<p>曾几何时，投资者在市场动荡时的第一反应就是撤出科技股。加息、通胀恐慌、经济增长放缓，任何一个因素都足以让资金涌向市场的安全角落，而科技股则遭受重创。这个操作手册正在被重写，而人工智能正是原因所在。</p>
<p>高盛的分析师们一直在追踪机构投资者在对待与人工智能相关公司的方式上发生的显著变化。许多投资者不再将这些公司视为高风险的增长头寸，而是在波动中持有它们，较少担心短期波动，更关注在尘埃落定时持有的敞口是否过少。</p>
<h2><strong>尽管噪音不断，资金仍持续流入人工智能</strong></h2>
<p>人工智能投资的持续性是本轮市场周期中最引人注目的特征之一。通胀尚未完全解决。国债收益率比许多人预期的要高得多。全球经济状况依然不均衡。在这种情况下，历史表明科技股应该面临困境。</p>
<p>然而，半导体、云基础设施提供商和与人工智能相关的公司仍在吸引资本。下跌时会有人买入。回调被视为入场机会，而不是警告信号。这种行为表明，投资者对人工智能的信念正在增长，认为这一转变足够重大，值得在宏观环境不佳时继续持有。</p>
<h2><strong>反弹已远超英伟达</strong></h2>
<p>人工智能投资故事的早期阶段基本上是英伟达的故事。这家芯片制造商在人工智能处理中的主导地位使其成为显而易见的焦点，且一度几乎捕获了所有的兴奋。</p>
<p>这种情况已经发生了显著变化。讨论范围已扩大到包括构建人工智能系统所依赖的网络基础设施的公司、云服务提供商扩大基础设施以满足激增的需求、将人工智能嵌入现有产品的企业软件公司，以及为特定人工智能工作负载开发定制芯片的半导体设计公司。博通和微软已成为与英伟达一起在这一更广泛叙事中的核心人物。</p>
<p>这种扩展的影响很重要，因为它表明投资者不再只押注于单一公司或单一产品周期。他们正在提出一个更广泛的论点，即人工智能正在以将需要多年才能完全显现的方式嵌入各个行业。</p>
<h2><strong>没有人想被落在后面</strong></h2>
<p>继续支持人工智能股票的一个因素是许多机构投资者感受到的保持对该领域敞口的压力。</p>
<p>那些在人工智能反弹中减持的基金经理在相对表现上付出了真实的代价。这种经历使得许多人在整体市场情绪减弱时仍不愿减少敞口。对于越来越多的机构投资者来说，在持续的人工智能驱动的上涨中坐在场外的风险比忍受短期波动更让人感到不安。</p>
<p>这种心理创造了需求的底线，这有助于解释为什么人工智能股票的韧性超出了许多分析师的预期。</p>
<h2><strong>企业支出没有放缓</strong></h2>
<p>投资者信心也在公司实际使用资本的行为中得到了增强。主要云服务提供商继续向数据中心投入资金。医疗、金融、物流和零售等各行业的企业正在投资人工智能工具和自动化系统。企业软件供应商正在争相将机器学习集成到客户已经依赖的产品中。</p>
<p>这种持续的支出为华尔街的乐观情绪提供了坚实的基础。这不再仅仅是关于未来潜力的故事。真实的资金正在通过人工智能经济流动，投资者对此密切关注。</p>
<h2><strong>估值仍然是一个真正的担忧</strong></h2>
<p>这一切并不意味着怀疑者已经沉默。估值问题是合理且持久的。一些与人工智能相关的股票已经定价了多年的激进增长，如果支出周期发生变化或经济状况比预期更严重恶化，几乎没有错误的余地。</p>
<p>市场集中度也是一个现实问题。少数大型科技公司对近期指数涨幅负有不成比例的责任，这意味着该集团的任何显著疲软都可能比典型的行业轮动更广泛地扩散。</p>
<h2><strong>更大的图景</strong></h2>
<p>高盛所描述的并不仅仅是一个表现超出预期的热门交易。这是华尔街相当一部分人对科技敞口思考方式的结构性变化。与人工智能相关的公司越来越多地被评估为长期战略持有，而不是围绕利率周期进行管理的投机性头寸。</p>
<p>这并不意味着它们免于下跌或失望。但这确实解释了为什么投资者不断回归于它们。人工智能已经从金融对话边缘的主题，转变为严肃资金思考下一个十年的中心议题。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

高盛

Global X未来分析技术ETF

纳斯达克人工智慧与机器人 ETF - First Trust

创新 ETF - ARK

<p>高盛报告称，投资者对人工智能股票的行为发生了转变，这些股票现在被视为防御性投资，而不是高风险的增长型投资。尽管经济挑战依然存在，资本仍持续流入与人工智能相关的公司，机构投资者因害怕错失机会而不愿减少持仓。这一趋势反映了对人工智能在各个行业长期潜力的更广泛信念，尽管估值问题仍然存在。对人工智能股票的看法正从投机性转变为战略性长期持有</p>

