泉果基金刚登峰：需密切关注AI应用的发展和机会

东方财富11-21

泉果基金董事总经理刚登峰在友仑集团联合复旦大学国际金融学院等机构主办的“2025国际金融科技论坛”上深入剖析了AI产业链的投资机会与挑战，特别强调了AI应用层的重要性。刚登峰指出，真正杀手级的AI应用层面是目前大家争议最大的部分，因为这个才是整个产业链最后能够打通的关键环节。他以OpenAI为例进行分析，OpenAI今年预计的收入大概在150亿美金，与很多云服务厂商都签订了千亿美金级CapEx的租赁服务协议，但它的收入和CapEx现在看起来是不匹配的。如果在整个应用层面没有更多的收入兑现的话，整个链条是没办法顺畅的循环下去的。

泉果基金通过测算发现，如果按现在的CapEx来说，头部的像英伟达、亚马逊、谷歌等企业在第一年和第二年的CapEx还不足以影响太多的利润表。但是如果按照现在的CapEx增长曲线下去的话，再过个两三年，他们的折旧就会影响很大。那个时候，如果没有更多新收入，会受到比较大的挑战，还是需要对AI应用保持密切关注。

友仑集团是中国金融科技领域的领军型投资机构，目前已经投出了日本最大的聚合支付平台NETSTARS和非洲最大的跨境数字支付平台Onafriq。其创始人李沛伦曾作为【泉果无限对话】的重磅嘉宾，与泉果投研团队深度复盘了在非洲投资Onafriq的整个投资决策逻辑。

（文章来源：界面新闻）

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

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荷马先生
11-21
荷马先生
没有独立分析能力，嚼他人残渣蔬菜，不配引领投资

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11:41","market":"us","language":"zh","title":"泉果基金刚登峰：需密切关注AI应用的发展和机会","url":"https://stock-news.laohu8.com/highlight/detail?id=2585790193","media":"东方财富","summary":"泉果基金董事总经理刚登峰在友仑集团联合复旦大学国际金融学院等机构主办的“2025国际金融科技论坛”上深入剖析了AI产业链的投资机会与挑战，特别强调了AI应用层的重要性。刚登峰指出，真正杀手级的AI应用层面是目前大家争议最大的部分，因为这个才是整个产业链最后能够打通的关键环节。那个时候，如果没有更多新收入，会受到比较大的挑战，还是需要对AI应用保持密切关注。","content":"<html><body><article><p>泉果基金董事总经理刚登峰在友仑集团联合复旦大学国际金融学院等机构主办的“2025国际金融科技论坛”上深入剖析了AI产业链的投资机会与挑战，特别强调了AI应用层的重要性。刚登峰指出，真正杀手级的AI应用层面是目前大家争议最大的部分，因为这个才是整个产业链最后能够打通的关键环节。他以OpenAI为例进行分析，OpenAI今年预计的收入大概在150亿美金，与很多云服务厂商都签订了千亿美金级CapEx的租赁服务协议，但它的收入和CapEx现在看起来是不匹配的。如果在整个应用层面没有更多的收入兑现的话，整个链条是没办法顺畅的循环下去的。</p><p>泉果基金通过测算发现，如果按现在的CapEx来说，头部的像<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>等企业在第一年和第二年的CapEx还不足以影响太多的<span>利润表</span>。但是如果按照现在的CapEx增长曲线下去的话，再过个两三年，他们的折旧就会影响很大。那个时候，如果没有更多新收入，会受到比较大的挑战，还是需要对AI应用保持密切关注。</p><p>友仑集团是<a href=\"https://laohu8.com/S/03623\">中国金融</a>科技领域的领军型投资机构，目前已经投出了日本最大的聚合支付平台NETSTARS和非洲最大的跨境数字支付平台Onafriq。其创始人李沛伦曾作为【泉果无限对话】的重磅嘉宾，与泉果投研团队深度复盘了在非洲投资Onafriq的整个投资决策逻辑。</p><p>（文章来源：界面新闻）</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>泉果基金刚登峰：需密切关注AI应用的发展和机会</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202511211141529511d4fb&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDU":"2倍做多NVDA ETF-Direxion","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","3NVD.UK":"LS 3X NVIDIA","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","NVDA":"英伟达","NVDX":"2倍做多NVDA ETF-T-Rex","BK4529":"IDC概念","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","NVIW.SI":"NVDA 3xLongSG261006","LU2168564222.USD":"AZ ALLOCATION - TREND 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