责任编辑：李桐 黑石集团首席执行官苏世民淡化对数据中心存在泡沫的担忧，称这一业务极其保守。 苏世民在周四接受采访时表示，黑石的角色是作为向健康企业提供直接服务的供应商。他说，公司建设 数据中心，并与英伟达等信用良好的合作伙伴签署长期租约。 黑石集团首席执行官苏世民淡化对数据中心存在泡沫的担忧，称这一业务极其保守。 苏世民在周四接受采访时表示，黑石的角色是作为向健康企业提供直接服务的供应商。他说，公司建设 数据中心，并与英伟达等信用良好的合作伙伴签署长期租约。 苏世民说："这不是那种泡沫式的业务。这是极其保守的。" 黑石是全球最大的数据中心运营商所有者之一。这家管理1.2万亿美元另类资产的公司旗下包括北美最 大的数据中心房东QTS，以及澳大利亚数据中心运营商 AirTrunk。 责任编辑：李桐 黑石是全球最大的数据中心运营商所有者之一。这家管理1.2万亿美元另类资产的公司旗下包括北美最 大的数据中心房东QTS，以及澳大利亚数据中心运营商 AirTrunk。 苏世民说："这不是那种泡沫式的业务。这是极其保守的。" ...

得州电网管理机构ERCOT报告显示，申请在2030年前接入得州电网的大型项目容量合计已超220GW，是今夏该州峰值需求的两倍多，其中超七成是数 据中心。今年在得州申请电力连网的大型项目数量几乎翻了两番，其中超半数、约128GW项目还未提交ERCOT审查。 得克萨斯大学奥斯汀分校研究科学家、能源咨询公司IdeaSmiths创始人Joshua Rhodes直言： "这绝对看起来、闻起来、感觉起来——就像一个泡沫。整体的数字简直可笑。 据得州电网管理机构得州电力可靠性委员会（ERCOT）本周稍早公布的报告，申请在2030年前接入得州电网的大型项目容量合计已超过220吉瓦 （GW）。ERCOT数据显示，其中超过70%是数据中心项目。220GW是得州今年创纪录的夏季峰值需求约85GW的两倍多，也远超该州约103GW的季 度总发电容量。 我们根本没有办法在地面上建造这么多基础设施来满足这些数字。我甚至不知道中国能不能这么快做到。" 这场热潮还引发了更广泛的信贷担忧。橡树资本管理公司联合创始人霍华德·马克斯（Howard Marks）在本周的报告中写道： 美国得州正在经历一场疯狂的数据中心建设热潮，规模之大已引发业内人士对 ...

美国得州正在经历一场疯狂的数据中心建设热潮，规模之大已引发业内人士对泡沫的警告。由AI繁荣推动的数据中 心项目如潮水般涌入这个州，能源专家任务，这些需求根本不可能满足。 据得州电网管理机构得州电力可靠性委员会（ERCOT）本周稍早公布的报告，申请在2030年前接入得州电网的大型 项目容量合计已超过220吉瓦（GW）。ERCOT数据显示，其中超过70%是数据中心项目。220GW是得州今年创纪录 的夏季峰值需求约85GW的两倍多，也远超该州约103GW的季度总发电容量。 | Project Status | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | No Studies Submitted | 0 | 0 | 0 | 1,414 | 7,385 | 29,580 | 70,709 | 102,970 | 128,487 | | Under ERCOT Review | 0 | 0 | 0 | 4,720 ...

Core Financial Performance - CoreWeave reported Q3 revenue of $1.36 billion, a 134% year-over-year increase, exceeding the expected $1.29 billion [3][4] - The company experienced a net loss of $110 million, significantly reduced from a net loss of $359 million in the same period last year [3][4] - Operating profit margin was only 4%, below the expected 6.5% and lower than the previous year's margin [3][4] Revenue Guidance and Order Backlog - The revenue guidance for 2025 was lowered from a previous high of $5.35 billion to a range of $5.05 billion to $5.15 billion, below analyst expectations of $5.29 billion, primarily due to delays from a third-party data center contractor [3][4] - The company's order backlog reached $55.6 billion, nearly double that of the previous quarter [4][5] - Significant contracts include a $14.2 billion six-year agreement with Meta and an expanded $6.5 billion agreement with OpenAI [4][5] Capital Expenditure and Growth Strategy - CoreWeave's CEO indicated that the company is facing constraints due to a shortage of "powered-shell" data centers for rapid deployment [5] - Following a failed acquisition of Core Scientific, CoreWeave is accelerating its own data center construction, particularly in Pennsylvania [5] - The projected capital expenditure for 2026 is expected to exceed double that of 2025's estimated $12-14 billion, raising concerns about the aggressive investment pace relative to anticipated revenue [5]

