<p>人工智能行业曾被热切赞誉为增长故事，但最近在华尔街经历了一段 “艰难的旅程”，正如吉姆·克莱默在《疯狂的钱》中所观察到的。这一时期的投资者忧虑，市场似乎 “决定结束” 对人工智能数据中心主题的关注，现在则转变为一种谨慎但明显的缓解感。这一变化标志着市场动态、基础设施现实以及像 OpenAI 这样的关键参与者的大胆融资策略之间复杂的相互作用，其潜在的资本注入可能会重振或进一步加深当前数据中心发展的僵局。</p>
<p>吉姆·克莱默在《疯狂的钱》中剖析了人工智能交易的当前状态、市场向消费品公司的持续轮换、围绕甲骨文的近期波动以及数据中心建设的未来轨迹。他的评论强调了推动人工智能增长所需的巨额资本支出，以及超大规模云服务商所遇到的意外阻力，同时传统行业也意外复苏。</p>
<p>围绕人工智能驱动的数据中心扩张的初期狂热遭遇了现实障碍，挑战了曾经毫无保留的乐观情绪。克莱默指出了一系列问题：熟练工人的短缺、关键材料的不足以及电力基础设施的不足。这些具体的限制在追逐人工智能承诺的过程中被忽视，导致市场环境中，曾因雄心勃勃的增长计划而受到赞誉的超大规模云服务商，反而因其雄心而受到 “惩罚”。这一时期，投资者开始撤回资金，寻找更稳定、风险更低的机会。</p>
<p>投资者情绪的这一转变促成了显著的市场轮换，将资本从高飞的科技行业转移到预期较低、较易克服的领域。面向消费者的公司，如嘉年华邮轮，因重新获得的可支配支出和股息的恢复而显著上涨。同样，克莱默提到的高盛，今年迄今上涨了 56%，表现超过许多科技巨头，得益于其持续超出温和预期的表现。“这些金融和消费支出公司不断交出更好、超出预期的业绩，” 克莱默评论道，并将其与 “与数据中心相关的怪异高预期” 形成对比。</p>
<p>数据中心叙事的一个关键时刻出现在甲骨文与 OpenAI 的雄心勃勃的合作中。甲骨文正在转型为数据中心建设者，从 OpenAI 那里获得了高达 3000 亿美元的剩余履约义务（RPO）用于基础设施开发。这一巨额承诺最初推动了甲骨文的股价，但随后的融资策略引入了重大风险。甲骨文决定在债券市场筹集 180 亿美元，导致其信用违约掉期的价值急剧上升，显示出市场对潜在违约的深切担忧。这种被感知的财务不稳定 “ derail everything”，给甲骨文的宏伟计划以及整个数据中心综合体蒙上了阴影，似乎陷入停滞。</p>
<p>作为人工智能领域的私人先驱，OpenAI 现在处于这一财务和基础设施挑战的中心。最近的泄露信息表明，该公司正在进行融资努力，可能寻求 1000 亿美元的资金，估值超过 5000 亿美元，甚至有报告推向 8300 亿美元。然而，克莱默认为 OpenAI 应该 “趁热打铁，以万亿的估值筹集 2000 亿美元。” 他认为，这一激进的融资不仅关乎 OpenAI 的内部增长，更对更广泛的人工智能基础设施生态系统至关重要。</p>
<p>克莱默在承认这一资本注入必要性的同时，迅速批评了 OpenAI 的做法。他抨击该公司的 “巨大自负”，其显然无法有效传达其故事，以及一个 “毫无谦逊” 的管理团队。尽管对其策略有保留，克莱默仍然认为成功融资是唯一的前进之路。没有这笔资金，OpenAI 无法充分补偿甲骨文，这反过来又阻碍了数据中心的必要建设。</p>
<p>如果 OpenAI 成功获得大量资金，可能会在行业内引发多米诺效应。资金的注入将使甲骨文能够推进其庞大的数据中心项目，迫使其他超大规模云服务商增加基础设施支出以保持竞争力。这一重新投资将重新点燃整个数据中心主题，惠及从 Vertiv 和卡特彼勒到 CoreWeave 和博通等一系列相关公司。克莱默警告说，另一种选择则是黯淡的：如果 OpenAI 未能筹集所需资金，“整个数据中心大厦将崩溃并保持崩溃。” 因此，他的乐观并非源于对 OpenAI 当前行为的钦佩，而是源于其成功对更广泛市场的绝对必要性。</p>

OpenAI

甲骨文

<p>吉姆·克莱默讨论了人工智能行业近期面临的挑战，以及 OpenAI 的融资努力对数据中心行业的潜在影响。他强调市场正在向面向消费者的公司和金融机构转变，同时指出甲骨文的融资策略存在风险。克莱默强调，尽管对 OpenAI 的融资方式提出批评，但其成功筹集资金对于振兴数据中心主题是必要的。成功的融资可能会引发行业范围内的投资，而失败则可能会阻碍数据中心的发展</p>

<p>The artificial intelligence sector, a growth narrative once lauded with unwavering enthusiasm, recently experienced a “rough ride” on Wall Street, as Jim Cramer observed on Mad Money. This period of investor trepidation, where the market seemed to have “decided it was done” with the AI data center theme, has now given way to a cautious but palpable sense of reprieve. The shift signals a complex interplay of market dynamics, infrastructure realities, and the audacious fundraising strategies of key players like OpenAI, whose potential capital injection could either revitalize or further entrench the current stalemate in data center development.</p>
<div class="lb-trans"><p>人工智能行业曾被热切赞誉为增长故事，但最近在华尔街经历了一段 “艰难的旅程”，正如吉姆·克莱默在《疯狂的钱》中所观察到的。这一时期的投资者忧虑，市场似乎 “决定结束” 对人工智能数据中心主题的关注，现在则转变为一种谨慎但明显的缓解感。这一变化标志着市场动态、基础设施现实以及像 OpenAI 这样的关键参与者的大胆融资策略之间复杂的相互作用，其潜在的资本注入可能会重振或进一步加深当前数据中心发展的僵局。</p>
</div><p>Jim Cramer, speaking on Mad Money, dissected the current state of the AI trade, the ongoing market rotation into consumer-facing names, the recent volatility surrounding Oracle, and the future trajectory of the data center build-out. His commentary highlighted the significant capital expenditure required to fuel AI’s growth and the surprising headwinds encountered by hyperscalers, alongside an unexpected resurgence in traditional sectors.</p>
