<p>在千禧年之前，AOL 是互联网的无可争议的王者。</p>
<p>还记得那些你会收到的小光盘吗？</p>
<p>AOL 主导了在线接入。在一段时间内，这家公司似乎没有做错任何事。</p>
<p>然后，在 2000 年初，它宣布与时代华纳进行 1650 亿美元的合并，这是市场上最大的一笔交易。</p>
<p>当时，这被称为一项绝妙的策略。将传统媒体与新技术结合成一个不可阻挡的强大力量。</p>
<p>然而，它却成为了一个警示故事。</p>
<p>为什么？大家请仔细听这个…</p>
<p><strong>这笔交易标志着市场不再将 AOL 视为纯粹的增长故事，而是开始审视它作为一个资本密集型业务的执行风险。</strong></p>
<p>快进到今天，问问我们是否正接近人工智能的类似拐点。</p>
<p>明确来说，人工智能不会消失——就像互联网没有消失一样。</p>
<p>而今天的大型科技领导者？我并不是说他们会消失在无尽的黑暗中（尽管有些可能会）。</p>
<p>只是市场越来越关注构建人工智能的_成本_——以及谁最终能从中获得可观的回报。</p>
<p>这在对财报的反应中表现得非常明显。</p>
<p>你可能还记得，上周我详细说明了，尽管 <strong>微软公司</strong>（<strong>MSFT</strong>）的收益和收入超出了预期，但由于对云增长放缓和其巨额人工智能支出计划的担忧，股价遭遇重创。</p>
<p>本周我们看到了更多这样的情况。</p>
<p>当市场达到这一点——即使强劲的收益也无法令人满意——这标志着一个更加波动和选择性阶段的开始，我称之为 <strong>人工智能错位</strong>。</p>
<p>当这个阶段发生时，对财报的反应可能变得更加不可预测。</p>
<p>本周，另外两只 “七大奇迹” 股票——<strong>Alphabet Inc.</strong>（<strong>GOOGL</strong>）和 <strong>Amazon.com, Inc.</strong>（<strong>AMZN</strong>）——在其财报中受到关注。</p>
<p>因此，在今天的_市场 360_中，我们将回顾它们的财报，并讨论为什么预期比以往任何时候都要高——以及投资者如何为未来做好准备。</p>
<h2>Alphabet</h2>
<p>让我们从 Alphabet 开始。</p>
<p>在第四季度，该公司报告收入为 1138 亿美元，超出华尔街对 1141 亿美元的预期。每股收益为 2.82 美元，高于分析师预期的 2.65 美元，且较去年 2.15 美元有所上升。</p>
<p>增长在很大程度上得益于 Google Cloud 收入的 48% 激增，达到 177 亿美元，这部分是由于与 <strong>Meta Platforms, Inc.</strong>（<strong>META</strong>）、OpenAI（ChatGPT 背后的公司）和 Anthropic（Claude 背后的公司）的人工智能交易。这也远超市场对 162 亿美元的预期。</p>
<p>Google Services——包括搜索和 YouTube 广告——同比增长 14%。</p>
<p>此外，Alphabet 首次突破 4000 亿美元的年收入。这得益于搜索需求的增加和其新 Gemini 3 人工智能模型的推出——该模型超越了 OpenAI 等竞争对手，导致公司据说因此发出了 “红色警报”。</p>
<p>然而，尽管这些强劲的结果，Alphabet 的股价在周四下跌了多达 5%。</p>
<p>为什么？因为该公司的支出如同港口的水手一般——特别是在人工智能方面。</p>
<p>账单？预计在 2026 年达到 1750 亿到 1850 亿美元。这大约是去年的支出两倍，而华尔街认为今年的支出目标约为 1200 亿美元。</p>
<p>根据市场反应，投资者关注到这一上升的支出数字，是否可持续以及这对未来几年的盈利能力意味着什么。</p>
<h2>Amazon</h2>
<p>现在，让我们看看 Amazon 的表现。</p>
<p>在第四季度，该公司报告收入为 2134 亿美元，同比增长 13.6%，超出华尔街对 2115 亿美元的收入预期。每股收益为 1.95 美元，略低于华尔街的预期。</p>
<p>Amazon Web Services 仍然是关键的增长引擎，在本季度产生了 356 亿美元的收入。但尽管有这些结果，周五在公司概述了巨额支出计划和低于预期的指引后，Amazon 的股价下跌了多达 10%。</p>
<p>简而言之，管理层预计在 2026 年将支出 2000 亿美元用于资本支出，因为它加大对人工智能、芯片、机器人和其他长期计划的投资。这也远高于市场对约 1460 亿美元的预期。</p>
<p>与此同时，Amazon 预测下个季度的营业收入将在 165 亿到 215 亿美元之间，低于约 222 亿美元的预期。</p>
<p>这种组合——现在的高支出和更温和的短期盈利能力——似乎抑制了市场情绪。</p>
<p>尽管如此，市场的反应清楚表明：投资者越来越关注这些回报的时机，而不仅仅是它们的潜力。</p>
<h2>为什么强劲的收益不再足够</h2>
<p>此时，市场正在明确表达一个观点。</p>
<p>人工智能繁荣的第一阶段是证明技术有效。一小部分大型公司开创了将人工智能带给大众的工具，投资者给予了他们丰厚的回报。</p>
<p>但这一阶段现在正在让位于不同的东西。</p>
<p>随着人工智能竞赛的加剧，市场对哪些公司给予奖励变得越来越挑剔。</p>
<p>正如我最近所解释的，市场正在从人工智能繁荣的早期、以动量驱动的 <strong>第一阶段</strong> 过渡。</p>
<p>在这一阶段，广泛的热情可以提升几乎所有与强大趋势相关的公司。</p>
<p><strong>在第二阶段</strong>，焦点从雄心转向执行。关键问题不再是 “这能否构建？” 而是 “谁在构建后获得可观的回报？”</p>
<p>这种向第二阶段的过渡就是我所称的 <strong>人工智能错位</strong>。</p>
<h2>当前股票评级显示的情况</h2>
<p>为了帮助我在这个更加挑剔的环境中导航，我依赖于 <strong>Stock Grader</strong>（需要订阅）——这是我几十年来用来识别主要市场周期中领导地位变化的系统。</p>
<p>目前，Stock Grader 给 Alphabet 赋予了 “B” 的总评分，意味着它 “强劲”，而 Amazon 则获得了 “D”，意味着它 “疲弱”，我们应该避开。</p>
