <strong>650 MW \u81f3 1.6 GW<\/strong> \u7684\u7535\u529b\u89c4\u683c\uff0c\u5e76\u9700\u8981\u6570\u5341\u4e07\u81f3\u4e0a\u767e\u4e07\u5f20\u52a0\u901f\u5361\u8de8\u533a\u57df\u8fde\u63a5\u3002\u73b0\u6709\u6570\u636e\u4e2d\u5fc3\u5728\u8de8\u673a\u623f\u4f4e\u65f6\u5ef6\u4e92\u8054\u548c\u7535\u529b\u4f9b\u7ed9\u4e0a\u5c06\u96be\u4ee5\u6ee1\u8db3\u6b64\u89c4\u6a21\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/ifp.org\/future-of-ai-compute\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>How to Build the Future of AI in the United States<\/em> &#8211; IFP<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Belfer Center\uff08\u54c8\u4f5b\u5927\u5b66\u8d1d\u5c14\u5f17\u79d1\u5b66\u4e0e\u56fd\u9645\u4e8b\u52a1\u4e2d\u5fc3\uff0c2026\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u89c2\u70b9<\/strong>\uff1a\u6307\u51fa\u9ad8\u5bc6\u5ea6 AI \u7b97\u529b\u7ed9\u7535\u7f51\u7a33\u5b9a\u6027\u5e26\u6765\u4e86\u524d\u6240\u672a\u6709\u7684\u538b\u529b\u3002\u6570\u636e\u4e2d\u5fc3\u4ec5\u9760\u4f20\u7edf\u91c7\u8d2d\u65e0\u6cd5\u7ef4\u6301 2028 \u5e74\u540e\u7684\u7b97\u529b\u6269\u5f20\uff0c\u5fc5\u987b\u4f9d\u8d56\u201c\u8868\u540e\u53d1\u7535\uff08Behind-the-meter\uff09\u201d\uff08\u5982\u5c0f\u578b\u6838\u53cd\u5e94\u5806 SMR\u3001\u76f4\u8fde\u5929\u7136\u6c14\u7b49\uff09\uff0c\u5426\u5219\u7535\u529b\u7f3a\u53e3\u5c06\u76f4\u63a5\u9501\u6b7b\u7b97\u529b\u7684\u589e\u957f\u4e0a\u9650\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/www.belfercenter.org\/research-analysis\/ai-data-centers-us-electric-grid\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AI, Data Centers, and the U.S. Electric Grid: A Watershed Moment<\/em> &#8211; Belfer Center<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e09\u3001 \u603b\u7ed3<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">\u5982\u679c 2028 \u5e74\u5efa\u6210\u7684\u6570\u636e\u4e2d\u5fc3\u662f\u57fa\u4e8e 2023\u20132024 \u5e74\u6807\u51c6\u8bbe\u8ba1\u7684\u4f20\u7edf\u673a\u623f\uff0c\u5b83\u5927\u6982\u7387\u65e0\u6cd5\u6ee1\u8db3\u5c4a\u65f6\u6700\u524d\u6cbf\u5927\u6a21\u578b\u7684\u8bad\u7ec3\u9700\u6c42\uff1b\u4f46\u5b83\u4ecd\u53ef\u4f5c\u4e3a\u63a8\u7406\u90e8\u7f72\uff08Inference\uff09\u6216\u4e2d\u5c0f\u578b\u6a21\u578b\u5fae\u8c03\u7684\u7b97\u529b\u627f\u8f7d\u4f53\u3002\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u5fae\u8f6f\u3001OpenAI\u3001Meta \u7b49\u5de8\u5934\u76ee\u524d\u5728\u89c4\u5212 2028\u20132030 \u5e74\u7684\u65b0\u4e00\u4ee3\u6570\u636e\u4e2d\u5fc3\uff08\u5982 GW \u7ea7\u661f\u9645\u95e8\u9879\u76ee Stargate\uff09\u65f6\uff0c\u76f4\u63a5\u8df3\u8fc7\u4e86\u4f20\u7edf\u7535\u7f51\u4e0e\u5efa\u8bbe\u6807\u51c6\uff0c\u8f6c\u800c\u91c7\u53d6\u76f4\u8fde\u6838\u80fd\/\u5929\u7136\u6c14 + \u8d85\u9ad8\u5bc6\u5ea6\u6db2\u51b7 + \u81ea\u7814\u5149\u4e92\u8054\u7b49\u5168\u65b0\u8303\u5f0f\u7684\u539f\u56e0\u3002<\/mark><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"http:\/\/www.zhangting.us\/wp-content\/uploads\/2026\/06\/aiimg_6a3b3c69579b66.44754781-1024x574.webp\" alt=\"\" class=\"wp-image-832\" srcset=\"https:\/\/www.zhangting.us\/wp-content\/uploads\/2026\/06\/aiimg_6a3b3c69579b66.44754781-1024x574.webp 1024w, https:\/\/www.zhangting.us\/wp-content\/uploads\/2026\/06\/aiimg_6a3b3c69579b66.44754781-300x168.webp 300w, https:\/\/www.zhangting.us\/wp-content\/uploads\/2026\/06\/aiimg_6a3b3c69579b66.44754781-768x431.webp 768w, https:\/\/www.zhangting.us\/wp-content\/uploads\/2026\/06\/aiimg_6a3b3c69579b66.44754781.webp 1312w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6838\u5fc3\u95ee\u98982:\u89c4\u5212\u6295\u8d44\u7684 AI \u7b97\u529b\u4e2d\u5fc3\uff08\u7279\u522b\u662f\u7f8e\u56fd\u5e02\u573a\uff09\u80fd\u5426\u5728\u751f\u547d\u5468\u671f\u5185\u6536\u56de\u6210\u672c?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u76ee\u524d\u5728\u534e\u5c14\u8857\u548c\u79d1\u6280\u754c\u5b58\u5728<strong>\u6781\u5177\u4e89\u8bae\u7684\u201c\u7b97\u529b ROI\uff08\u6295\u8d44\u56de\u62a5\u7387\uff09\u60ac\u5d16\u201d\u73b0\u8c61<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7efc\u5408\u4e3b\u6d41\u7814\u7a76\u673a\u6784\uff08\u5982 <strong>S&amp;P Global<\/strong>\u3001<strong>McKinsey<\/strong>\u3001<strong>KKR<\/strong> \u7b49\uff09\u7684\u6700\u65b0\u5206\u6790\uff0c\u7ed3\u8bba\u53ef\u4ee5\u603b\u7ed3\u4e3a\uff1a<strong>\u201c\u6574\u4f53\u5de8\u989d\u56de\u6536\u6781\u5176\u56f0\u96be\uff0c\u6781\u6613\u51fa\u73b0\u5c40\u90e8\u6ce1\u6cab\u7834\u88c2\uff1b\u4f46\u5173\u952e\u6838\u5fc3\u8d44\u4ea7\u4e0d\u4f1a\u5e9f\u5f03\uff0c\u800c\u662f\u4ee5\u2018\u964d\u7ef4\u627f\u63a5\u2019\u6216\u2018\u518d\u878d\u8d44\/\u503a\u52a1\u91cd\u7ec4\u2019\u7684\u65b9\u5f0f\u5b8c\u6210\u91cd\u5851\u3002\u201d<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e00\u3001 \u4e3a\u4ec0\u4e48\u6536\u56de\u6210\u672c\u9762\u4e34\u5de8\u5927\u6311\u6218\uff1f\uff08\u60b2\u89c2\u4fa7\/\u98ce\u9669\u70b9\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u7f8e\u56fd\u56db\u5927\u79d1\u6280\u5de8\u5934\uff08\u5fae\u8f6f\u3001\u8c37\u6b4c\u3001\u4e9a\u9a6c\u900a\u3001Meta\uff09\u53ca Oracle \u4e3a\u4f8b\uff0c\u4ec5 2026 \u5e74\u5176 AI \u8d44\u672c\u652f\u51fa\uff08CapEx\uff09\u9884\u4f30\u5c31\u5df2\u903c\u8fd1 <strong>7000 \u4ebf\u81f3 7500 \u4ebf\u7f8e\u5143<\/strong>\u3002\u8981\u5f7b\u5e95\u6536\u56de\u5982\u6b64\u5e9e\u5927\u7684\u57fa\u5efa\u6295\u8d44\uff0c\u9762\u4e34\u4ee5\u4e0b\u81f4\u547d\u77db\u76fe\uff1a<sup> 1<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\">Beyond