今天，$阿里巴巴(BABA.US) 董事局主席蔡崇信在 HSBC 峰会上的话，明显被断章取义了，看一下前后文：

a.I start to see the beginning of some kind of bubble......I start to get worried when people are building data centers on speculation. There are a number of people coming up, funds coming out, to raise billions or millions of dollars without uptake agreements.

b. I am still astounded by the type of numbers that's being thrown around in the US about investing into AI.

c. People are talking, literally talking about US$ 500bn, several hundred billion dollars,. I don't think that's entirely necessary. I think in a way, people are investing ahead of the demand that they are seeing today, but are projecting much bigger demand.

似乎蔡崇信的话，与阿里财报时候宣布的未来 3800 亿投资额矛盾。从上下文来看，整体说的还是美国那边的 AI 投资有泡沫化的迹象。

这个跟国内关系并不算大。国内整个 AI 投资更多是 DeepSeek 出现之后才刚刚启动，而且数据中心建设过程中，更偏禁令下的算力供给不足，本质上没什么过程。

阿里的激进，更像是蛰伏了几年之后，面对 AI 机会的激动，但投资额是三年期，中间是有很大的调整空间。这样的宣布更带提振士气。

腾讯就更偏保守了，整体投资逻辑更偏自建逻辑下的内部消化，是需要先看到应用的爆发。（这两天海豚君会详细点评一下腾讯和阿里在 AI 算力上的投资逻辑差异，敬请关注。）

由于整个算力产业链中，有不少中国资产是供给美国的 AI 链条中的一环，会因为这句话被连坐。