---
title: "没有 AI 泡沫：VanEck 强调扩张背后有真实的现金流支持"
description: "VanEck 驳斥了对人工智能泡沫的担忧，表示当前的人工智能扩张与互联网泡沫时代根本不同。该公司强调，今天的增长是由真正的利润和盈利科技公司的大规模基础设施投资所支持的，而不是 1990 年代末的投机性质。亚马逊、微软、谷歌和 Meta 等主要公司正在向人工智能和云计算投入大量资本支出，这表明这是战略性的财务决策，而非投机风险"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/261477264.md"
published_at: "2025-10-16T15:14:11.000Z"
---

# 没有 AI 泡沫：VanEck 强调扩张背后有真实的现金流支持

> VanEck 驳斥了对人工智能泡沫的担忧，表示当前的人工智能扩张与互联网泡沫时代根本不同。该公司强调，今天的增长是由真正的利润和盈利科技公司的大规模基础设施投资所支持的，而不是 1990 年代末的投机性质。亚马逊、微软、谷歌和 Meta 等主要公司正在向人工智能和云计算投入大量资本支出，这表明这是战略性的财务决策，而非投机风险

VanEck dismissed concerns about an artificial intelligence (AI) bubble, emphasizing that the current surge in AI adoption is fundamentally different from the speculative frenzy of the late 1990s dot-com era. According to the exchange traded fund provider, today’s AI expansion is underpinned by tangible profits and significant infrastructure commitm...

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