<p>当你把这七只股票作为一个整体来看时，情况变得非常有趣……</p>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2026/02/mag7sg.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2026/02/mag7sg.png"/></p>
<p>这些股票应该代表市场的领导者。然而 <strong>目前只有七只股票中的两只获得了 “B” 评级。</strong> 其余的都持有中性或疲弱的评级。</p>
<p>许多资本密集型的大型公司——那些在人工智能建设中投入巨额资金的公司——不再获得最高评级。</p>
<p>强劲的企业？是的，这正是支撑自 19 世纪铁路以来最大建设的原因。</p>
<p>但它们正日益受到成本上升和更长回报周期的拖累。</p>
<p>与此同时，<strong>Stock Grader 一直在标记一组非常不同的股票。</strong></p>
<p>这些公司具有加速的盈利动能、更清晰的资产负债表和更少的资本密集度。换句话说，这些企业在技术从实验阶段转向盈利部署时往往会受益。</p>
<p>这并不意味着过去的人工智能领导者会消失。这意味着下一个阶段更倾向于不同的特征——以及不同的股票。</p>
<h2>接下来会发生什么</h2>
<p>在一个日益挑剔的市场中，准备工作比以往任何时候都更为重要。</p>
<p>为了帮助投资者更好地理解这一变化，我最近准备了一场特别演示，重点关注 <strong>人工智能的位移</strong>、进入第二阶段以及在人工智能繁荣的下一个阶段形成时需要关注的事项。</p>
<p><strong>你可以在这里观看该演示。</strong></p>
<p>理解现在发生的事情可能意味着参与下一波收益的差异……或者在 2026 年被抛在后面。</p>
<p>所以，我敦促你花几分钟时间现在观看。</p>
<p>诚挚的，</p>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2024/02/louis_navellier-300x96.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2024/02/louis_navellier-300x96.png"/></p>
<p><strong>Louis Navellier</strong></p>
<p>编辑，<em>Market 360</em></p>
<p><strong>编辑在此披露，截至本电子邮件日期，编辑直接或间接拥有以下证券，这些证券是评论、分析、意见、建议或推荐的主题，或在下面的文章中以其他方式提及：</strong></p>
<p><strong>NVIDIA Corporation (NVDA)</strong></p>

谷歌财报，一站看懂！

谷歌-A

谷歌-C

亚马逊

<p>这篇文章讨论了市场对主要科技公司如 Alphabet 和亚马逊的看法变化，并与 AOL 的过去进行了类比。尽管这两家公司发布了强劲的财报，但由于对不断上升的人工智能相关支出的担忧，股价均出现下跌。Alphabet 报告的收入为 1138 亿美元，超出预期，但由于预计到 2026 年人工智能支出将达到 1750 亿至 1850 亿美元，其股价下跌。亚马逊的收入也超过了预期，达到了 2134 亿美元，但报告的收益略低于预期。这反映出市场对人工智能投资的成本和回报越来越关注，预示着未来投资环境将更加波动</p>

<p>Before the turn of the millennium, AOL was the undisputed king of the internet.</p>
<div class="lb-trans"><p>在千禧年之前，AOL 是互联网的无可争议的王者。</p>
</div><p>Remember those little CDs you’d get in the mail?</p>
<div class="lb-trans"><p>还记得那些你会收到的小光盘吗？</p>
</div><p>AOL dominated online access. And for a time, it seemed like the company could do no wrong.</p>
<div class="lb-trans"><p>AOL 主导了在线接入。在一段时间内，这家公司似乎没有做错任何事。</p>
</div><p>Then, in early 2000, it announced a $165 billion merger with Time Warner, the largest deal the market had ever seen.</p>
<div class="lb-trans"><p>然后，在 2000 年初，它宣布与时代华纳进行 1650 亿美元的合并，这是市场上最大的一笔交易。</p>
</div><p>At the time, it was billed as a masterstroke. A way to marry old media and new technology into a single, unstoppable powerhouse.</p>
<div class="lb-trans"><p>当时，这被称为一项绝妙的策略。将传统媒体与新技术结合成一个不可阻挡的强大力量。</p>
</div><p>Instead, it became a cautionary tale.</p>
<div class="lb-trans"><p>然而，它却成为了一个警示故事。</p>
</div><p>Why? Lean in closely for this one, folks…</p>
<div class="lb-trans"><p>为什么？大家请仔细听这个…</p>
</div><p><strong>That deal marked the moment when the market stopped treating AOL as a pure growth story and started scrutinizing it as a capital-intensive business with execution risk.</strong></p>
