The artificial intelligence boom is entering a new and riskier phase. Global capital expenditure on chips, data centres and cloud infrastructure has, so far, been driven by hyperscalers, funded largely through their vast internal cash balances. But the projected scale of computing power needed for generative AI is now prompting a shift towards more leveraged, opaque and circular financing structures, which raises the economic stakes riding on the technology’s success.
人工智能热潮正步入一个更新且更高风险的阶段。迄今，manbetx app苹果 在芯片、数据中心和云基础设施上的资本开支，主要由超级规模云商推动，资金多来自其庞大的内部现金储备。但生成式人工智能所需算力的预期规模，正推动融资方式转向更高杠杆、更不透明、且循环嵌套的结构，从而抬升押注该技术成功所承担的manbetx20客户端下载 赌注。
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