<p>在人工智能市场的至少一个角落，情绪已经明显转为负面。</p>
<p>与人工智能基础设施建设密切相关的三家公司——博通、CoreWeave 和甲骨文，在上周大幅下跌后，周一在华尔街又经历了艰难的一天。</p>
<p>尽管这三只股票今年仍然稳步上涨——CoreWeave 在三月进行了市场首秀——但最近的趋势表明，投资者对投资回报是否能证明当前支出的水平感到担忧。</p>
<p>“这绝对需要投资回报来维持对人工智能投资的资金支持，” 威灵顿管理公司的晚期增长负责人马特·威瑟勒在周一接受 CNBC 的《Money Movers》节目时表示。“从我们目前看到的情况来看，投资回报是存在的。”</p>
<p>威瑟勒表示，乐观的一面在于，“地球上每一家人工智能公司都在说，如果你给我更多的计算能力，我就能创造更多的收入。”</p>
<p>尽管博通和甲骨文这两家公司的季度财报显示它们的收入超出预期，并且发布了显示人工智能需求激增的预测，但市场上周对这两家公司的财报并不满意。</p>
<p>甲骨文现在在很大程度上依赖债务市场来资助其数据中心的发展，关于如何继续融资其承诺，该公司提供的细节寥寥。该公司表示，由于与 Meta 和 Nvidia 等公司的新合同，它将在当前财政年度将资本支出从之前预测的 350 亿美元提高到 500 亿美元。</p>
<p>它还在增加租赁。截至 11 月 30 日，甲骨文在数据中心和云容量承诺方面的租赁承诺达 2480 亿美元，租期将持续 15 到 19 年。这比 8 月底增加了 148%。</p>
<p>与此同时，博通首席执行官霍克·谭表示，他预计本季度销售额将比去年翻一番，达到 82 亿美元，这得益于定制的人工智能芯片以及用于人工智能网络的半导体。</p>
<p>然而，随着公司在生产服务器机架的更多部件上投入巨资，投资者将不得不承受利润的下降。博通首席财务官基尔斯滕·斯皮尔斯在博通的财报电话会议上表示，“某些人工智能芯片系统的毛利率将会降低。”</p>
<p>周一，博通的股价下跌约 5%，而周五则下跌了 11%，目前股价比周三创下的历史高点低 17%。</p>
<p>甲骨文周一下跌约 2.5%，在过去三个交易日中下跌了 17%。自 9 月 10 日以来，该公司的市值已损失 46%，当时该股在披露巨额人工智能积压后创下自 1992 年以来的最佳表现。</p>
<p>专注于企业软件和人工智能的风险投资家托马斯·通古兹在周一的博客中写道，甲骨文最近的融资狂潮使其债务与股本比率达到了 500%，“远超其云计算同行。” 亚马逊、微软、Meta 和谷歌的比率均在 7% 到 23% 之间。</p>
<p>通古兹，Theory Ventures 的创始人表示，另一家债务与股本比率显著高的公司是 CoreWeave，其比率为 120%，该公司主要提供基于 Nvidia 图形处理单元的云计算服务。</p>
<p>CoreWeave 的股价在周一下跌约 6%，上周则下跌了 11%。该公司的市值自 6 月以来已损失 60%。</p>
<p><strong>观看：</strong> 甲骨文融资问题</p>

甲骨文

博通

<p>博通、甲骨文和 CoreWeave 的股票因投资者对人工智能基础设施支出和投资回报率的担忧而大幅下跌。尽管财报表现积极，博通的股价在周一下跌了 5%，甲骨文下跌了 2.5%。甲骨文的债务与股本比率高达 500%，引发融资担忧。CoreWeave 的股价下跌了 6%，自 6 月以来已失去 60% 的价值</p>