<div class="lb-trans"><p><strong>这笔交易标志着市场不再将 AOL 视为纯粹的增长故事，而是开始审视它作为一个资本密集型业务的执行风险。</strong></p>
</div><p>Fast-forward to today, and it’s fair to ask whether we’re approaching a similar inflection point in artificial intelligence.</p>
<div class="lb-trans"><p>快进到今天，问问我们是否正接近人工智能的类似拐点。</p>
</div><p>To be clear, AI isn’t going anywhere – just like the internet didn’t.</p>
<div class="lb-trans"><p>明确来说，人工智能不会消失——就像互联网没有消失一样。</p>
</div><p>And today’s Big Tech leaders? I’m not saying they’re going to fade into oblivion, either (although some might).</p>
<div class="lb-trans"><p>而今天的大型科技领导者？我并不是说他们会消失在无尽的黑暗中（尽管有些可能会）。</p>
</div><p>It’s just that the market is growing increasingly focused on the <em>cost</em> of building AI – and on who ultimately earns an attractive return on that investment.</p>
<div class="lb-trans"><p>只是市场越来越关注构建人工智能的_成本_——以及谁最终能从中获得可观的回报。</p>
</div><p>That shows up loud and clear in the reaction to earnings reports.</p>
<div class="lb-trans"><p>这在对财报的反应中表现得非常明显。</p>
</div><p>You may recall that last week I detailed how, even though <strong>Microsoft Corporation</strong> ( <strong>MSFT</strong>) surpassed expectations on earnings and revenue, shares took a hard hit amid fears of slowing Cloud growth and its massive AI spending plans.</p>
<div class="lb-trans"><p>你可能还记得，上周我详细说明了，尽管 <strong>微软公司</strong>（<strong>MSFT</strong>）的收益和收入超出了预期，但由于对云增长放缓和其巨额人工智能支出计划的担忧，股价遭遇重创。</p>
</div><p>We saw even more of that this week.</p>
<div class="lb-trans"><p>本周我们看到了更多这样的情况。</p>
</div><p>When markets reach this point – where even strong earnings fail to satisfy – it marks the beginning of a more volatile and selective phase, what I’m calling the <strong>AI Dislocation</strong>.</p>
<div class="lb-trans"><p>当市场达到这一点——即使强劲的收益也无法令人满意——这标志着一个更加波动和选择性阶段的开始，我称之为 <strong>人工智能错位</strong>。</p>
</div><p>When that phase occurs, the reaction to earnings can become far more unpredictable.</p>
<div class="lb-trans"><p>当这个阶段发生时，对财报的反应可能变得更加不可预测。</p>
</div><p>And this week, two more Magnificent Seven stocks – <strong>Alphabet Inc.</strong> ( <strong>GOOGL</strong>) and <strong>Amazon.com, Inc.</strong> ( <strong>AMZN</strong>) – came under the microscope with their earnings reports.</p>
<div class="lb-trans"><p>本周，另外两只 “七大奇迹” 股票——<strong>Alphabet Inc.</strong>（<strong>GOOGL</strong>）和 <strong>Amazon.com, Inc.</strong>（<strong>AMZN</strong>）——在其财报中受到关注。</p>
</div><p>So, in today’s <em>Market 360</em>, we’ll review their earnings and talk about why expectations are higher than ever – and how investors can prepare for what lies ahead.</p>
<div class="lb-trans"><p>因此，在今天的_市场 360_中，我们将回顾它们的财报，并讨论为什么预期比以往任何时候都要高——以及投资者如何为未来做好准备。</p>
</div><h2>Alphabet</h2>
<div class="lb-trans"><h2>Alphabet</h2>
</div><p>Let’s start with Alphabet.</p>