Core Insights - A study by Harvard economist Jason Furman indicates that nearly all GDP growth in the U.S. for the first half of 2025 will be driven by data centers and information processing technologies, with other sectors showing a growth rate of only 0.1% [1][4] - Concerns are rising about a "data center bubble," as many fear that without technological investments, the U.S. economy could face a recession [1][5] - Investment in information processing equipment and software accounted for only 4% of GDP but contributed 92% to GDP growth in the first half of the year [1][4] Investment Trends - Major tech companies have significantly increased their capital expenditures in data centers, with spending quadrupling in recent years to nearly $400 billion [4] - The top 10 companies account for nearly one-third of total spending in this area, contributing approximately 100 basis points to actual GDP growth [4] - Companies like Microsoft, Google, Amazon, Meta, and Nvidia have invested hundreds of billions in building and upgrading data centers due to explosive demand for computing power driven by AI [4][8] Economic Implications - The construction of AI data centers is projected to surpass consumer spending's contribution to GDP growth for the first time, which is notable given that consumer spending typically accounts for two-thirds of U.S. GDP [4] - Other sectors such as manufacturing, real estate, retail, and services are experiencing stagnation or negative growth, raising alarms about the overall economic health [5] - The labor market is also showing signs of distress, with only 22,000 jobs added in August and a rising long-term unemployment rate [5] Funding and Financial Models - As of the end of 2024, there are 1,240 data centers either completed or approved in the U.S., a fourfold increase since 2010 [8] - Major tech firms are raising funds through various channels for data center expansion, with Oracle issuing $18 billion in bonds and Meta securing $29 billion in financing [8] - There are concerns regarding the sustainability of the business model, as it remains unclear whether AI product revenues can support the rising expenditures [9]

Core Insights - A study by Harvard economist Jason Furman indicates that nearly all GDP growth in the U.S. for the first half of 2025 will be driven by data centers and information processing technology, with other sectors showing a growth rate of only 0.1% [1][4] - Concerns are rising about a potential "data center bubble," as the sustainability of the business model for tech giants investing heavily in data centers remains uncertain [1][8] Investment Trends - Investment in information processing equipment and software accounted for only 4% of U.S. GDP but contributed 92% to GDP growth in the first half of the year [1][3] - Major tech companies have significantly increased capital expenditures in data centers, with spending nearly quadrupling in recent years to approximately $400 billion annually [3][7] Economic Impact - The contribution of data center-related spending to U.S. GDP growth is estimated to be around 100 basis points, highlighting its macroeconomic significance [3] - AI technology is driving an explosive demand for computing power, leading to substantial investments from companies like Microsoft, Google, Amazon, Meta, and Nvidia [3][7] Sector Performance - Other sectors such as manufacturing, real estate, retail, and services are experiencing stagnation or negative growth, raising alarms about the overall health of the U.S. economy [4][5] - The labor market is showing signs of weakness, with only 22,000 jobs added in August and a rising long-term unemployment rate [5][4] Future Outlook - The current investment in AI infrastructure is closely tied to the training of large language models, which require vast amounts of data and computing power [7] - There is skepticism regarding whether AI product revenues can sustain the rising expenditures on data centers, which could reshape the U.S. economic landscape if not supported [8][1]

Core Insights - A study by Harvard economist Jason Furman indicates that nearly all GDP growth in the U.S. during the first half of 2025 will be driven by data centers and information processing technologies, with other sectors showing a mere 0.1% growth [1][4] - Concerns are rising over a potential "data center bubble," as the sustainability of the business model for tech giants expanding data centers remains unproven [1][7] - Investment in information processing equipment and software accounted for only 4% of GDP but contributed 92% to GDP growth in the first half of the year [1][4] Investment Trends - Major tech companies have significantly increased capital expenditures in data centers, with spending quadrupling in recent years to nearly $400 billion annually [4] - The top 10 companies account for about one-third of total spending related to data centers, contributing approximately 100 basis points to actual GDP growth [4] - Microsoft, Google, Amazon, Meta, and Nvidia have invested hundreds of billions in building and upgrading data centers due to explosive demand for computing power driven by AI technologies [4][7] Economic Implications - While tech-driven growth is evident, other sectors such as manufacturing, real estate, retail, and services are experiencing stagnation or negative growth, raising fears of an economic downturn without tech investment [5] - The U.S. labor market is showing signs of stagnation, with only 22,000 jobs added in August and a rising long-term unemployment rate [5] - Some analysts suggest that the strong spending data may not correlate directly with the growth in GDP attributed to data center construction, indicating a complex economic landscape [5] Infrastructure Development - By the end of 2024, the U.S. is expected to have 1,240 data centers, a fourfold increase since 2010, with major companies projected to spend $320 billion on AI infrastructure this year [7] - The demand for data centers is closely linked to the training of large language models, which require vast amounts of data and computing power [7] - Companies are raising funds through various channels to support data center expansions, with Oracle issuing $18 billion in bonds and Meta securing $29 billion in financing for new projects [7]