<p>In at least one corner of the artificial intelligence market, sentiment has turned decidedly negative.</p>
<div class="lb-trans"><p>在人工智能市场的至少一个角落，情绪已经明显转为负面。</p>
</div><p>Broadcom, CoreWeave and Oracle, three companies intimately tied to the AI infrastructure buildout, all had another rough day on Wall Street on Monday after selling off sharply last week.</p>
<div class="lb-trans"><p>与人工智能基础设施建设密切相关的三家公司——博通、CoreWeave 和甲骨文，在上周大幅下跌后，周一在华尔街又经历了艰难的一天。</p>
</div><p>While the three stocks are all still solidly up for the year — CoreWeave held its market debut in March — the most recent trend suggests that investors are concerned about whether the returns on investment will ever justify the level of spending taking place.</p>
<div class="lb-trans"><p>尽管这三只股票今年仍然稳步上涨——CoreWeave 在三月进行了市场首秀——但最近的趋势表明，投资者对投资回报是否能证明当前支出的水平感到担忧。</p>
</div><p>&#34;It definitely requires the ROI to be there to keep funding this AI investment,&#34; Matt Witheiler, head of late-stage growth at Wellington Management, told CNBC's &#34;Money Movers&#34; on Monday. &#34;From what we've seen so far that ROI is there.&#34;</p>
<div class="lb-trans"><p>“这绝对需要投资回报来维持对人工智能投资的资金支持，” 威灵顿管理公司的晚期增长负责人马特·威瑟勒在周一接受 CNBC 的《Money Movers》节目时表示。“从我们目前看到的情况来看，投资回报是存在的。”</p>
</div><p>Witheiler said the bullish side of the story is that, &#34;every single AI company on the planet is saying if you give me more compute I can make more revenue.&#34;</p>
<div class="lb-trans"><p>威瑟勒表示，乐观的一面在于，“地球上每一家人工智能公司都在说，如果你给我更多的计算能力，我就能创造更多的收入。”</p>
</div><p>Still, the market was displeased last week with quarterly earnings reports from chipmaker Broadcom and cloud infrastructure supplier Oracle, even though both companies beat on revenue and issued forecasts showing that AI demand is soaring.</p>
<div class="lb-trans"><p>尽管博通和甲骨文这两家公司的季度财报显示它们的收入超出预期，并且发布了显示人工智能需求激增的预测，但市场上周对这两家公司的财报并不满意。</p>
</div><p>Oracle, which is now heavily reliant on the debt markets to fund its data center development, provided scant details about how it will continue to finance its commitments. The company said it would ramp up capital expenditures in the current fiscal year to $50 billion from an earlier forecast of $35 billion because of new contracts from the likes of Meta and Nvidia.</p>
<div class="lb-trans"><p>甲骨文现在在很大程度上依赖债务市场来资助其数据中心的发展，关于如何继续融资其承诺，该公司提供的细节寥寥。该公司表示，由于与 Meta 和 Nvidia 等公司的新合同，它将在当前财政年度将资本支出从之前预测的 350 亿美元提高到 500 亿美元。</p>
</div><p>It's also ratcheting up leases. As of Nov. 30, Oracle had $248 billion in lease commitments for data centers and cloud capacity commitments that will run for 15 to 19 years. That's up 148% from the end of August.</p>
<div class="lb-trans"><p>它还在增加租赁。截至 11 月 30 日，甲骨文在数据中心和云容量承诺方面的租赁承诺达 2480 亿美元，租期将持续 15 到 19 年。这比 8 月底增加了 148%。</p>
</div><p>Meanwhile, Broadcom CEO Hock Tan said he expects sales this quarter to double from a year earlier to $8.2 billion, driven by both custom AI chips as well as semiconductors for AI networking.</p>
<div class="lb-trans"><p>与此同时，博通首席执行官霍克·谭表示，他预计本季度销售额将比去年翻一番，达到 82 亿美元，这得益于定制的人工智能芯片以及用于人工智能网络的半导体。</p>
</div><p>However, as the company spends heavily on more parts to produce server racks, investors are going to have to stomach a hit to profits. CFO Kirsten Spears said on Broadcom's earnings call that &#34;gross margins will be lower&#34; for some of the company's AI chip systems.</p>
<div class="lb-trans"><p>然而，随着公司在生产服务器机架的更多部件上投入巨资，投资者将不得不承受利润的下降。博通首席财务官基尔斯滕·斯皮尔斯在博通的财报电话会议上表示，“某些人工智能芯片系统的毛利率将会降低。”</p>
</div><p>Broadcom shares fell about 5% on Monday following an 11% slump on Friday, leaving them 17% below their record high reached on Wednesday.</p>
<div class="lb-trans"><p>周一，博通的股价下跌约 5%，而周五则下跌了 11%，目前股价比周三创下的历史高点低 17%。</p>
</div><p>Oracle dropped about 2.5% on Monday and is now down 17% in the past three trading days. The company has lost 46% of its value since Sept. 10, when the stock had its best day since 1992 following disclosure of a massive AI backlog.</p>
<div class="lb-trans"><p>甲骨文周一下跌约 2.5%，在过去三个交易日中下跌了 17%。自 9 月 10 日以来，该公司的市值已损失 46%，当时该股在披露巨额人工智能积压后创下自 1992 年以来的最佳表现。</p>
</div><p>Venture capitalist Tomasz Tunguz, who focuses on enterprise software and AI, wrote in a Monday blog that Oracle's recent fundraising binge has left it with a debt-to-equity ratio of 500%, &#34;dwarfing its cloud computing peers.&#34; Amazon, Microsoft, Meta and Google all have ratios between 7% and 23%, he wrote.</p>
<div class="lb-trans"><p>专注于企业软件和人工智能的风险投资家托马斯·通古兹在周一的博客中写道，甲骨文最近的融资狂潮使其债务与股本比率达到了 500%，“远超其云计算同行。” 亚马逊、微软、Meta 和谷歌的比率均在 7% 到 23% 之间。</p>
</div><p>Tunguz, founder of Theory Ventures, said the other company with a notably high ratio, at 120%, is CoreWeave, which provides cloud computing services built largely around Nvidia's graphics processing units.</p>
<div class="lb-trans"><p>通古兹，Theory Ventures 的创始人表示，另一家债务与股本比率显著高的公司是 CoreWeave，其比率为 120%，该公司主要提供基于 Nvidia 图形处理单元的云计算服务。</p>
</div><p>CoreWeave shares fell about 6% on Monday after dropping 11% last week. The company has lost 60% of its value from its high in June.</p>
<div class="lb-trans"><p>CoreWeave 的股价在周一下跌约 6%，上周则下跌了 11%。该公司的市值自 6 月以来已损失 60%。</p>
</div><p><strong>WATCH:</strong> Oracle financing in question</p>
<div class="lb-trans"><p><strong>观看：</strong> 甲骨文融资问题</p>
</div>

华尔街的 AI 基础设施抛售持续进行，博通和甲骨文的股价下跌