<p>曾幾何時，投資者在市場動盪時的第一反應就是撤出科技股。加息、通脹恐慌、經濟增長放緩，任何一個因素都足以讓資金湧向市場的安全角落，而科技股則遭受重創。這個操作手冊正在被重寫，而人工智能正是原因所在。</p>
<p>高盛的分析師們一直在追蹤機構投資者在對待與人工智能相關公司的方式上發生的顯著變化。許多投資者不再將這些公司視為高風險的增長頭寸，而是在波動中持有它們，較少擔心短期波動，更關注在塵埃落定時持有的敞口是否過少。</p>
<h2><strong>儘管噪音不斷，資金仍持續流入人工智能</strong></h2>
<p>人工智能投資的持續性是本輪市場週期中最引人注目的特徵之一。通脹尚未完全解決。國債收益率比許多人預期的要高得多。全球經濟狀況依然不均衡。在這種情況下，歷史表明科技股應該面臨困境。</p>
<p>然而，半導體、雲基礎設施提供商和與人工智能相關的公司仍在吸引資本。下跌時會有人買入。回調被視為入場機會，而不是警告信號。這種行為表明，投資者對人工智能的信念正在增長，認為這一轉變足夠重大，值得在宏觀環境不佳時繼續持有。</p>
<h2><strong>反彈已遠超英偉達</strong></h2>
<p>人工智能投資故事的早期階段基本上是英偉達的故事。這家芯片製造商在人工智能處理中的主導地位使其成為顯而易見的焦點，且一度幾乎捕獲了所有的興奮。</p>
<p>這種情況已經發生了顯著變化。討論範圍已擴大到包括構建人工智能系統所依賴的網絡基礎設施的公司、雲服務提供商擴大基礎設施以滿足激增的需求、將人工智能嵌入現有產品的企業軟件公司，以及為特定人工智能工作負載開發定製芯片的半導體設計公司。博通和微軟已成為與英偉達一起在這一更廣泛敍事中的核心人物。</p>
<p>這種擴展的影響很重要，因為它表明投資者不再只押注於單一公司或單一產品週期。他們正在提出一個更廣泛的論點，即人工智能正在以將需要多年才能完全顯現的方式嵌入各個行業。</p>
<h2><strong>沒有人想被落在後面</strong></h2>
<p>繼續支持人工智能股票的一個因素是許多機構投資者感受到的保持對該領域敞口的壓力。</p>
<p>那些在人工智能反彈中減持的基金經理在相對錶現上付出了真實的代價。這種經歷使得許多人在整體市場情緒減弱時仍不願減少敞口。對於越來越多的機構投資者來説，在持續的人工智能驅動的上漲中坐在場外的風險比忍受短期波動更讓人感到不安。</p>
<p>這種心理創造了需求的底線，這有助於解釋為什麼人工智能股票的韌性超出了許多分析師的預期。</p>
<h2><strong>企業支出沒有放緩</strong></h2>
<p>投資者信心也在公司實際使用資本的行為中得到了增強。主要雲服務提供商繼續向數據中心投入資金。醫療、金融、物流和零售等各行業的企業正在投資人工智能工具和自動化系統。企業軟件供應商正在爭相將機器學習集成到客户已經依賴的產品中。</p>
<p>這種持續的支出為華爾街的樂觀情緒提供了堅實的基礎。這不再僅僅是關於未來潛力的故事。真實的資金正在通過人工智能經濟流動，投資者對此密切關注。</p>
<h2><strong>估值仍然是一個真正的擔憂</strong></h2>
<p>這一切並不意味着懷疑者已經沉默。估值問題是合理且持久的。一些與人工智能相關的股票已經定價了多年的激進增長，如果支出週期發生變化或經濟狀況比預期更嚴重惡化，幾乎沒有錯誤的餘地。</p>
<p>市場集中度也是一個現實問題。少數大型科技公司對近期指數漲幅負有不成比例的責任，這意味着該集團的任何顯著疲軟都可能比典型的行業輪動更廣泛地擴散。</p>
<h2><strong>更大的圖景</strong></h2>
<p>高盛所描述的並不僅僅是一個表現超出預期的熱門交易。這是華爾街相當一部分人對科技敞口思考方式的結構性變化。與人工智能相關的公司越來越多地被評估為長期戰略持有，而不是圍繞利率週期進行管理的投機性頭寸。</p>
<p>這並不意味着它們免於下跌或失望。但這確實解釋了為什麼投資者不斷迴歸於它們。人工智能已經從金融對話邊緣的主題，轉變為嚴肅資金思考下一個十年的中心議題。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