<div class="lb-trans"><p>吉姆·克莱默在《疯狂的钱》中剖析了人工智能交易的当前状态、市场向消费品公司的持续轮换、围绕甲骨文的近期波动以及数据中心建设的未来轨迹。他的评论强调了推动人工智能增长所需的巨额资本支出，以及超大规模云服务商所遇到的意外阻力，同时传统行业也意外复苏。</p>
</div><p>The initial euphoria surrounding AI-driven data center expansion hit a wall, encountering practical obstacles that challenged the once-unbridled optimism. Cramer pointed to a litany of issues: a scarcity of skilled workers, a shortage of critical materials, and insufficient power infrastructure. These tangible constraints, previously overlooked in the rush to capitalize on AI’s promise, led to a market environment where hyperscalers, once celebrated for their ambitious growth plans, found themselves “punishing” for their very ambition. This period saw investors pulling back, searching for more stable, less speculative opportunities.</p>
<div class="lb-trans"><p>围绕人工智能驱动的数据中心扩张的初期狂热遭遇了现实障碍，挑战了曾经毫无保留的乐观情绪。克莱默指出了一系列问题：熟练工人的短缺、关键材料的不足以及电力基础设施的不足。这些具体的限制在追逐人工智能承诺的过程中被忽视，导致市场环境中，曾因雄心勃勃的增长计划而受到赞誉的超大规模云服务商，反而因其雄心而受到 “惩罚”。这一时期，投资者开始撤回资金，寻找更稳定、风险更低的机会。</p>
</div><p>This pivot in investor sentiment fueled a notable market rotation, diverting capital away from the high-flying tech sector and into areas with lower, more easily surmountable expectations. Consumer-facing companies, such as Carnival Cruise Line, saw significant upticks, benefiting from renewed discretionary spending and the reinstatement of dividends. Similarly, financial institutions like Goldman Sachs, which Cramer noted was up 56% year-to-date, outperformed many tech giants, driven by consistently exceeding modest expectations. “These financial and consumer spending companies just keep delivering better and better-than-expected numbers,” Cramer remarked, contrasting this with the “monstrously high expectations for anything related to the data center.”</p>
<div class="lb-trans"><p>投资者情绪的这一转变促成了显著的市场轮换，将资本从高飞的科技行业转移到预期较低、较易克服的领域。面向消费者的公司，如嘉年华邮轮，因重新获得的可支配支出和股息的恢复而显著上涨。同样，克莱默提到的高盛，今年迄今上涨了 56%，表现超过许多科技巨头，得益于其持续超出温和预期的表现。“这些金融和消费支出公司不断交出更好、超出预期的业绩，” 克莱默评论道，并将其与 “与数据中心相关的怪异高预期” 形成对比。</p>
</div><p>A critical juncture in the data center narrative emerged with Oracle’s ambitious partnership with OpenAI. Oracle, transforming itself into a data center builder, secured a staggering $300 billion in Remaining Performance Obligations (RPO) from OpenAI for infrastructure development. This substantial commitment initially propelled Oracle’s stock, but the subsequent financing strategy introduced significant risk. Oracle’s decision to raise $18 billion in the bond market led to a dramatic spike in the value of its Credit Default Swaps, signaling deep market concern over potential default. This perceived financial instability “derailed everything,” casting a shadow over Oracle’s grand plans and, by extension, the entire data center complex, which seemed to stall.</p>