<div class="lb-trans"><p>让我们从 Alphabet 开始。</p>
</div><p>For the fourth quarter, the company reported revenue of $113.8 billion in revenue, topping Wall Street’s expectations for $111.4 billion. Earnings were $2.82 per share, higher than the $2.65 expected by analysts, and up from $2.15 in the previous year.</p>
<div class="lb-trans"><p>在第四季度，该公司报告收入为 1138 亿美元，超出华尔街对 1141 亿美元的预期。每股收益为 2.82 美元，高于分析师预期的 2.65 美元，且较去年 2.15 美元有所上升。</p>
</div><p>Growth was driven in large part by a 48% jump in Google Cloud revenue to $17.7 billion, which was driven in part by AI deals with <strong>Meta Platforms, Inc.</strong> ( <strong>META</strong>), OpenAI (the company behind ChatGPT) and Anthropic (the company behind Claude). That was also well ahead of estimates for $16.2 billion.</p>
<div class="lb-trans"><p>增长在很大程度上得益于 Google Cloud 收入的 48% 激增，达到 177 亿美元，这部分是由于与 <strong>Meta Platforms, Inc.</strong>（<strong>META</strong>）、OpenAI（ChatGPT 背后的公司）和 Anthropic（Claude 背后的公司）的人工智能交易。这也远超市场对 162 亿美元的预期。</p>
</div><p>Google Services – including Search and YouTube advertising – climbed 14% year over year.</p>
<div class="lb-trans"><p>Google Services——包括搜索和 YouTube 广告——同比增长 14%。</p>
</div><p>Additionally, Alphabet surpassed $400 billion in annual revenue for the first time in its history. That was thanks to increasing search demand and the launch of its new Gemini 3 AI Model – which outperformed rivals like OpenAI and led to the company reportedly calling a “code red” as a result.</p>
<div class="lb-trans"><p>此外，Alphabet 首次突破 4000 亿美元的年收入。这得益于搜索需求的增加和其新 Gemini 3 人工智能模型的推出——该模型超越了 OpenAI 等竞争对手，导致公司据说因此发出了 “红色警报”。</p>
</div><p>Yet despite these strong results, Alphabet’s shares fell as much as 5% on</p>
<div class="lb-trans"><p>然而，尽管这些强劲的结果，Alphabet 的股价在周四下跌了多达 5%。</p>
</div><p>Thursday.</p>
<div class="lb-trans"><p>为什么？因为该公司的支出如同港口的水手一般——特别是在人工智能方面。</p>
</div><p>Why? Because the company is spending like a sailor in port – specifically on AI.</p>
<div class="lb-trans"><p>账单？预计在 2026 年达到 1750 亿到 1850 亿美元。这大约是去年的支出两倍，而华尔街认为今年的支出目标约为 1200 亿美元。</p>
</div><p>The bill? In the range of $175 billion to $185 billion in 2026. That’s roughly double last year’s spending, and Wall Street thought it was going to target about $120 billion in spending this year.</p>
<div class="lb-trans"><p>根据市场反应，投资者关注到这一上升的支出数字，是否可持续以及这对未来几年的盈利能力意味着什么。</p>
</div><p>Judging by the market reaction, investors zeroed in on that rising spending figure, whether it’s sustainable and what it could mean for profitability in the years ahead.</p>
<div class="lb-trans"><h2>Amazon</h2>
</div><h2>Amazon</h2>
<div class="lb-trans"><p>现在，让我们看看 Amazon 的表现。</p>
</div><p>Now, let’s see what Amazon delivered.</p>
<div class="lb-trans"><p>在第四季度，该公司报告收入为 2134 亿美元，同比增长 13.6%，超出华尔街对 2115 亿美元的收入预期。每股收益为 1.95 美元，略低于华尔街的预期。</p>
