AI 硬科技追踪：顶尖VC a16z探讨AI现状：模型分化、护城河重塑与C端应用复兴 - 老虎社区

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顶尖VC a16z探讨AI现状：模型分化、护城河重塑与C端应用复兴

顶尖VC a16z探讨AI现状：模型分化、护城河重塑与C端应用复兴

11:45

Google DeepMind再招AI顶尖人才，Thinking Machine

Google DeepMind再招AI顶尖人才，Thinking Machine

10:21

比尔·盖茨警告：“没有任何计划”应对人工智能即将带来的“剧变”

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有毛用玩票得又不能跑量

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08-14

骗我们太多次了。

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08-14

这种消息都带不动股价了。。

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08-14

以后手机就价值也会不一样了...。

市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型

08-14

NVDA承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。

“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”

08-13

华尔街金融机构的介入意味着英伟达可以逐步退出"供应商融资"模式，"负担由财团承担，而非英伟达的资产负债表"。

“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”

08-13

胜率23%的大空头[龇牙]

“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”

08-13

快到宴会高潮了，然后是一地鸡毛

黄仁勋5000亿豪赌的关键：芯片能否颠覆科技产品的折旧铁律

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08:35","market":"us","language":"zh","title":"特斯拉Roadster或本月亮相：搭载SpaceX推进器，能“飞行”的超级跑车","url":"https://stock-news.laohu8.com/highlight/detail?id=2660105661","media":"华尔街见闻","summary":"等了近十年，特斯拉新一代Roadster汽车最快本月或将亮相。它搭载源自火箭技术的冷气推进器，将能“飞行”。发布现场将上演无人驾驶特技表演，演示地点设在SpaceX德克萨斯测试基地。马斯克亲口警告“可能出差错，但无论如何都会很精彩”，限量版售价或高达数百万美元。","content":"<html><head></head><body><blockquote><p>等了近十年，特斯拉新一代Roadster汽车最快本月或将亮相。它搭载源自火箭技术的冷气推进器，将能“飞行”。发布现场将上演无人驾驶特技表演，演示地点设在SpaceX德克萨斯测试基地。马斯克亲口警告“可能出差错，但无论如何都会很精彩”，限量版售价或高达数百万美元。</p></blockquote><p style=\"text-align: left;\">等了近十年，特斯拉最快本月将揭开新一代Roadster的面纱——这辆车不只是跑得快，还要能飞。</p><p style=\"text-align: left;\">近日，据The Information报道，三位知情人士透露，特斯拉正在筹备新款Roadster的发布活动，最早可能在本月举行。发布现场将上演一场特技表演，展示限量版Roadster的“飞行”能力。演示地点预计设在SpaceX位于德克萨斯州麦格雷戈的测试基地。</p><p style=\"text-align: left;\">这辆车的“飞行”能力来自冷气推进器——一种火箭常用技术，由特斯拉与SpaceX联合开发。由于推进器噪音极大，演示车辆将远程操控，车内无人，所有观众须站在数百码以外。</p><p style=\"text-align: left;\">目前，特斯拉股价今年已累计下跌近四分之一，同期纳斯达克指数上涨15%。新Roadster的亮相，被外界视为特斯拉向市场发出的一个信号：在全力押注AI和机器人的同时，它仍然是一家造车公司。</p><h2 id=\"id_4199283854\" style=\"text-align: left;\">特技表演：磁轨、倒置行驶、悬停</h2><p style=\"text-align: left;\">据三位知情人士描述，就在几个月前，特斯拉的演示方案还颇具科幻色彩：<strong>车辆将驶上一条磁化的过山车式坡道，完成倒置行驶后自动复位，随后悬浮在空中。