近期，OpenAI与英伟达、甲骨文、AMD达成的一系列轰动性协议可能仅仅只是个开始。10月8日，据TechCrunch报道，OpenAI首席执行官Sam Altman在一档博客节目中透露： 在未来几个月里，你们可以期待我们带来更多（这样的交易）。 他解释称，鉴于对公司未来模型能力和其所催生需求的强大信心， "我们已决定是时候进行一次非常激进的基础设施押注了。" Sam Altman透露，OpenAI未来几个月将有更多激进的基础设施押注，旨在应对下一代AI模型催生的庞大需求。分析认为，这些交易以"交叉持股"模式 为核心——芯片巨头通过投资或股权承诺换取OpenAI订单，形成一种"AI闭环经济"。 "AI闭环经济"要愈演愈烈？ 万亿豪赌：Altman对AI未来的激进押注 OpenAI的扩张规模是空前的。其交易清单包括：与甲骨文及软银合作的价值5000亿美元的"Stargate"项目，旨在建设10吉瓦的美国数据中心设施；与 英伟达合作建设至少10吉瓦的AI数据中心；以及与AMD合作的6吉瓦算力部署。 支撑这一系列大胆交易的，是Altman对AI未来的坚定信心。他在播客中解释称，由于预见到未来模型的能力和需求将远超现 ...

人工智能的飞速发展正在重塑科技行业，但其背后复杂的资本流动和商业关系，也开始引发对行业系统性风险的担忧。 据追风交易台消息，摩根士丹利在一份最新报告中指出，人工智能（AI）生态系统正呈现出日益增强的"循环性"，主要参与者之间通过投资、采 购和收入分成等方式形成了错综复杂的网络。该行警告，由于相关信息披露严重不足，这种不透明的循环结构正使投资者难以准确评估AI领域的 真实风险与回报。 这一循环的核心动态体现在AI巨头与其供应商之间。以OpenAI为例，其巨额采购承诺正重塑供应商的财务状况。 报告指出，OpenAI的合同约占甲骨文剩余履约义务（RPO）总额的三分之二，以及云服务商CoreWeaveRPO的约40%。据大摩估计，OpenAI的 合同总计推动了微软、甲骨文和CoreWeave三家公司RPO的显著增长，使其在三家公司总计约8800亿美元的RPO中占据了超过3300亿美元的份 额。 这一高度集中的客户关系意味着，这些供应商的未来增长与成功，已在很大程度上与OpenAI的命运紧密相连。 与此同时，为满足AI带来的庞大算力需求，超大规模数据中心运营商正在进行一场豪赌。报告显示，这些公司的采购承诺在过去一年激增 ...

2025年，OpenAI估值飙升至5000亿美元，超越SpaceX，成为全球估值最高的独角兽。其背后是一场以算力为核心的「AI军备竞赛」：未来十年将部署 20GW算力，相当于20座核反应堆，投入规模达1万亿美元。那么问题来了，钱从哪里来？ 一图看透全球大模型！新智元十周年钜献，2025 ASI前沿趋势报告37页首发 2024年，OpenAI营收大约为40亿美元，估值约为1570亿美元。 2025年上半年，OpenAI收入43亿美元，全年预测130亿美元，而估值是5000亿美元！ OpenAI的估值超过了马斯克的SpaceX，成为全球估值最高的未上市初创企业！ OpenAI，现在就是硅谷，乃至全球的「摇钱树」！ 不管是美股的热钱，还是全球的资本，都盯着OpenAI的一举一动。 所有连线都表示与OpenAI在资金、算力、托管、芯片或业务上的关系。 连线旁的灰字是关系的性质（投资、托管、数据中心交易、定制芯片等）。 左侧偏资金 + 传统云/算力合同。 右侧偏芯片 + 多云托管 + 竞争对手。 现在，但凡沾上「OpenAI」概念，股价都是一飞冲天。 早一些的比如甲骨文（Oracle）、英伟达、CoreWeave，最近 ...

以下文章来源于柳叶刀财经 ，作者刀哥 柳叶刀财经 . 买股票就是买公司。专注公司基本面分析，包括但不限于主营业务、护城河、内生式增长、财报、管理层、公司产品、行业等等。 导语：openAI其实是核心，英伟达、AMD、甲骨文，其实都算是算力或者基础服务商，核心还是openAI未来的发展。 国庆这几天，美股、日经都很热闹，挑一些重点的说。 1）先说下美股的AI科技股的联姻。最重磅的消息是关于AMD，看下AMD这涨幅，怎么有点类似oracle？ | 最高: 226.71 | 今开：226.44 | 成交量: 2.49亿股 | 换手:15.33% | | --- | --- | --- | --- | | 最低: 203.01 | 昨收:164.67 | 成交额：526.75亿 | 振幅: 14.39% | | 52周最高: 226.71 | 量比: 5.97 | 市盈率(TTM): 116.65 | 市净率:5.54 | | 52周最低: 76.48 | 委比: 14.29% | 市盈率(静): 201.46 | 市销率：11.17 | | 每股收益: 1.75 | 股息(TTM): -- | 每手股数:1 | 总 ...