</div><p>For the fourth quarter, the company reported $213.4 billion in revenue, up 13.6% year over year, and topping Wall Street’s revenue expectations of $211.5 billion. It also reported earnings of $1.95 per share, which was a penny short of Wall Street’s estimate.</p>
<div class="lb-trans"><p>Amazon Web Services 仍然是关键的增长引擎，在本季度产生了 356 亿美元的收入。但尽管有这些结果，周五在公司概述了巨额支出计划和低于预期的指引后，Amazon 的股价下跌了多达 10%。</p>
</div><p>Amazon Web Services remained a key growth engine, generating $35.6 billion in revenue during the quarter. But despite those results, Amazon’s shares fell as much as 10% on Friday after the company outlined gargantuan spending plans and a softer-than-expected guidance.</p>
<div class="lb-trans"><p>简而言之，管理层预计在 2026 年将支出 2000 亿美元用于资本支出，因为它加大对人工智能、芯片、机器人和其他长期计划的投资。这也远高于市场对约 1460 亿美元的预期。</p>
</div><p>In short, management expects to spend $200 billion on capital expenditures in 2026, as it ramps up investment across AI, chips, robotics and other long-term initiatives. That was also well above market estimates of about $146 billion.</p>
<div class="lb-trans"><p>与此同时，Amazon 预测下个季度的营业收入将在 165 亿到 215 亿美元之间，低于约 222 亿美元的预期。</p>
</div><p>At the same time, Amazon forecast operating income of between $16.5 billion and $21.5 billion for the coming quarter, below expectations of roughly $22.2 billion.</p>
<div class="lb-trans"><p>这种组合——现在的高支出和更温和的短期盈利能力——似乎抑制了市场情绪。</p>
</div><p>That combination – heavier spending now and more modest near-term profitability – appeared to dampen the mood.</p>
<div class="lb-trans"><p>尽管如此，市场的反应清楚表明：投资者越来越关注这些回报的时机，而不仅仅是它们的潜力。</p>
</div><p>Still, the market’s reaction made one thing clear: Investors are increasingly focused on the timing of those returns, not just their potential.</p>
<div class="lb-trans"><h2>为什么强劲的收益不再足够</h2>
</div><h2>Why Strong Earnings Are No Longer Enough</h2>
<div class="lb-trans"><p>此时，市场正在明确表达一个观点。</p>
</div><p>At this point, the market is making something very clear.</p>
<div class="lb-trans"><p>人工智能繁荣的第一阶段是证明技术有效。一小部分大型公司开创了将人工智能带给大众的工具，投资者给予了他们丰厚的回报。</p>
</div><p>The first phase of the AI boom was about proving the technology worked. A small group of mega-cap companies pioneered the tools that brought AI to the masses, and investors rewarded them handsomely.</p>
<div class="lb-trans"><p>但这一阶段现在正在让位于不同的东西。</p>
</div><p>But that phase is now giving way to something different.</p>
<div class="lb-trans"><p>随着人工智能竞赛的加剧，市场对哪些公司给予奖励变得越来越挑剔。</p>
</div><p>As the AI race intensifies, the market is becoming less forgiving and more selective about which companies it rewards.</p>
<div class="lb-trans"><p>正如我最近所解释的，市场正在从人工智能繁荣的早期、以动量驱动的 <strong>第一阶段</strong> 过渡。</p>
</div><p>As I’ve explained recently, markets are transitioning out of the early, momentum-driven <strong>Stage 1</strong> of the AI boom.</p>