<div class="lb-trans"><p>数据中心叙事的一个关键时刻出现在甲骨文与 OpenAI 的雄心勃勃的合作中。甲骨文正在转型为数据中心建设者，从 OpenAI 那里获得了高达 3000 亿美元的剩余履约义务（RPO）用于基础设施开发。这一巨额承诺最初推动了甲骨文的股价，但随后的融资策略引入了重大风险。甲骨文决定在债券市场筹集 180 亿美元，导致其信用违约掉期的价值急剧上升，显示出市场对潜在违约的深切担忧。这种被感知的财务不稳定 “ derail everything”，给甲骨文的宏伟计划以及整个数据中心综合体蒙上了阴影，似乎陷入停滞。</p>
</div><p>OpenAI, the privately held pioneer in artificial intelligence, now finds itself at the epicenter of this financial and infrastructural challenge. Recent leaks suggest the company is engaged in fundraising efforts, potentially seeking $100 billion at a valuation exceeding $500 billion, with some reports even pushing towards $830 billion. Cramer, however, believes OpenAI should “strike while the iron’s hot, raise $200 billion at a trillion-dollar valuation.” This aggressive fundraising, he contends, is not merely about OpenAI’s internal growth but is vital for the broader AI infrastructure ecosystem.</p>
<div class="lb-trans"><p>作为人工智能领域的私人先驱，OpenAI 现在处于这一财务和基础设施挑战的中心。最近的泄露信息表明，该公司正在进行融资努力，可能寻求 1000 亿美元的资金，估值超过 5000 亿美元，甚至有报告推向 8300 亿美元。然而，克莱默认为 OpenAI 应该 “趁热打铁，以万亿的估值筹集 2000 亿美元。” 他认为，这一激进的融资不仅关乎 OpenAI 的内部增长，更对更广泛的人工智能基础设施生态系统至关重要。</p>
</div><p>Cramer, while acknowledging the necessity of this capital injection, was quick to critique OpenAI’s approach. He lambasted the company’s “monstrous hubris,” its apparent inability to effectively communicate its story, and a management team that “has zero humility.” Despite these reservations about their tactics, Cramer views successful fundraising as the sole path forward. Without this capital, OpenAI cannot adequately compensate Oracle, which in turn prevents the necessary build-out of data centers.</p>
<div class="lb-trans"><p>克莱默在承认这一资本注入必要性的同时，迅速批评了 OpenAI 的做法。他抨击该公司的 “巨大自负”，其显然无法有效传达其故事，以及一个 “毫无谦逊” 的管理团队。尽管对其策略有保留，克莱默仍然认为成功融资是唯一的前进之路。没有这笔资金，OpenAI 无法充分补偿甲骨文，这反过来又阻碍了数据中心的必要建设。</p>
</div><p>Should OpenAI successfully secure substantial funding, it could trigger a domino effect across the industry. The infusion of capital would enable Oracle to proceed with its massive data center projects, compelling other hyperscalers to increase their infrastructure spending to remain competitive. This renewed investment would then reignite the entire data center theme, benefiting a wide array of associated companies, from Vertiv and Caterpillar to CoreWeave and Broadcom. The alternative, Cramer warns, is grim: if OpenAI fails to raise the required capital, “the whole data center edifice will go down and stay down.” His optimism, therefore, is rooted not in admiration for OpenAI’s current conduct, but in the sheer necessity of their success for the broader market.</p>
<div class="lb-trans"><p>如果 OpenAI 成功获得大量资金，可能会在行业内引发多米诺效应。资金的注入将使甲骨文能够推进其庞大的数据中心项目，迫使其他超大规模云服务商增加基础设施支出以保持竞争力。这一重新投资将重新点燃整个数据中心主题，惠及从 Vertiv 和卡特彼勒到 CoreWeave 和博通等一系列相关公司。克莱默警告说，另一种选择则是黯淡的：如果 OpenAI 未能筹集所需资金，“整个数据中心大厦将崩溃并保持崩溃。” 因此，他的乐观并非源于对 OpenAI 当前行为的钦佩，而是源于其成功对更广泛市场的绝对必要性。</p>
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OpenAI 的万亿美元野心：成为停滞不前的数据中心交易的催化剂