Core Viewpoint - Microsoft has made significant adjustments to its global data center strategy, pausing or delaying multiple construction projects in various countries, reflecting a reevaluation of its AI and cloud computing infrastructure plans [1][2]. Summary by Sections Strategic Adjustments - Microsoft has suspended or postponed negotiations for new data center projects in Indonesia, the UK, Australia, and several states in the US, indicating a reassessment of market demand for AI services and cloud infrastructure [1]. - The company plans to continue with a $3.3 billion investment project in Wisconsin, which is expected to be operational next year [2]. Market Reactions - The strategic shift has led to a ripple effect in the tech sector, with companies like Nvidia experiencing stock price pressure due to their close ties to data center budgets [1]. - As of the latest market close, Microsoft's stock fell by 2.3% to $373.32, marking a year-to-date decline of 9% [1]. Industry Insights - Analysts suggest that the adjustments may signal an oversupply in data center capacity relative to current demand, with a total power capacity of approximately 2 gigawatts being affected by Microsoft's project cancellations [4]. - Concerns have been raised about the potential for an industry bubble, as Alibaba's chairman noted that the pace of data center construction may have outstripped actual demand for AI services [4]. Operational Flexibility - Microsoft emphasizes its strategic flexibility in planning data center capacity over several years, adapting to the dynamic development of AI demand and the ongoing expansion of data center scale [2]. - The company is expected to maintain an $80 billion budget for data center construction this fiscal year but will moderate the pace of new projects in the next fiscal year, focusing on optimizing existing facilities [4].

Core Insights - The article discusses significant events in the global market, particularly focusing on the implications of U.S. policies on companies like TikTok and the growth trends of e-commerce platforms like AliExpress and the expansion strategies of various companies [2][3]. Group 1: TikTok and U.S. Policies - Trump suggested he could ease tariffs on China in exchange for the sale of TikTok to a U.S. company, indicating a potential negotiation strategy [5]. - TikTok's U.S. operations face leadership changes, with the departure of key executives and a push for significant growth in advertising revenue, targeting a 50% increase by 2025 [7]. - TikTok's parent company, ByteDance, aims for substantial growth in the U.S. e-commerce sector, with a sales target of over $400 billion and a near 200% growth goal for the U.S. market [8]. Group 2: E-commerce Trends - AliExpress reported a significant increase in sales for high-ticket items, with certain categories experiencing over 300% growth during promotional events [10]. - The platform is focusing on expanding its product categories and enhancing the quality of offerings, aiming to support 1,000 new brands to achieve over $1 million in sales [12]. Group 3: Corporate Developments - Alibaba's chairman expressed concerns about a potential bubble in global data center investments, citing excessive spending without corresponding demand [14]. - ByteDance launched a short drama app in Japan, targeting a growing market projected to reach $1 billion by 2026 [16]. - Vivo plans to increase its overseas revenue share to 70% by 2027, focusing on markets outside the U.S. and Western Europe [18]. Group 4: Logistics and Retail Expansion - JD Logistics is expanding its operations in Hong Kong, enhancing its service capabilities with new automated facilities [21]. - TOP TOY announced a global expansion strategy, aiming to open over 1,000 stores in 100 countries within five years [23]. Group 5: Investment and Financing - Nvidia is set to acquire AI startup Lepton AI for several hundred million dollars, indicating a strategic move into cloud and enterprise software markets [27]. - Indian e-commerce platform Meesho plans an IPO with a target valuation of $10 billion, reflecting its rapid growth in lower-tier cities [35].

小米集团拟配售 8 亿股筹资约 425 亿港元。 小米集团今日公告，将以每股 53.25 港元价格配售 8 亿股现有股份，预计筹资约 425 亿港元用于业 务扩张、研发投资及其他一般用途。 此次配售股份占小米现有已发行股本约 3.2%，配售方式是 "先旧后新"，即控股股东先将其现有股 份出售给独立第三方投资者，得到新融资后，再向该投资者发行同等数量新股，使其持股比例恢复 至原有水平。小米上一次通过配售筹资是在 2020 年 12 月，当时的配售价格为 23.7 港元，筹资约 240 亿港元。 蔡崇信说全球数据中心建设可能已有泡沫。 阿里巴巴董事长蔡崇信今天在香港的一场会议上称，他对美国在 AI 领域的投资规模感到震惊，例 如 OpenAI 、甲骨文、软银成立的 5000 亿美元合资企业 Stargate。他称千亿美元规模的投资没有必 要，"某种程度上，人们的投资超过了他们目前看到的需求。" 他说一些数据中心公司还没有与任何客户达成协议，就开始冒险地（on spec）建设新设施。"我开 始看到一些泡沫。" 上个月，阿里巴巴集团 CEO 吴泳铭宣布，未来三年，阿里将对 AI 投入超过 3800 亿元，围绕三个 方 ...