</strong></p><p style=\"text-align: left;\">不过，这一方案已经历缩减。据一位知情人士透露，特斯拉此前曾向马斯克预演方案，随后推迟了演示并削减了部分环节。马斯克近期告知部分特斯拉员工，“这次演示很难完美执行，可能会出差错，但无论如何都会很精彩。”</p><p style=\"text-align: left;\">目前尚不清楚特斯拉是否会进行现场直播，还是仅发布录制画面。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/314150b9d372a515571a76c3f7134b07\" tg-width=\"1024\" tg-height=\"474\"/></p><p style=\"text-align: center;\">汽车博主Carros Show视频截图，展示Roadster潜在设计</p><h2 id=\"id_1616486505\" style=\"text-align: left;\">从跑车到“飞行器”：设计历经多次颠覆</h2><p style=\"text-align: left;\">新Roadster的诞生之路，是一段不断推翻重来的历史。</p><p style=\"text-align: left;\">2017年，特斯拉在一场半挂卡车发布会上突然亮出全新Roadster原型车，宣布三年内交付。此后，交付时间线至少推迟了八次。</p><p style=\"text-align: left;\">2022年，项目重新提速。设计团队分成两组：一组基于Model S Plaid平台进行改造，另一组从零开始，采用超轻量碳纤维车身结构——类似顶级性能车和赛车的造法。</p><p style=\"text-align: left;\">马斯克选择了后者，并要求团队“要么做对，要么不做”。这意味着特斯拉必须开发一款全新超级跑车，而当时公司在这一领域的经验相当有限。</p><p style=\"text-align: left;\">为此，特斯拉从意大利引进了多名工程师，其中包括兰博基尼前工程总监Stefan Nothdurfter。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e81df0c7d1c03736a5c16bdd2196a8cc\" tg-width=\"1024\" tg-height=\"698\"/></p><h2 id=\"id_3738903771\" style=\"text-align: left;\">“飞行”指令：工程师们面面相觑</h2><p style=\"text-align: left;\">马斯克对Roadster的要求不断升级。他先说要造“史上最快量产车”，后来又说要“比所有邦德座驾加起来还疯狂”，最终提出：这辆车必须能飞。</p><p style=\"text-align: left;\">一位参与项目的人士回忆，马斯克说“必须更疯狂得多”，工程师们当时互相对视，心想：“我们他X的怎么让这东西飞起来？”</p><p style=\"text-align: left;\">另一位知情人士透露，&#34;飞行&#34;的定义本身也在不断演变：“工程师们最初的问题是，&#39;飞行到底意味着什么？&#39;……我们一开始以为自己在造飞机，最后做出来的东西更接近悬停。”</p><p style=\"text-align: left;\">2024年，特斯拉团队开始与SpaceX星舰推进团队的工程师密切合作，合作对象包括星舰工程副总裁Bill Riley。冷气推进器的主要工程工作由特斯拉团队承担，最大挑战之一是如何让一辆为地面行驶设计的汽车，在升空后保持足够的稳定性。</p><h2 id=\"id_1167862864\" style=\"text-align: left;\">设计语言：黑鸟侦察机与兰博基尼的融合</h2><p style=\"text-align: left;\">在外观设计上，特斯拉同样走过了一段曲折路径。</p><p style=\"text-align: left;\">设计总监Franz von Holzhausen曾希望新车致敬兰博基尼Countach，后来又转向，要求车辆神似冷战时期的洛克希德SR-71黑鸟高速侦察机。项目由此获得内部代号“A-71”。</p><p style=\"text-align: left;\">这一方向推动团队探索了大量激进的棱角造型和非常规设计。到2025年，最终方案趋于保守，融合了Countach风格的部分元素。</p><p style=\"text-align: left;\">据三位知情人士透露，去年底，特斯拉已完成一辆可运行的原型车，为双座设计，配备蝴蝶门。标准版与限量版外观预计相近。</p><h2 id=\"id_2025629979\" style=\"text-align: left;\">限量版：不能上路，价格或达数百万美元</h2><p style=\"text-align: left;\">限量版Roadster定位极为小众。据知情人士透露，该版本预计不符合上路法规，售价可能高达数十万乃至数百万美元。