the Bubble: Why AI Infrastructure Will Compound Long after the Hype | KKR <\/a><a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\"><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a class=\"link\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn1.gstatic.com\/favicon-tbn?q=tbn%3AANd9GcTwNf2fx2QI41E5apBaPc6H76vUUMIXFI7gowK1P1B4nJkHLTSlkSXWdSPoelvy5odbxzwypTesTlmuIiUJ3wLFSWWh0jgd\" alt=\"\u4fe1\u606f\u6765\u6e90\u56fe\u6807\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\">KKR<\/a><a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure#:~:text=*%20In%20the%20United%20States%2C%20AI%2Drelated%20capital,been%20growing%20at%20high%2Dsingle%2D%20to%20low%2Ddouble%2Ddigit%20pace.\"><\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. \u8f6f\u4ef6\u5e94\u7528\u53d8\u73b0\u901f\u5ea6\uff08SaaS ROI\uff09\u8fdc\u843d\u540e\u4e8e\u57fa\u5efa\u6295\u8d44<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6536\u5165\u4e0e\u652f\u51fa\u9e3f\u6c9f<\/strong>\uff1a\u867d\u7136\u4f01\u4e1a\u5728 AI \u4e0a\u83b7\u5f97\u4e86\u6548\u7387\u63d0\u5347\uff0c\u4f46\u622a\u81f3\u76ee\u524d\uff0c\u80fd\u591f\u5b9e\u73b0\u5927\u89c4\u6a21\u9ad8\u5229\u6da6\u7387\u53d8\u73b0\u7684 Killer App\uff08\u6740\u624b\u7ea7\u5e94\u7528\uff09\u4f9d\u7136\u6709\u9650\u3002\u6839\u636e IDC \u53ca Gartner \u7b49\u673a\u6784\u7684\u6570\u636e\uff0c\u4f01\u4e1a\u4fa7\u5728\u751f\u6210\u5f0f AI \u4e0a\u7684\u76f4\u63a5\u8f6f\u4ef6\u8ba2\u9605\u6536\u5165\u589e\u957f\uff0c\u8fdc\u4e0d\u53ca\u540e\u7aef\u57fa\u7840\u8bbe\u65bd\u6570\u4ee5\u5343\u4ebf\u8ba1\u7684\u6298\u65e7\u5f00\u652f\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">2. \u786c\u4ef6\u6781\u901f\u8d2c\u503c\u4e0e\u9ad8\u6602\u7684\u6298\u65e7\u5468\u671f<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>GPU \u7684\u201c\u77ed\u5bff\u547d\u201d\u5c5e\u6027<\/strong>\uff1a\u4f20\u7edf\u6570\u636e\u4e2d\u5fc3\u5efa\u7b51\u548c\u7535\u529b\u8bbe\u65bd\u6298\u65e7\u671f\u53ef\u8fbe <strong>15\u201320 \u5e74<\/strong>\uff0c\u4f46 GPU\/NPU \u52a0\u901f\u5361\uff08\u5982 Blackwell\u3001Vera Rubin \u7ea7\u7b49\uff09\u7684\u7269\u7406\u4e0e\u6280\u672f\u6dd8\u6c70\u5468\u671f\u4ec5 <strong>3\u20134 \u5e74<\/strong>\u3002<\/li>\n\n\n\n<li><strong>\u5f00\u4e1a\u5373\u9762\u4e34\u6298\u65e7\u538b\u529b<\/strong>\uff1a\u5982\u679c\u4e00\u5ea7\u6570\u636e\u4e2d\u5fc3\u8017\u8d44\u6570\u4ebf\u7f8e\u5143\u3001\u5386\u65f6 3 \u5e74\u5efa\u6210\uff0c\u5176\u642d\u8f7d\u7684\u4e0a\u4e00\u4ee3 GPU \u53ef\u80fd\u5728\u4e0a\u7ebf\u5f53\u65e5\u5c31\u9762\u4e34\u6027\u80fd\u6298\u534a\u3001\u529f\u8017\u6bd4\u843d\u540e\u7684\u5c34\u5c2c\uff0c\u5de8\u989d\u7684\u8bbe\u5907\u786c\u4ef6\u6210\u672c\u51e0\u4e4e\u65e0\u6cd5\u5728\u77ed\u77ed\u51e0\u5e74\u7684\u9ec4\u91d1\u671f\u5185\u5b8c\u5168\u901a\u8fc7\u7b97\u529b\u79df\u8d41\u56de\u6536\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">3. \u590d\u6742\u878d\u8d44\u7ed3\u6784\uff08Off-Balance-Sheet