<div id="readability-page-1"><div><div><h2><strong>Pulse on AI</strong></h2><p>Goldman's Bartlett on AI disappointment: ORCL spent too much (higher FY26 capex with less reward for off-balance-sheet spend), AVGO didn’t raise AI revenue guidance enough, ChatGPT-5.2 failed to spark the same excitement as Gemini 3 in early November, and reports of ORCL datacenter pushouts (later refuted) added to the pressure. After a strong two-week rally, air is coming out of the trade, leaving most AI stocks roughly flat on a 2-month+ basis.</p></div></div></div>

<p>關於 AIGoldman 的巴特利特對人工智能失望的看法：ORCL 的資本支出過高（FY26 資本支出增加，但離表支出回報較少），AVGO 沒有足夠提高人工智能收入指引，ChatGPT-5.2 未能引發與 11 月初 Gemini 3 相同的興奮感，關於 ORCL 數據中心推遲的報道（後來被否認）進一步加大了壓力。在經歷了強勁的兩週反彈後，交易的熱度正在減退，導致大多數人工智能股票在兩個月以上的時間裏基本持平</p>

AI Was the Trade, Now It’s the Problem

- ORCL 由於高額資本支出未能獲得足夠回報，導致市場失望。  
- AVGO 的 AI 收入指引未能顯著上調，影響投資者信心。  
- AI 股票在經歷強勁反彈後，近期表現平平。  

人工智能曾是交易的熱點，如今卻成了問題