</p><p style=\"text-align: left;\">特斯拉内部曾讨论，允许部分超级粉丝购买演示版车辆——该版本将带有SpaceX品牌标识，参照法拉利XX计划的模式运营（即车主在监督下驾驶仅限赛道使用的赛车）。</p><p style=\"text-align: left;\">此外，团队还曾考虑将限量版设计为单座，将副驾驶位置替换为冷气推进器。目前的设计方案中，推进器工作时，驾驶员很可能无法坐在车内——噪音是主要原因。</p><h2 id=\"id_483227772\" style=\"text-align: left;\">等待近十年：预订者的耐心正在耗尽</h2><p style=\"text-align: left;\">2017年，特斯拉开放预订，标准版定金5万美元，限量版“创始人系列”定金25万美元。此后，部分知名预订者已公开宣布取消订单，包括YouTuber Marques Brownlee和OpenAI CEO Sam Altman。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e2557164707a35e1e01a3a736082a88\" tg-width=\"1024\" tg-height=\"595\"/></p><p style=\"text-align: left;\">马斯克在股东活动上多次调侃那些“久经煎熬的”Roadster预订者。</p><p style=\"text-align: left;\">纽约投资公司员工Rick Bhowmick于2021年预订了新Roadster。他曾拥有初代Roadster，对特斯拉仍抱有期待，但也坦言：“我对这件事能否落地相当怀疑，主要是经济上的考量。我的希望是：要么这事成了，我拿到梦想中的车；要么他们取消项目，把钱退给大家。”</p><h2 id=\"id_772433688\" style=\"text-align: left;\">Tesla与SpaceX：一辆车背后的合并想象</h2><p style=\"text-align: left;\">新Roadster还有另一层意义——它是特斯拉与SpaceX深度协作的实物体现。</p><p style=\"text-align: left;\">据The Information报道，两家公司在AI、机器人及芯片制造设施Terafab等多个领域的合作日益紧密，正式合并的可能性也在市场上被越来越多地讨论。在上月的财报电话会议上，马斯克对分析师关于合并时间表的追问显得有些敷衍，仅表示此类事件需要&#34;适当的流程&#34;。</p><p style=\"text-align: left;\">对特斯拉而言，Roadster的意义不止于一款车。它是公司的起点，也是马斯克个人情感的寄托——2018年，他将自己那辆樱桃红色的初代Roadster绑上SpaceX火箭，送入了绕太阳运行的轨道。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉Roadster或本月亮相：搭载SpaceX推进器，能“飞行”的超级跑车\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-17 08:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>等了近十年，特斯拉新一代Roadster汽车最快本月或将亮相。它搭载源自火箭技术的冷气推进器，将能“飞行”。发布现场将上演无人驾驶特技表演，演示地点设在SpaceX德克萨斯测试基地。马斯克亲口警告“可能出差错，但无论如何都会很精彩”，限量版售价或高达数百万美元。</p></blockquote><p style=\"text-align: left;\">等了近十年，特斯拉最快本月将揭开新一代Roadster的面纱——这辆车不只是跑得快，还要能飞。</p><p style=\"text-align: left;\">近日，据The Information报道，三位知情人士透露，特斯拉正在筹备新款Roadster的发布活动，最早可能在本月举行。发布现场将上演一场特技表演，展示限量版Roadster的“飞行”能力。演示地点预计设在SpaceX位于德克萨斯州麦格雷戈的测试基地。</p><p style=\"text-align: left;\">这辆车的“飞行”能力来自冷气推进器——一种火箭常用技术，由特斯拉与SpaceX联合开发。由于推进器噪音极大，演示车辆将远程操控，车内无人，所有观众须站在数百码以外。</p><p style=\"text-align: left;\">目前，特斯拉股价今年已累计下跌近四分之一，同期纳斯达克指数上涨15%。新Roadster的亮相，被外界视为特斯拉向市场发出的一个信号：在全力押注AI和机器人的同时，它仍然是一家造车公司。</p><h2 id=\"id_4199283854\" style=\"text-align: left;\">特技表演：磁轨、倒置行驶、悬停</h2><p style=\"text-align: left;\">据三位知情人士描述，就在几个月前，特斯拉的演示方案还颇具科幻色彩：<strong>车辆将驶上一条磁化的过山车式坡道，完成倒置行驶后自动复位，随后悬浮在空中。