Debt\uff09\u653e\u5927\u91d1\u878d\u98ce\u9669<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6839\u636e<strong>\u54e5\u4f26\u6bd4\u4e9a\u5546\u5b66\u9662\uff08Columbia Business School\uff09\u4e0e S&amp;P Global \u7684\u7814\u7a76\uff0c\u7531\u4e8e AI \u57fa\u5efa\u8fc7\u4e8e\u6602\u8d35\uff0c\u7f8e\u56fd\u5927\u91cf\u9879\u76ee\u4e0d\u518d\u5355\u7eaf\u7531\u79d1\u6280\u5de8\u5934\u81ea\u8d44\uff0c\u800c\u662f\u901a\u8fc7SPV\uff08\u7279\u6b8a\u76ee\u7684\u5b9e\u4f53\uff09\u3001\u79c1\u52df\u80a1\u6743\uff08Private Credit\uff09\u3001REITs \u4ee5\u53ca GPU \u79df\u8d41\u8bc1\u5238\u5316<\/strong>\u8fdb\u884c\u6760\u6746\u878d\u8d44\uff08\u4f8b\u5982 Meta \u548c Oracle \u7684\u591a\u7b14\u8d85\u5927\u578b\u79bb\u5cb8\u503a\u52a1\u878d\u8d44\uff09\u3002\u4e00\u65e6\u4e0b\u6e38\u9700\u6c42\u589e\u901f\u653e\u7f13\uff0c\u9ad8\u6602\u7684\u5229\u606f\u548c\u56fa\u5b9a\u503a\u52a1\u507f\u8fd8\u538b\u529b\u5c06\u76f4\u63a5\u4fb5\u8680\u9879\u76ee\u7684\u51c0\u56de\u62a5\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e8c\u3001 \u54ea\u4e9b\u60c5\u51b5\u4e0b\u6295\u8d44\u80fd\u591f\u6210\u529f\u56de\u6536\uff1f\uff08\u4e50\u89c2\u4fa7\/\u652f\u6491\u70b9\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c3d\u7ba1\u9762\u4e34\u6298\u65e7\u4e0e\u5e94\u7528\u7aef\u7684\u6ede\u540e\uff0c\u90e8\u5206\u6570\u636e\u4e2d\u5fc3\u8d44\u4ea7\u4f9d\u7136\u5177\u5907\u5f3a\u52b2\u7684\u957f\u671f\u53d8\u73b0\u80fd\u529b\uff1a<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. \u201c\u91cd\u8d44\u4ea7\uff08Power &amp; Land\uff09\u201d\u6bd4\u201c\u8f6f\u8d44\u4ea7\uff08Chips\uff09\u201d\u66f4\u4fdd\u503c<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7535\u529b\u4e0e\u573a\u5730\u662f\u786c\u901a\u8d27<\/strong>\uff1aKKR \u7684\u7814\u7a76\u6307\u51fa\uff0cAI \u6570\u636e\u4e2d\u5fc3\u6700\u7a00\u7f3a\u7684\u5e76\u975e\u7b97\u529b\u82af\u7247\uff0c\u800c\u662f<strong>\u7535\u529b\u6279\u590d\u3001\u53d8\u7535\u7ad9\u8bbe\u65bd\u3001\u53d8\u538b\u5668\u914d\u989d\u4e0e\u573a\u5730<\/strong>\u3002\u5373\u4f7f 2028 \u5e74\u73b0\u6709\u7684 GPU \u7b97\u529b\u5361\u8fc7\u65f6\uff0c\u8fd9\u4e9b\u62e5\u6709 <strong>GW \u7ea7\u7535\u529b\u63a5\u5165\u548c\u9ad8\u5bc6\u5ea6\u6db2\u51b7\u7ba1\u9053<\/strong> \u7684\u7269\u7406\u6570\u636e\u4e2d\u5fc3\uff0c\u4f9d\u7136\u53ef\u4ee5\u65e0\u7f1d\u5347\u7ea7\u6362\u4ee3\uff0c\u63a5\u7eb3\u4e0b\u4e00\u4ee3\u82af\u7247\u3002\u5176\u571f\u5730\u4e0e\u7535\u529b\u57fa\u7840\u8bbe\u65bd\u7684\u957f\u671f\u8d44\u4ea7\u4ef7\u503c\u6781\u9ad8\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">2. \u4ece\u201c\u524d\u6cbf\u8bad\u7ec3\uff08Training\uff09\u201d\u5411\u201c\u63a8\u7406\u90e8\u7f72\uff08Inference\uff09\u201d\u964d\u7ef4\u5438\u6536<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2028 \u5e74\u5efa\u6210\u7684\u7b97\u529b\u4e2d\u5fc3\uff0c\u5373\u4fbf\u7b97\u529b\u5bc6\u5ea6\u8fbe\u4e0d\u5230\u5f53\u65f6\u6700\u9876\u5c16\u201cFrontier Model\uff08\u524d\u6cbf\u5927\u6a21\u578b\uff09\u201d\u7684\u8bad\u7ec3\u8981\u6c42\uff0c\u5b83\u4e5f\u4f1a\u88ab\u8fc5\u901f\u8f6c\u6295\u5230 <strong>AI \u63a8\u7406\uff08Inference\uff09\u3001\u8fb9\u7f18\u8ba1\u7b97\u3001\u4f01\u4e1a\u5fae\u8c03\uff08Fine-tuning\uff09\u53ca\u901a\u7528\u4e91\u670d\u52a1<\/strong> \u4e2d\u3002\u63a8\u7406\u7b97\u529b\u7684\u9700\u6c42\u662f\u6301\u7eed\u5448\u6307\u6570\u7ea7\u6269\u6563\u7684\uff0c\u65e7\u8bbe\u65bd\u53ef\u4ee5\u9760\u6253\u6298\u63d0\u4f9b\u9ad8\u6027\u4ef7\u6bd4\u7684\u63a8\u7406\u7b97\u529b\u6765\u83b7\u5f97\u957f\u5c3e\u73b0\u91d1\u6d41\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">3. \u79d1\u6280\u5de8\u5934\u7684\u201c\u6218\u7565\u9632\u5fa1\u6027\u201d\u6ea2\u4ef7<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bf9\u4e8e\u5fae\u8f6f\u3001\u8c37\u6b4c\u3001Meta \u800c\u8a00\uff0cAI \u7b97\u529b\u4e2d\u5fc3\u4e0d\u4ec5\u662f\u201c\u72ec\u7acb\u7b97\u529b\u79df\u8d41\u9879\u76ee\u201d\uff0c\u66f4\u662f<strong>\u62a4\u57ce\u6cb3\u6295\u8d44<\/strong>\u3002\u5982\u679c\u4e0d\u6295\u7b97\u529b\uff0c\u5176\u73b0\u6709\u7684\u641c\u7d22\u3001\u5e7f\u544a\u3001\u529e\u516c\u8f6f\u4ef6\u548c\u793e\u4ea4\u7f51\u7edc\u5e02\u573a\u4efd\u989d\u5c31\u4f1a\u88ab\u7ade\u4e89\u5bf9\u624b\u541e\u566c\u3002\u56e0\u6b64\uff0c\u5373\u4fbf\u6570\u636e\u4e2d\u5fc3\u5355\u4f53\u8d26\u9762\u56de\u62a5\u7387\u4e0d\u53ca\u9884\u671f\uff0c\u53ea\u8981\u5b83\u652f\u6491\u4e86\u4e3b\u8425\u4e1a\u52a1\uff08\u5982 Cloud \u4e1a\u52a1\u589e\u6536\u3001\u5e7f\u544a\u8f6c\u5316\u7387\u63d0\u5347\uff09\uff0c\u79d1\u6280\u5de8\u5934\u4e5f\u80fd\u901a\u8fc7\u6574\u4f53\u4e1a\u52a1\u5229\u6da6\u5c06\u5176\u6d88\u5316\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e09\u3001 \u6743\u5a01\u884c\u4e1a\u53c2\u8003\u6765\u6e90\u4e0e\u89c6\u89d2\u6c47\u603b<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Columbia Business School\uff08\u54e5\u4f26\u6bd4\u4e9a\u5546\u5b66\u9662\u7814\u7a76\u62a5\u544a\uff0c2026\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u6838\u5fc3\u89c2\u70b9<\/strong>\uff1a\u5206\u6790\u4e86\u7f8e\u56fd AI \u6570\u636e\u4e2d\u5fc3\u5927\u89c4\u6a21\u6760\u6746\u878d\u8d44\u7684\u98ce\u9669\u3002\u6307\u51fa\u5f53\u524d AI \u57fa\u5efa\u5360\u7f8e\u56fd GDP \u7684\u6bd4\u91cd\u5df2\u9ad8\u8fbe 