30 Sep 2025 03:55:19 ET │ 14 pages Global Artificial Intelligence Raising AI Infrastructure Forecasts CITI'S TAKE We noted in AI: The Information Era's Apex Technology that we're entering a period of accelerating growth in both investment and implementation of AI driven by improvements in technology, enterprise adoption, and infrastructure expansion. We did not expect the expression of that acceleration to be compressed into a two-week period involving the flurry of announced investments, partnerships, and ...

October 8, 2025 01:45 AM GMT Global Valuation, Accounting & Tax | North America AI: Mapping Circularity The AI ecosystem is increasingly circular — suppliers are funding customers & sharing revenue; there is cross-ownership & rising concentration. More sufficient disclosure is warranted to understand these relationships. We map a section of this circularity and highlight areas of risks & rewards. Key Takeaways Investor attention is increasing to the intertwined relationships of AI players. We focus on the e ...

Core Insights - The article discusses the intertwined ecosystem of key players in the AI infrastructure space, including NVIDIA, OpenAI, AMD, and Oracle, highlighting their roles and relationships in the current AI revolution [1][2]. Group 1: Company Roles - OpenAI serves as the AI model developer and central "demand anchor," requiring substantial compute power, data centers, and scale [3]. - NVIDIA provides GPUs and accelerators to OpenAI, invests in OpenAI-linked infrastructure, and benefits from guaranteed demand [3][4]. - AMD also supplies GPUs with large-scale deployment commitments, similar to NVIDIA [7]. - Oracle builds data center infrastructure and cloud hosting for OpenAI, including "Stargate" facilities and power contracts [7]. Group 2: Economic Implications - OpenAI's AI models drive significant demand for high-performance GPUs, creating a symbiotic relationship with NVIDIA and AMD [7]. - NVIDIA's potential $100 billion investment in OpenAI highlights a strategic focus on long-term demand rather than immediate revenue [7]. - Oracle's $300 billion commitment to data center construction and AI hosting indicates a comprehensive infrastructure approach beyond just GPU supply [7]. Group 3: Market Dynamics - The current AI landscape shows speculative traits, with NVIDIA's forward P/E ratio exceeding 40x, suggesting high investor expectations [9]. - The concentration of capital among a few firms creates a feedback loop that reinforces investment and valuation [9]. - Unlike the dot-com era, the AI buildout involves tangible infrastructure, such as chips and data centers, which retain value even during downturns [10]. Group 4: Risks and Signals - Potential risks include order cancellations, delayed deployments, and regulatory scrutiny, which could impact market confidence and valuations [6][13]. - A 50% order cancellation from OpenAI could lead to a 4-5% short-term earnings hit for NVIDIA and 2-3% for AMD, indicating market sensitivity to earnings misses [13]. - The narrative momentum surrounding AI could drive market performance, but a weakening narrative may lead to valuation corrections [10]. Group 5: Cooling Solutions in AI Infrastructure - Companies specializing in advanced cooling technologies for data centers are positioned to benefit from the expanding AI infrastructure [11]. - Vertiv Holdings Co provides thermal management solutions and has recently acquired Great Lakes Data Racks & Cabinets for $200 million to enhance its capabilities [12][14]. - Schneider Electric has bolstered its data center cooling portfolio by acquiring a 75% stake in Motivair Corp for $850 million [17].

Artificial intelligence holds the promise of revolutionizing industry, curing diseases, and solving humanity's biggest problems. It remains to be seen how it might do that with today's large language models or AI-generated video, but in anticipation of the big boom, tech companies are spending billions to scale up their data centers and position for the coming revolution. We're not talking about a few billion, either. In recent weeks, eye-popping deals between AI giants have sent the markets to all-time ...

文件显示，在截至8月的3个月里，甲骨文通过出租搭载英伟达芯片的服务器获得约9亿美元收入，录得1.25亿美元毛利润，毛利率只有不到14%。同时， 一些未列明的折旧费用还将吞噬7个百分点的利润率。云业务的迅猛扩张，将迅速拉低公司目前接近70%的毛利率。文件还显示，支撑甲骨文云业务利润 率的是一些旧款英伟达芯片，最新的Blackwell芯片反倒在挤压利润率。 北京时间10月8日美股收盘，三大指数集体收跌，道指跌0.2%，纳指跌0.67%，标普500指数跌0.38%。 甲骨文一度跌近7% 美股科技股受挫 甲骨文被爆料"云业务利润率低于预期"。这意味着AI产业链承压，支撑美股的关键因子走弱。受上述消息影响，甲骨文盘中一度下跌近7%，最终收跌 2.37%。 美股科技股受挫，科技七巨头普跌。英伟达下跌0.27%，微软下跌0.87%，谷歌下跌1.74%。 本期编辑：孙琪 费城半导体指数跌超2%。成份股多数下跌，美光科技、台积电、微芯科技等跌超2%。 桥水基金创始人达利欧表示，对于近期美国股市的涨势，持保留意见。美股估值飙升引发了人们对人工智能（AI）泡沫的担忧。 尽管如此，他表示仍然看到利用人工智能带来收益的机会，无论是那些 ...

OpenAI and Nvidia. Oracle and OpenAI. Nvidia and Oracle. Today on the Big Take: the AI giants making circular deals — and why some analysts are skeptical https://t.co/b9hHfUuhMC https://t.co/nSBAHCbO1f ...