高盛

Global X未來分析技術ETF

納斯達克人工智慧與機器人 ETF - First Trust

創新 ETF - ARK

<p>高盛報告稱，投資者對人工智能股票的行為發生了轉變，這些股票現在被視為防禦性投資，而不是高風險的增長型投資。儘管經濟挑戰依然存在，資本仍持續流入與人工智能相關的公司，機構投資者因害怕錯失機會而不願減少持倉。這一趨勢反映了對人工智能在各個行業長期潛力的更廣泛信念，儘管估值問題仍然存在。對人工智能股票的看法正從投機性轉變為戰略性長期持有</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>曾幾何時，投資者在市場動盪時的第一反應就是撤出科技股。加息、通脹恐慌、經濟增長放緩，任何一個因素都足以讓資金湧向市場的安全角落，而科技股則遭受重創。這個操作手冊正在被重寫，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>高盛的分析師們一直在追蹤機構投資者在對待與人工智能相關公司的方式上發生的顯著變化。許多投資者不再將這些公司視為高風險的增長頭寸，而是在波動中持有它們，較少擔心短期波動，更關注在塵埃落定時持有的敞口是否過少。</p>
</div><h2><strong>Money Keeps Flowing Into AI Despite the Noise</strong></h2>
<div class="lb-trans"><h2><strong>儘管噪音不斷，資金仍持續流入人工智能</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>人工智能投資的持續性是本輪市場週期中最引人注目的特徵之一。通脹尚未完全解決。國債收益率比許多人預期的要高得多。全球經濟狀況依然不均衡。在這種情況下，歷史表明科技股應該面臨困境。</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，半導體、雲基礎設施提供商和與人工智能相關的公司仍在吸引資本。下跌時會有人買入。回調被視為入場機會，而不是警告信號。這種行為表明，投資者對人工智能的信念正在增長，認為這一轉變足夠重大，值得在宏觀環境不佳時繼續持有。</p>
</div><h2><strong>The Rally Has Spread Well Beyond Nvidia</strong></h2>
<div class="lb-trans"><h2><strong>反彈已遠超英偉達</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>人工智能投資故事的早期階段基本上是英偉達的故事。這家芯片製造商在人工智能處理中的主導地位使其成為顯而易見的焦點，且一度幾乎捕獲了所有的興奮。</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>這種情況已經發生了顯著變化。討論範圍已擴大到包括構建人工智能系統所依賴的網絡基礎設施的公司、雲服務提供商擴大基礎設施以滿足激增的需求、將人工智能嵌入現有產品的企業軟件公司，以及為特定人工智能工作負載開發定製芯片的半導體設計公司。博通和微軟已成為與英偉達一起在這一更廣泛敍事中的核心人物。</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>這種擴展的影響很重要，因為它表明投資者不再只押注於單一公司或單一產品週期。他們正在提出一個更廣泛的論點，即人工智能正在以將需要多年才能完全顯現的方式嵌入各個行業。</p>
</div><h2><strong>Nobody Wants to Be Left Behind</strong></h2>
<div class="lb-trans"><h2><strong>沒有人想被落在後面</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>繼續支持人工智能股票的一個因素是許多機構投資者感受到的保持對該領域敞口的壓力。</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>那些在人工智能反彈中減持的基金經理在相對錶現上付出了真實的代價。這種經歷使得許多人在整體市場情緒減弱時仍不願減少敞口。對於越來越多的機構投資者來説，在持續的人工智能驅動的上漲中坐在場外的風險比忍受短期波動更讓人感到不安。</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>這種心理創造了需求的底線，這有助於解釋為什麼人工智能股票的韌性超出了許多分析師的預期。</p>
</div><h2><strong>Corporate Spending Has Not Slowed Down</strong></h2>
<div class="lb-trans"><h2><strong>企業支出沒有放緩</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>投資者信心也在公司實際使用資本的行為中得到了增強。主要雲服務提供商繼續向數據中心投入資金。醫療、金融、物流和零售等各行業的企業正在投資人工智能工具和自動化系統。企業軟件供應商正在爭相將機器學習集成到客户已經依賴的產品中。</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>這種持續的支出為華爾街的樂觀情緒提供了堅實的基礎。這不再僅僅是關於未來潛力的故事。真實的資金正在通過人工智能經濟流動，投資者對此密切關注。</p>
</div><h2><strong>Valuations Remain a Genuine Concern</strong></h2>
<div class="lb-trans"><h2><strong>估值仍然是一個真正的擔憂</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>這一切並不意味着懷疑者已經沉默。估值問題是合理且持久的。一些與人工智能相關的股票已經定價了多年的激進增長，如果支出週期發生變化或經濟狀況比預期更嚴重惡化，幾乎沒有錯誤的餘地。</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>市場集中度也是一個現實問題。少數大型科技公司對近期指數漲幅負有不成比例的責任，這意味着該集團的任何顯著疲軟都可能比典型的行業輪動更廣泛地擴散。</p>
</div><h2><strong>The Bigger Picture</strong></h2>
<div class="lb-trans"><h2><strong>更大的圖景</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>高盛所描述的並不僅僅是一個表現超出預期的熱門交易。這是華爾街相當一部分人對科技敞口思考方式的結構性變化。與人工智能相關的公司越來越多地被評估為長期戰略持有，而不是圍繞利率週期進行管理的投機性頭寸。</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>這並不意味着它們免於下跌或失望。但這確實解釋了為什麼投資者不斷迴歸於它們。人工智能已經從金融對話邊緣的主題，轉變為嚴肅資金思考下一個十年的中心議題。</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 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
</div>

高盛表示，人工智能股票開始表現得像防禦性投資一樣