2.8%\uff08\u8d85\u8d8a\u5386\u53f2\u4e0a\u7684\u94c1\u8def\u5efa\u8bbe\u6f6e\u9ad8\u5cf0\u671f\uff09\u3002\u7531\u4e8e\u5927\u91cf\u503a\u52a1\u8f6c\u79fb\u81f3 off-balance-sheet\uff08\u8868\u5916\u5b9e\u4f53\uff09\uff0c\u4e00\u65e6\u751f\u6210\u5f0f AI \u5546\u4e1a\u5316\u653e\u7f13\uff0c\u5e9e\u5927\u7684\u786c\u4ef6\u6298\u65e7\u4e0e\u503a\u52a1\u5229\u606f\u53ef\u80fd\u5f15\u53d1\u7c7b\u4f3c\u5149\u7ea4\u6ce1\u6cab\u7834\u88c2\u540e\u7684\u91d1\u878d\u91cd\u7ec4\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/business.columbia.edu\/insights\/financial-risk-hiding-inside-ai-boom\" target=\"_blank\" rel=\"noreferrer noopener\"><em>The data center dilemma: The U.S. could &#8216;be in a recession&#8217; without them<\/em> &#8211; Columbia Business School Insights<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>S&amp;P Global Ratings\uff08\u6807\u666e\u5168\u7403\u8bc4\u7ea7\uff0c2026\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u6838\u5fc3\u89c2\u70b9<\/strong>\uff1a\u8b66\u793a\u4e86\u7f8e\u56fd Hyperscaler\uff08\u8d85\u5927\u89c4\u6a21\u4e91\u5de8\u5934\uff09\u8d44\u672c\u5f00\u652f\u6fc0\u589e\u5bf9\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u6324\u538b\u3002\u6807\u666e\u6307\u51fa\uff0c2026\u5e74\u4e91\u5de8\u5934\u7684\u5408\u5e76 CapEx \u7a81\u7834 7000 \u4ebf\u7f8e\u5143\uff0c\u591a\u5c42\u7ea7\u7684\u590d\u6742\u503a\u52a1\u7ed3\u6784\u4f7f\u5f97\u957f\u671f\u53d8\u73b0\u80fd\u89c1\u5ea6\u6b63\u5728\u964d\u4f4e\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/www.spglobal.com\/ratings\/en\/regulatory\/article\/from-growth-to-growing-risk-rapid-development-of-data-centers-is-creating-vulnerabilities-s101663962\" target=\"_blank\" rel=\"noreferrer noopener\"><em>From Growth To Growing Risk: Rapid Development Of Data Centers Is Creating Vulnerabilities<\/em> &#8211; S&amp;P Global<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>McKinsey &amp; Company\uff08\u9ea6\u80af\u9521\u62a5\u544a\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u6838\u5fc3\u89c2\u70b9<\/strong>\uff1a\u9884\u4f30\u5230 2030 \u5e74\u5168\u7403\u6570\u636e\u4e2d\u5fc3\u57fa\u5efa\u7d2f\u8ba1\u6295\u5165\u5c06\u8fbe 5.2 \u4e07\u4ebf\u81f3 6.7 \u4e07\u4ebf\u7f8e\u5143\u3002\u9ea6\u80af\u9521\u5f3a\u8c03\uff0c\u867d\u7136\u9700\u6c42\u5de8\u5927\uff0c\u4f46\u201c\u8fc7\u5ea6\u6295\u8d44\u4f1a\u5bfc\u81f4\u8d44\u4ea7\u95f2\u7f6e\u4e0e\u6c89\u6ca1\uff08Stranded Assets\uff09\uff0c\u800c\u6295\u8d44\u4e0d\u8db3\u53c8\u4f1a\u5bfc\u81f4\u843d\u540e\u201d\uff0c\u5efa\u8bae\u6295\u8d44\u8005\u91c7\u7528\u5206\u9636\u6bb5\u8bc4\u4f30\uff08Stage-gate\uff09\u6765\u89c4\u907f\u6295\u8d44\u65e0\u6cd5\u56de\u6536\u7684\u98ce\u9669\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/www.mckinsey.com\/industries\/technology-media-and-telecommunications\/our-insights\/the-cost-of-compute-a-7-trillion-dollar-race-to-scale-data-centers\" target=\"_blank\" rel=\"noreferrer