转:自 2025 年 11 月以来,代表 “谷歌链” 的谷歌、博通、Ce­l­e­s­t­i­ca 等股票持续走高,而代表 “Op­e­n­Al 链” 的英伟达、软银、甲骨文、Co­r­e­W­e­a­ve 等大跌。这代表着市场长期以来的 “Al 交易” 逻辑出现重大变化:在大模型侧,谷歌 Ge­m­i­ni3 超越了 Op­e­n­AI 的 GPT5;在芯片侧,谷歌的 TPU 也开始挑战英伟达 GPU 的垄断地位。

华尔街著名基金经理则预测,这二者在未来的某个时点会再次相交。$Alphabet - C(GOOG.US)$NVIDIA(NVDA.US)

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