</strong></p><p style=\"text-align: left;\">不过，这一方案已经历缩减。据一位知情人士透露，特斯拉此前曾向马斯克预演方案，随后推迟了演示并削减了部分环节。马斯克近期告知部分特斯拉员工，“这次演示很难完美执行，可能会出差错，但无论如何都会很精彩。”</p><p style=\"text-align: left;\">目前尚不清楚特斯拉是否会进行现场直播，还是仅发布录制画面。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/314150b9d372a515571a76c3f7134b07\" tg-width=\"1024\" tg-height=\"474\"/></p><p style=\"text-align: center;\">汽车博主Carros Show视频截图，展示Roadster潜在设计</p><h2 id=\"id_1616486505\" style=\"text-align: left;\">从跑车到“飞行器”：设计历经多次颠覆</h2><p style=\"text-align: left;\">新Roadster的诞生之路，是一段不断推翻重来的历史。</p><p style=\"text-align: left;\">2017年，特斯拉在一场半挂卡车发布会上突然亮出全新Roadster原型车，宣布三年内交付。此后，交付时间线至少推迟了八次。</p><p style=\"text-align: left;\">2022年，项目重新提速。设计团队分成两组：一组基于Model S Plaid平台进行改造，另一组从零开始，采用超轻量碳纤维车身结构——类似顶级性能车和赛车的造法。</p><p style=\"text-align: left;\">马斯克选择了后者，并要求团队“要么做对，要么不做”。这意味着特斯拉必须开发一款全新超级跑车，而当时公司在这一领域的经验相当有限。</p><p style=\"text-align: left;\">为此，特斯拉从意大利引进了多名工程师，其中包括兰博基尼前工程总监Stefan Nothdurfter。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e81df0c7d1c03736a5c16bdd2196a8cc\" tg-width=\"1024\" tg-height=\"698\"/></p><h2 id=\"id_3738903771\" style=\"text-align: left;\">“飞行”指令：工程师们面面相觑</h2><p style=\"text-align: left;\">马斯克对Roadster的要求不断升级。他先说要造“史上最快量产车”，后来又说要“比所有邦德座驾加起来还疯狂”，最终提出：这辆车必须能飞。</p><p style=\"text-align: left;\">一位参与项目的人士回忆，马斯克说“必须更疯狂得多”，工程师们当时互相对视，心想：“我们他X的怎么让这东西飞起来？”</p><p style=\"text-align: left;\">另一位知情人士透露，&#34;飞行&#34;的定义本身也在不断演变：“工程师们最初的问题是，&#39;飞行到底意味着什么？&#39;……我们一开始以为自己在造飞机，最后做出来的东西更接近悬停。”</p><p style=\"text-align: left;\">2024年，特斯拉团队开始与SpaceX星舰推进团队的工程师密切合作，合作对象包括星舰工程副总裁Bill Riley。冷气推进器的主要工程工作由特斯拉团队承担，最大挑战之一是如何让一辆为地面行驶设计的汽车，在升空后保持足够的稳定性。</p><h2 id=\"id_1167862864\" style=\"text-align: left;\">设计语言：黑鸟侦察机与兰博基尼的融合</h2><p style=\"text-align: left;\">在外观设计上，特斯拉同样走过了一段曲折路径。</p><p style=\"text-align: left;\">设计总监Franz von Holzhausen曾希望新车致敬兰博基尼Countach，后来又转向，要求车辆神似冷战时期的洛克希德SR-71黑鸟高速侦察机。项目由此获得内部代号“A-71”。</p><p style=\"text-align: left;\">这一方向推动团队探索了大量激进的棱角造型和非常规设计。到2025年，最终方案趋于保守，融合了Countach风格的部分元素。</p><p style=\"text-align: left;\">据三位知情人士透露，去年底，特斯拉已完成一辆可运行的原型车，为双座设计，配备蝴蝶门。标准版与限量版外观预计相近。</p><h2 id=\"id_2025629979\" style=\"text-align: left;\">限量版：不能上路，价格或达数百万美元</h2><p style=\"text-align: left;\">限量版Roadster定位极为小众。