<div class="lb-trans"><p>在这一阶段，广泛的热情可以提升几乎所有与强大趋势相关的公司。</p>
</div><p>In that phase, broad enthusiasm can lift nearly every company tied to a powerful trend.</p>
<div class="lb-trans"><p><strong>在第二阶段</strong>，焦点从雄心转向执行。关键问题不再是 “这能否构建？” 而是 “谁在构建后获得可观的回报？”</p>
</div><p><strong>In Stage 2</strong>, the focus shifts from ambition to execution. The key question is no longer “can this be built?” but “who earns an attractive return once it is built?”</p>
<div class="lb-trans"><p>这种向第二阶段的过渡就是我所称的 <strong>人工智能错位</strong>。</p>
</div><p>That transition into Stage 2 is what I’ve been calling the <strong>AI Dislocation</strong>.</p>
<div class="lb-trans"><h2>当前股票评级显示的情况</h2>
</div><h2>What Stock Grader Is Showing Right Now</h2>
<p>To help navigate this more selective environment, I’m leaning on <strong>Stock Grader</strong>(subscription required) – the same system I’ve used for decades to identify leadership shifts across major market cycles.</p>
<div class="lb-trans"><p>为了帮助我在这个更加挑剔的环境中导航，我依赖于 <strong>Stock Grader</strong>（需要订阅）——这是我几十年来用来识别主要市场周期中领导地位变化的系统。</p>
</div><p>Right now, Stock Grader has assigned Alphabet a Total Grade of “B,” meaning it is “strong,” while Amazon earns a “D,” meaning it is “weak” and we should steer clear.</p>
<div class="lb-trans"><p>目前，Stock Grader 给 Alphabet 赋予了 “B” 的总评分，意味着它 “强劲”，而 Amazon 则获得了 “D”，意味着它 “疲弱”，我们应该避开。</p>
</div><p>And when you look at the Magnificent Seven stocks as a group, things get really interesting…</p>
<div class="lb-trans"><p>当你把这七只股票作为一个整体来看时，情况变得非常有趣……</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2026/02/mag7sg.png" alt="" original-src="https://investorplace.com/wp-content/uploads/2026/02/mag7sg.png"/></p>
<p>These stocks are supposed to represent the market’s leaders. Yet <strong>only two of the seven currently earn a “B” rating.</strong> The rest all hold neutral or weak ratings.</p>
<div class="lb-trans"><p>这些股票应该代表市场的领导者。然而 <strong>目前只有七只股票中的两只获得了 “B” 评级。</strong> 其余的都持有中性或疲弱的评级。</p>
</div><p>Many of the most capital-intensive mega-cap names – the ones pouring enormous sums into AI buildouts – are no longer earning top grades.</p>
<div class="lb-trans"><p>许多资本密集型的大型公司——那些在人工智能建设中投入巨额资金的公司——不再获得最高评级。</p>
</div><p>Strong businesses? Yes, that’s what’s subsidizing arguably the largest buildout since the railroads in the 1800s.</p>
<div class="lb-trans"><p>强劲的企业？是的，这正是支撑自 19 世纪铁路以来最大建设的原因。</p>
</div><p>But they’re increasingly weighed down by rising costs and longer payoff timelines.</p>
<div class="lb-trans"><p>但它们正日益受到成本上升和更长回报周期的拖累。</p>
</div><p>At the same time, <strong>Stock Grader has been flagging a very different group of stocks.</strong></p>
<div class="lb-trans"><p>与此同时，<strong>Stock Grader 一直在标记一组非常不同的股票。</strong></p>
