AI 支出热潮现裂痕：科技巨头巨额资本开支引发投资者担忧
原标题：Cracks are emerging in the AI spending boom
AI 摘要
Alphabet、亚马逊、Meta 和微软今年计划在资本支出上投入超过 7400 亿美元，主要用于 AI 基础设施。投资者开始担忧负自由现金流、债务攀升以及投资回报问题，导致纳斯达克及芯片股大幅下跌。Alphabet 第三季度自由现金流为负 91 亿美元，其 AI Mode 的成功正在侵蚀搜索广告业务；亚马逊过去 12 个月自由现金流为负 424 亿美元。微软是唯一实现正自由现金流的公司。这些不确定性可能影响 Anthropic 备受期待的 IPO。
正文节选
Investors are getting nervous about AI infrastructure spending just as the Big Tech companies double down. Over the past two weeks, Alphabet, Amazon, Meta, and Microsoft have outlined plans to spend more than $740 billion on capital expenditures this year, which Wall Street is reading as AI infrastructure spending, including data centers and chips. Earlier in the AI boom, investors largely rewarded such big outlays, viewing them as a sign of confidence in the technology’s growth potential. But a