据知情人士透露，该版本预计不符合上路法规，售价可能高达数十万乃至数百万美元。</p><p style=\"text-align: left;\">特斯拉内部曾讨论，允许部分超级粉丝购买演示版车辆——该版本将带有SpaceX品牌标识，参照法拉利XX计划的模式运营（即车主在监督下驾驶仅限赛道使用的赛车）。</p><p style=\"text-align: left;\">此外，团队还曾考虑将限量版设计为单座，将副驾驶位置替换为冷气推进器。目前的设计方案中，推进器工作时，驾驶员很可能无法坐在车内——噪音是主要原因。</p><h2 id=\"id_483227772\" style=\"text-align: left;\">等待近十年：预订者的耐心正在耗尽</h2><p style=\"text-align: left;\">2017年，特斯拉开放预订，标准版定金5万美元，限量版“创始人系列”定金25万美元。此后，部分知名预订者已公开宣布取消订单，包括YouTuber Marques Brownlee和OpenAI CEO Sam Altman。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e2557164707a35e1e01a3a736082a88\" tg-width=\"1024\" tg-height=\"595\"/></p><p style=\"text-align: left;\">马斯克在股东活动上多次调侃那些“久经煎熬的”Roadster预订者。</p><p style=\"text-align: left;\">纽约投资公司员工Rick Bhowmick于2021年预订了新Roadster。他曾拥有初代Roadster，对特斯拉仍抱有期待，但也坦言：“我对这件事能否落地相当怀疑，主要是经济上的考量。我的希望是：要么这事成了，我拿到梦想中的车；要么他们取消项目，把钱退给大家。”</p><h2 id=\"id_772433688\" style=\"text-align: left;\">Tesla与SpaceX：一辆车背后的合并想象</h2><p style=\"text-align: left;\">新Roadster还有另一层意义——它是特斯拉与SpaceX深度协作的实物体现。</p><p style=\"text-align: left;\">据The Information报道，两家公司在AI、机器人及芯片制造设施Terafab等多个领域的合作日益紧密，正式合并的可能性也在市场上被越来越多地讨论。在上月的财报电话会议上，马斯克对分析师关于合并时间表的追问显得有些敷衍，仅表示此类事件需要&#34;适当的流程&#34;。</p><p style=\"text-align: left;\">对特斯拉而言，Roadster的意义不止于一款车。它是公司的起点，也是马斯克个人情感的寄托——2018年，他将自己那辆樱桃红色的初代Roadster绑上SpaceX火箭，送入了绕太阳运行的轨道。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/314150b9d372a515571a76c3f7134b07","relate_stocks":{"TSLP":"TSLA收益溢价策略ETF-Kurv","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","07766":"南方两倍做多特斯拉","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","TSLQ":"2倍做空TSLA ETF-Tradr","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","TSLR":"2倍做多TSLA ETF-GraniteShares","LU2063271972.USD":"富兰克林创新领域基金","TSLS":"1倍做空TSLA ETF-Direxion","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","TSLT":"2倍做多TSLA ETF-T-Rex","LU1066051498.USD":"HSBC GIF 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ACC"},"source_url":"https://wallstreetcn.com/articles/3779554","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2660105661","content_text":"等了近十年，特斯拉新一代Roadster汽车最快本月或将亮相。它搭载源自火箭技术的冷气推进器，将能“飞行”。发布现场将上演无人驾驶特技表演，演示地点设在SpaceX德克萨斯测试基地。马斯克亲口警告“可能出差错，但无论如何都会很精彩”，限量版售价或高达数百万美元。等了近十年，特斯拉最快本月将揭开新一代Roadster的面纱——这辆车不只是跑得快，还要能飞。