<p>There was a time when pulling money out of tech was the first move investors made whenever markets got rough. Rate hikes, inflation scares, slowing growth,  any of it was enough to send capital rushing toward safer corners of the market while technology stocks took the hit. That playbook is being rewritten, and artificial intelligence is the reason why.</p>
<div class="lb-trans"><p>曾几何时，投资者在市场动荡时的第一反应就是撤出科技股。加息、通胀恐慌、经济增长放缓，任何一个因素都足以让资金涌向市场的安全角落，而科技股则遭受重创。这个操作手册正在被重写，而人工智能正是原因所在。</p>
</div><p>Analysts at Goldman Sachs have been tracking a notable change in how institutional investors are approaching AI-linked companies. Rather than treating them as high-risk growth positions to be trimmed at the first sign of turbulence, many investors are now holding onto them through volatility, worried less about short-term swings and more about what it would mean to have too little exposure when the dust settles.</p>
<div class="lb-trans"><p>高盛的分析师们一直在追踪机构投资者在对待与人工智能相关公司的方式上发生的显著变化。许多投资者不再将这些公司视为高风险的增长头寸，而是在波动中持有它们，较少担心短期波动，更关注在尘埃落定时持有的敞口是否过少。</p>
</div><h2><strong>Money Keeps Flowing Into AI Despite the Noise</strong></h2>
<div class="lb-trans"><h2><strong>尽管噪音不断，资金仍持续流入人工智能</strong></h2>
</div><p>The persistence of AI investment has been one of the more striking features of this market cycle. Inflation has not fully resolved. Treasury yields have stayed elevated longer than many expected. Global economic conditions remain uneven. Under those circumstances, history would suggest tech stocks should be struggling.</p>
<div class="lb-trans"><p>人工智能投资的持续性是本轮市场周期中最引人注目的特征之一。通胀尚未完全解决。国债收益率比许多人预期的要高得多。全球经济状况依然不均衡。在这种情况下，历史表明科技股应该面临困境。</p>
</div><p>Instead, semiconductors, cloud infrastructure providers, and AI-adjacent companies have continued attracting capital. Dips have been met with buying. Pullbacks have been treated as entry points rather than warning signs. That kind of behavior points to something beyond short-term momentum trading,  it suggests a growing conviction among investors that artificial intelligence represents a shift large enough to justify staying in regardless of the macro environment.</p>
<div class="lb-trans"><p>然而，半导体、云基础设施提供商和与人工智能相关的公司仍在吸引资本。下跌时会有人买入。回调被视为入场机会，而不是警告信号。这种行为表明，投资者对人工智能的信念正在增长，认为这一转变足够重大，值得在宏观环境不佳时继续持有。</p>
</div><h2><strong>The Rally Has Spread Well Beyond Nvidia</strong></h2>
<div class="lb-trans"><h2><strong>反弹已远超英伟达</strong></h2>
</div><p>The early chapter of the AI investment story was essentially a Nvidia story. The chipmaker’s dominance in AI processing made it the obvious focal point, and for a while, it captured nearly all of the excitement.</p>
<div class="lb-trans"><p>人工智能投资故事的早期阶段基本上是英伟达的故事。这家芯片制造商在人工智能处理中的主导地位使其成为显而易见的焦点，且一度几乎捕获了所有的兴奋。</p>
</div><p>That has changed meaningfully. The conversation has expanded to include companies building the networking backbone that AI systems depend on, cloud providers scaling their infrastructure to meet surging demand, enterprise software firms embedding AI into their existing products, and semiconductor designers developing custom chips for specific AI workloads. Broadcom and Microsoft have become central figures in that broader narrative alongside Nvidia.</p>
<div class="lb-trans"><p>这种情况已经发生了显著变化。讨论范围已扩大到包括构建人工智能系统所依赖的网络基础设施的公司、云服务提供商扩大基础设施以满足激增的需求、将人工智能嵌入现有产品的企业软件公司，以及为特定人工智能工作负载开发定制芯片的半导体设计公司。博通和微软已成为与英伟达一起在这一更广泛叙事中的核心人物。</p>
</div><p>That widening reach matters because it suggests investors are no longer betting on a single company or a single product cycle. They are making a broader argument that artificial intelligence is embedding itself across industries in ways that will take years to fully play out.</p>
<div class="lb-trans"><p>这种扩展的影响很重要，因为它表明投资者不再只押注于单一公司或单一产品周期。他们正在提出一个更广泛的论点，即人工智能正在以将需要多年才能完全显现的方式嵌入各个行业。</p>
</div><h2><strong>Nobody Wants to Be Left Behind</strong></h2>
<div class="lb-trans"><h2><strong>没有人想被落在后面</strong></h2>
</div><p>One factor continuing to support AI stocks is the growing pressure many institutional investors feel to maintain exposure to the sector.</p>
