高盛表示，AI投资热潮进入淘汰赛阶段，"买入一切"策略失效，资金变得挑剔且赢家分化。OpenAI高管称AI基础设施融资或需政府参与， 引发行业不确定性，市场波动加剧，投资者对核心资产信心未失但对冲需求猛增。 近期市场的波动凸显了这一转变。英伟达股价和整体市场在OpenAI首席财务官Sarah Friar的言论后出现回调。她在近日一场商业会议上暗 示，为庞大的AI计算和基础设施吸引投资可能需要政府支持。 Friar表示，鉴于AI数据中心生命周期的不确定性，需要一个由银行、私募股权甚至政府共同组成的生态系统来提供资金。她解释称，联邦贷 款担保将"显著降低融资成本"，这一表态引发了市场对AI行业未来融资模式的疑虑，并对投资者情绪造成了短期冲击。 AI融资模式引忧虑 投资者对AI领域长期增长的信心，正面临融资模式不确定性的考验。OpenAI首席财务官Sarah Friar的言论将这一问题推至台前，她直言为 AI基础设施建设提供资金可能需要政府层面的介入。 Friar在发言中明确表示 ，OpenAI正在寻求与银行、私募股权甚至政府机构合作，以构建一个能够支持AI发展的资金生态系统。 她特别提 到，联邦政府的贷款担保是吸 ...

Core Insights - The investment frenzy in the AI sector is entering a new phase, shifting from a "buy everything" strategy to a more selective approach characterized by clear winners and losers, resembling a "zero-sum game" [1][3] - Investor confidence in the long-term growth of the AI sector is being tested by uncertainties surrounding financing models, with calls for government involvement to support infrastructure funding [4] - Despite market volatility, there has not been a significant deleveraging among investors, indicating sustained demand for core AI assets [4] Investment Trends - Investors are becoming increasingly selective, with a notable shift away from a broad-based investment approach to a focus on high-quality, compounding companies [5] - The demand for hedging activities has surged, particularly in macro products like ETFs, futures, and options, reflecting heightened risk aversion [4] - Short-selling levels have reached extreme highs, indicating a cautious market sentiment, while long positions in core assets remain stable [4] Market Dynamics - The current market environment is described as "harder to navigate," necessitating more prudent investment strategies [5] - The reliance on central bank support is decreasing, as indicated by a decline in the "monetary policy" factor from its peak in 2023 [6] - The market shows a bullish stance on the S&P 500 index gamma, providing a buffer against localized sell-offs and explaining recent market resilience during corrections [6]