科技巨头 AI 基建狂潮不止，华尔街质疑回报
原标题：Big Tech’s big AI buildout will not end until someone stops it
AI 摘要
亚马逊、微软、Alphabet 和 Meta 四家科技巨头在财报电话会上表示，今年资本支出合计至少 7200 亿美元，主要用于 AI 数据中心建设，未来数年还有至少 1 万亿美元支出承诺。Alphabet 承认 AI Mode 查询增长拉低了搜索广告变现，股价单日暴跌 13%，创历史最大单日跌幅。尽管收入仍在增长，但 AI 投入尚未带来相应回报，华尔街开始质疑投资回报时间表。Anthropic 第三季度收入 170 亿美元但算力成本达 175 亿美元，并承诺近 9000 亿美元未来算力与基础设施支出。
正文节选
After four of the biggest competitors in the AI race held quarterly earnings calls late last month, two things are clear: Big Tech is not done spending record amounts on the AI data center buildout, and the AI data center buildout is not any closer to yielding its promised returns. Big Tech’s big AI buildout will not end until someone stops it Amazon, Microsoft, Alphabet, and Meta are on the hook with their data center plans. A third thing is also starting to become clear — Big Tech will not be