</div><p>Companies with accelerating earnings momentum, cleaner balance sheets and far less capital intensity. In other words, the kinds of businesses that tend to benefit when a technology moves from experimentation to profitable deployment.</p>
<div class="lb-trans"><p>这些公司具有加速的盈利动能、更清晰的资产负债表和更少的资本密集度。换句话说，这些企业在技术从实验阶段转向盈利部署时往往会受益。</p>
</div><p>That doesn’t mean the AI leaders of the past disappear. It means the next phase favors different characteristics – and different stocks.</p>
<div class="lb-trans"><p>这并不意味着过去的人工智能领导者会消失。这意味着下一个阶段更倾向于不同的特征——以及不同的股票。</p>
</div><h2>What Comes Next</h2>
<div class="lb-trans"><h2>接下来会发生什么</h2>
</div><p>In a market that’s becoming more selective by the day, preparation matters more than ever.</p>
<div class="lb-trans"><p>在一个日益挑剔的市场中，准备工作比以往任何时候都更为重要。</p>
</div><p>To help investors better understand this shift, I recently put together a special presentation focused on the <strong>AI Dislocation</strong>, the move into Stage 2 and what to watch as this next phase of the AI boom takes shape.</p>
<div class="lb-trans"><p>为了帮助投资者更好地理解这一变化，我最近准备了一场特别演示，重点关注 <strong>人工智能的位移</strong>、进入第二阶段以及在人工智能繁荣的下一个阶段形成时需要关注的事项。</p>
</div><p><strong>You can watch that presentation here.</strong></p>
<div class="lb-trans"><p><strong>你可以在这里观看该演示。</strong></p>
</div><p>Understanding what’s happening right now could mean the difference between participating in the next wave of gains… or being left behind in 2026.</p>
<div class="lb-trans"><p>理解现在发生的事情可能意味着参与下一波收益的差异……或者在 2026 年被抛在后面。</p>
</div><p>So, I urge you to take a few minutes and watch now.</p>
<div class="lb-trans"><p>所以，我敦促你花几分钟时间现在观看。</p>
</div><p>Sincerely,</p>
<div class="lb-trans"><p>诚挚的，</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2024/02/louis_navellier-300x96.png" alt="" original-src="https://investorplace.com/wp-content/uploads/2024/02/louis_navellier-300x96.png"/></p>
<p><strong>Louis Navellier</strong></p>
<div class="lb-trans"><p><strong>Louis Navellier</strong></p>
</div><p>Editor, <em>Market 360</em></p>
<div class="lb-trans"><p>编辑，<em>Market 360</em></p>
</div><p><strong>The Editor hereby discloses that as of the date of this email, the Editor, directly or indirectly, owns the following securities that are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in, the essay set forth below:</strong></p>
<div class="lb-trans"><p><strong>编辑在此披露，截至本电子邮件日期，编辑直接或间接拥有以下证券，这些证券是评论、分析、意见、建议或推荐的主题，或在下面的文章中以其他方式提及：</strong></p>
</div><p><strong>NVIDIA Corporation (NVDA)</strong></p>
<div class="lb-trans"><p><strong>NVIDIA Corporation (NVDA)</strong></p>
</div>

The Bar Is Getting Raised. Alphabet and Amazon Are Showing Us Why..

- AOL 在世纪之交是互联网的霸主，但与 Time Warner 合并后遭遇危机。  
- 当前市场对 AI 投资的关注度提升，收入和盈利不再是投资的唯一考量。  
- Alphabet 和 Amazon 的大额支出引发市场反应，带来更强的波动性。

标准正在提升。Alphabet 和亚马逊正在向我们展示其中的原因