<div class="lb-trans"><p>继续支持人工智能股票的一个因素是许多机构投资者感受到的保持对该领域敞口的压力。</p>
</div><p>Fund managers who underweighted the AI rally paid a real price in relative performance terms. That experience has made many of them reluctant to reduce exposure even when broader market sentiment softens. For a growing number of institutional investors, the risk of sitting on the sidelines during a continued AI-driven advance feels more uncomfortable than riding out short-term volatility.</p>
<div class="lb-trans"><p>那些在人工智能反弹中减持的基金经理在相对表现上付出了真实的代价。这种经历使得许多人在整体市场情绪减弱时仍不愿减少敞口。对于越来越多的机构投资者来说，在持续的人工智能驱动的上涨中坐在场外的风险比忍受短期波动更让人感到不安。</p>
</div><p>That psychology has created a floor of demand that helps explain why AI stocks have proven more resilient than many analysts expected.</p>
<div class="lb-trans"><p>这种心理创造了需求的底线，这有助于解释为什么人工智能股票的韧性超出了许多分析师的预期。</p>
</div><h2><strong>Corporate Spending Has Not Slowed Down</strong></h2>
<div class="lb-trans"><h2><strong>企业支出没有放缓</strong></h2>
</div><p>Investor confidence is also being reinforced by what companies are actually doing with their capital. Major cloud providers are continuing to pour money into data centers. Businesses across healthcare, finance, logistics, and retail are investing in AI tools and automation systems. Enterprise software vendors are racing to integrate machine learning into products their customers already depend on.</p>
<div class="lb-trans"><p>投资者信心也在公司实际使用资本的行为中得到了增强。主要云服务提供商继续向数据中心投入资金。医疗、金融、物流和零售等各行业的企业正在投资人工智能工具和自动化系统。企业软件供应商正在争相将机器学习集成到客户已经依赖的产品中。</p>
</div><p>That sustained spending has given Wall Street a concrete foundation beneath the optimism. This is not purely a story about future potential anymore. Real money is moving through the AI economy today, and investors are watching it closely.</p>
<div class="lb-trans"><p>这种持续的支出为华尔街的乐观情绪提供了坚实的基础。这不再仅仅是关于未来潜力的故事。真实的资金正在通过人工智能经济流动，投资者对此密切关注。</p>
</div><h2><strong>Valuations Remain a Genuine Concern</strong></h2>
<div class="lb-trans"><h2><strong>估值仍然是一个真正的担忧</strong></h2>
</div><p>None of this means the skeptics have gone quiet. Valuation concerns are legitimate and persistent. A number of AI-linked stocks have priced in years of aggressive growth, leaving very little margin for error if spending cycles shift or economic conditions deteriorate more sharply than expected.</p>
<div class="lb-trans"><p>这一切并不意味着怀疑者已经沉默。估值问题是合理且持久的。一些与人工智能相关的股票已经定价了多年的激进增长，如果支出周期发生变化或经济状况比预期更严重恶化，几乎没有错误的余地。</p>
</div><p>Market concentration is also a live issue. A handful of large technology companies are responsible for a disproportionate share of recent index gains, which means any meaningful weakness in that group could ripple outward more broadly than typical sector rotation would.</p>
<div class="lb-trans"><p>市场集中度也是一个现实问题。少数大型科技公司对近期指数涨幅负有不成比例的责任，这意味着该集团的任何显著疲软都可能比典型的行业轮动更广泛地扩散。</p>
</div><h2><strong>The Bigger Picture</strong></h2>
<div class="lb-trans"><h2><strong>更大的图景</strong></h2>
</div><p>What Goldman Sachs is describing is not simply a hot trade holding up better than expected. It is a structural change in how a significant portion of Wall Street thinks about technology exposure. AI-linked companies are increasingly being evaluated as long-term strategic holdings rather than speculative positions to be managed around interest rate cycles.</p>
<div class="lb-trans"><p>高盛所描述的并不仅仅是一个表现超出预期的热门交易。这是华尔街相当一部分人对科技敞口思考方式的结构性变化。与人工智能相关的公司越来越多地被评估为长期战略持有，而不是围绕利率周期进行管理的投机性头寸。</p>
</div><p>That does not make them immune to drawdowns or disappointment. But it does explain why investors keep coming back to them. Artificial intelligence has moved from a theme on the edges of financial conversations to one sitting at the center of how serious money is thinking about the next decade.</p>
<div class="lb-trans"><p>这并不意味着它们免于下跌或失望。但这确实解释了为什么投资者不断回归于它们。人工智能已经从金融对话边缘的主题，转变为严肃资金思考下一个十年的中心议题。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

高盛表示，人工智能股票开始表现得像防御性投资一样