持续“烧钱” 美股七巨头AI竞赛激战正酣

Core Viewpoint - The article discusses the rapid growth and investment in artificial intelligence (AI) by the "Magnificent Seven" tech giants, highlighting the potential for an AI bubble and the strategic competition among these companies as they invest heavily in AI infrastructure and applications [2][3]. Group 1: Investment Trends - The "Magnificent Seven" tech giants, including Nvidia, Microsoft, Apple, Amazon, Alphabet, Meta, and Tesla, are significantly increasing their capital expenditures (CapEx) to build AI infrastructure, focusing on data centers, chip procurement, and AI training facilities [2][3]. - Microsoft’s CapEx for fiscal years 2023, 2024, and 2025 is approximately $29 billion, $32 billion, and $64.6 billion respectively, with a year-on-year growth rate of 10%, 39%, and 45% [3]. - Amazon's CapEx is projected to grow explosively from $83 billion in 2024, with a year-on-year increase of over 50%, and is expected to reach $125 billion in 2025 [3][4]. - Alphabet's CapEx was around $52.5 billion last year, with a year-on-year increase of over 60%, and is guided to be between $91 billion and $93 billion for 2025 [4]. - Meta is shifting its focus from the metaverse to AI, with a projected CapEx of approximately $37.3 billion in 2024, increasing to between $70 billion and $72 billion in 2025 [4][5]. - Nvidia's CapEx for fiscal year 2025 is about $3.2 billion, reflecting a 202% increase year-on-year, with projections for fiscal year 2026 between $4 billion and $6 billion [5]. Group 2: Market Performance and Competition - The "Wind US Tech Seven Index" has shown an upward trend in 2025, with an overall increase of 18.33%, outperforming the S&P 500 index [6]. - Nvidia, Microsoft, and Apple have reached historical market capitalization records, with Nvidia becoming the first company to surpass $5 trillion [6]. - The competition among tech giants is shifting from individual technical capabilities to systemic competition around ecosystems, platforms, and long-term control [6][7]. - Nvidia is benefiting from low investment and high returns as an AI infrastructure supplier, while Microsoft focuses on enterprise AI productivity tools [7][8]. - Amazon's AWS reported a revenue of $3.3 billion in Q3, marking a 20% year-on-year increase, and is leveraging its Bedrock platform to assist businesses in building AI [8]. Group 3: Strategic Relationships and Future Outlook - The relationship between OpenAI and the Magnificent Seven is evolving, with Microsoft reducing its dependency on OpenAI while also being its largest investor [9]. - OpenAI plans to collaborate with Broadcom to develop its own AI chips, reducing reliance on Nvidia, while other giants like Google and Meta view OpenAI as a direct competitor [9]. - The ongoing competition and collaboration among these tech giants highlight the importance of controlling core technologies and user data, as well as the struggle for future dominance [9].