noopener\"><em>The cost of compute: A $7 trillion race to scale data centers<\/em> &#8211; McKinsey<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>KKR Global Institute\uff08KKR \u6295\u8d44\u5206\u6790\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u6838\u5fc3\u89c2\u70b9<\/strong>\uff08\u504f\u4e50\u89c2\uff09\uff1a\u8ba4\u4e3a\u5f53\u524d\u7684\u201c\u6ce1\u6cab\u8bba\u201d\u5ffd\u7565\u4e86\u57fa\u7840\u8bbe\u65bd\u7684\u627f\u8f7d\u529b\u3002\u5386\u53f2\u4e0a\u7684\u94c1\u8def\u3001\u7535\u7f51\u548c\u5149\u7ea4\u6295\u8d44\u867d\u7136\u7ecf\u5386\u8fc7\u9636\u6bb5\u6027\u8fc7\u5269\u4e0e\u4f01\u4e1a\u7834\u4ea7\uff0c\u4f46\u8fd9\u4e9b\u786c\u8d44\u4ea7\uff08Hard Assets\uff09\u6700\u7ec8\u5f62\u6210\u4e86\u65b0\u7ecf\u6d4e\u7684\u9aa8\u5e72\uff0c\u5e76\u83b7\u5f97\u4e86\u957f\u671f\u7684\u590d\u5229\u56de\u62a5\u3002\u7535\u529b\u74f6\u9888\u53cd\u800c\u963b\u6b62\u4e86\u65e0\u9650\u91cf\u7684\u76f2\u76ee\u8fc7\u5269\u5efa\u8bbe\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u8003\u6765\u6e90<\/strong>\uff1a<a href=\"https:\/\/www.kkr.com\/insights\/ai-infrastructure\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Beyond the Bubble: Why AI Infrastructure Will Compound Long after the Hype<\/em> &#8211; KKR<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u603b\u7ed3<sup><\/sup><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bf9\u4e8e\u73b0\u5728\u6295\u8d44\u30012028 \u5e74\u5b8c\u6210\u7684\u7f8e\u56fd AI \u7b97\u529b\u4e2d\u5fc3\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8d22\u52a1\u7eaf\u7b97\uff08\u786c\u4ef6+GPU \u5c42\u9762\uff09<\/strong>\uff1a<strong>\u5927\u6982\u7387\u65e0\u6cd5\u901a\u8fc7\u5355\u7eaf\u51fa\u552e\u7b97\u529b\u670d\u52a1\u6536\u56de\u5168\u90e8\u521d\u59cb\u6295\u8d44<\/strong>\uff0c\u786c\u4ef6\u5c42\u9762\u6781\u6613\u9762\u4e34\u518d\u878d\u8d44\u538b\u529b\u6216\u51cf\u503c\u51c6\u5907\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u4ea7\u6c89\u6dc0\uff08\u573a\u5730+\u7535\u529b+\u7f51\u7edc\u5c42\u9762\uff09<\/strong>\uff1a<strong>\u5177\u5907\u6781\u9ad8\u7684\u957f\u671f\u6b8b\u7559\u4ef7\u503c<\/strong>\u3002\u6700\u7ec8\u7ed3\u5c40\u5927\u6982\u7387\u662f\u7ecf\u5386\u4e00\u6b21\u201c\u503a\u52a1\u91cd\u7ec4\/\u80a1\u6743\u6d17\u724c\u201d\uff0c\u5728\u6dd8\u6c70\u6389\u8fc7\u9ad8\u7684\u91d1\u878d\u6760\u6746\u540e\uff0c\u8fd9\u4e9b\u6570\u636e\u4e2d\u5fc3\u88ab\u964d\u7ef4\u5438\u6536\u4e3a\u5168\u793e\u4f1a\u7684\u57fa\u7840\u57fa\u7840\u8bbe\u65bd\u3002<\/li>\n<\/ul>\n\n\n\n<p 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