---
title: "着名沽空投資者查諾斯把人工智能熱潮與科網股泡沫相提並論"
description: "着名沽空投資者查諾斯在接受《彭博電視》採訪時警告，信貸和股市在經歷 16 年牛市後，情況極端。他將人工智能的資本支出熱潮比作 1990 年代的科網股泡沫，認為人工智能是當前金融週期的替代理念。查諾斯對人工智能基礎設施的巨大資本支出表示擔憂，指出這些支出遠超互聯網時代的融資規模，並提到英偉達和微軟等公司在處理設備折舊和資本需求方面的創新融資安排。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/262329325.md"
published_at: "2025-10-23T01:16:16.000Z"
---

# 着名沽空投資者查諾斯把人工智能熱潮與科網股泡沫相提並論

> 着名沽空投資者查諾斯在接受《彭博電視》採訪時警告，信貸和股市在經歷 16 年牛市後，情況極端。他將人工智能的資本支出熱潮比作 1990 年代的科網股泡沫，認為人工智能是當前金融週期的替代理念。查諾斯對人工智能基礎設施的巨大資本支出表示擔憂，指出這些支出遠超互聯網時代的融資規模，並提到英偉達和微軟等公司在處理設備折舊和資本需求方面的創新融資安排。

着名沽空投資者查諾斯 (Jim Chanos) 接受《彭博電視》訪問時警告，信貸和股市經歷 16 年牛市後，情況相當極端，並把人工智能資本支出熱潮比作 1990 年代科網股泡沫，指人工智能類似互聯網在 90 年代科技領域的主導地位，是目前金融週期的替代理念。

查諾斯對人工智能基建巨大資本支出感到擔憂，指有關支出遠超互聯網時代供應商融資規模的約 1,000 億美元。他點名英偉達 (NVDA.US) 及微軟 (MSFT.US) 等大型科技公司，正似乎願不惜一切將實際設備從資產負債表中移除，通過創新融資安排實現。

他認為有關企業擔心設備折舊和相關會計處理，以及他們不想直接記錄在資產負債表上的巨大資本需求。

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> **免責聲明**：本文內容僅供參考，不構成任何投資建議。
