<div id="readability-page-1"><div><div><h2><strong>Pulse on AI</strong></h2><p>Goldman's Bartlett on AI disappointment: ORCL spent too much (higher FY26 capex with less reward for off-balance-sheet spend), AVGO didn’t raise AI revenue guidance enough, ChatGPT-5.2 failed to spark the same excitement as Gemini 3 in early November, and reports of ORCL datacenter pushouts (later refuted) added to the pressure. After a strong two-week rally, air is coming out of the trade, leaving most AI stocks roughly flat on a 2-month+ basis.</p></div></div></div>

<p>关于 AIGoldman 的巴特利特对人工智能失望的看法：ORCL 的资本支出过高（FY26 资本支出增加，但离表支出回报较少），AVGO 没有足够提高人工智能收入指引，ChatGPT-5.2 未能引发与 11 月初 Gemini 3 相同的兴奋感，关于 ORCL 数据中心推迟的报道（后来被否认）进一步加大了压力。在经历了强劲的两周反弹后，交易的热度正在减退，导致大多数人工智能股票在两个月以上的时间里基本持平</p>

AI Was the Trade, Now It’s the Problem

- ORCL 由于高额资本支出未能获得足够回报，导致市场失望。  
- AVGO 的 AI 收入指引未能显著上调，影响投资者信心。  
- AI 股票在经历强劲反弹后，近期表现平平。  

人工智能曾是交易的热点，如今却成了问题