近日，据The Information报道，三位知情人士透露，特斯拉正在筹备新款Roadster的发布活动，最早可能在本月举行。发布现场将上演一场特技表演，展示限量版Roadster的“飞行”能力。演示地点预计设在SpaceX位于德克萨斯州麦格雷戈的测试基地。这辆车的“飞行”能力来自冷气推进器——一种火箭常用技术，由特斯拉与SpaceX联合开发。由于推进器噪音极大，演示车辆将远程操控，车内无人，所有观众须站在数百码以外。目前，特斯拉股价今年已累计下跌近四分之一，同期纳斯达克指数上涨15%。新Roadster的亮相，被外界视为特斯拉向市场发出的一个信号：在全力押注AI和机器人的同时，它仍然是一家造车公司。特技表演：磁轨、倒置行驶、悬停据三位知情人士描述，就在几个月前，特斯拉的演示方案还颇具科幻色彩：车辆将驶上一条磁化的过山车式坡道，完成倒置行驶后自动复位，随后悬浮在空中。不过，这一方案已经历缩减。据一位知情人士透露，特斯拉此前曾向马斯克预演方案，随后推迟了演示并削减了部分环节。马斯克近期告知部分特斯拉员工，“这次演示很难完美执行，可能会出差错，但无论如何都会很精彩。”目前尚不清楚特斯拉是否会进行现场直播，还是仅发布录制画面。汽车博主Carros Show视频截图，展示Roadster潜在设计从跑车到“飞行器”：设计历经多次颠覆新Roadster的诞生之路，是一段不断推翻重来的历史。2017年，特斯拉在一场半挂卡车发布会上突然亮出全新Roadster原型车，宣布三年内交付。此后，交付时间线至少推迟了八次。2022年，项目重新提速。设计团队分成两组：一组基于Model S Plaid平台进行改造，另一组从零开始，采用超轻量碳纤维车身结构——类似顶级性能车和赛车的造法。马斯克选择了后者，并要求团队“要么做对，要么不做”。这意味着特斯拉必须开发一款全新超级跑车，而当时公司在这一领域的经验相当有限。为此，特斯拉从意大利引进了多名工程师，其中包括兰博基尼前工程总监Stefan Nothdurfter。“飞行”指令：工程师们面面相觑马斯克对Roadster的要求不断升级。他先说要造“史上最快量产车”，后来又说要“比所有邦德座驾加起来还疯狂”，最终提出：这辆车必须能飞。一位参与项目的人士回忆，马斯克说“必须更疯狂得多”，工程师们当时互相对视，心想：“我们他X的怎么让这东西飞起来？”另一位知情人士透露，\"飞行\"的定义本身也在不断演变：“工程师们最初的问题是，'飞行到底意味着什么？'……我们一开始以为自己在造飞机，最后做出来的东西更接近悬停。”2024年，特斯拉团队开始与SpaceX星舰推进团队的工程师密切合作，合作对象包括星舰工程副总裁Bill Riley。冷气推进器的主要工程工作由特斯拉团队承担，最大挑战之一是如何让一辆为地面行驶设计的汽车，在升空后保持足够的稳定性。设计语言：黑鸟侦察机与兰博基尼的融合在外观设计上，特斯拉同样走过了一段曲折路径。设计总监Franz von Holzhausen曾希望新车致敬兰博基尼Countach，后来又转向，要求车辆神似冷战时期的洛克希德SR-71黑鸟高速侦察机。项目由此获得内部代号“A-71”。这一方向推动团队探索了大量激进的棱角造型和非常规设计。到2025年，最终方案趋于保守，融合了Countach风格的部分元素。据三位知情人士透露，去年底，特斯拉已完成一辆可运行的原型车，为双座设计，配备蝴蝶门。标准版与限量版外观预计相近。限量版：不能上路，价格或达数百万美元限量版Roadster定位极为小众。据知情人士透露，该版本预计不符合上路法规，售价可能高达数十万乃至数百万美元。特斯拉内部曾讨论，允许部分超级粉丝购买演示版车辆——该版本将带有SpaceX品牌标识，参照法拉利XX计划的模式运营（即车主在监督下驾驶仅限赛道使用的赛车）。此外，团队还曾考虑将限量版设计为单座，将副驾驶位置替换为冷气推进器。目前的设计方案中，推进器工作时，驾驶员很可能无法坐在车内——噪音是主要原因。等待近十年：预订者的耐心正在耗尽2017年，特斯拉开放预订，标准版定金5万美元，限量版“创始人系列”定金25万美元。此后，部分知名预订者已公开宣布取消订单，包括YouTuber Marques Brownlee和OpenAI CEO Sam Altman。马斯克在股东活动上多次调侃那些“久经煎熬的”Roadster预订者。纽约投资公司员工Rick Bhowmick于2021年预订了新Roadster。他曾拥有初代Roadster，对特斯拉仍抱有期待，但也坦言：“我对这件事能否落地相当怀疑，主要是经济上的考量。我的希望是：要么这事成了，我拿到梦想中的车；要么他们取消项目，把钱退给大家。”Tesla与SpaceX：一辆车背后的合并想象新Roadster还有另一层意义——它是特斯拉与SpaceX深度协作的实物体现。据The 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12:35","market":"us","language":"zh","title":"市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型","url":"https://stock-news.laohu8.com/highlight/detail?id=1165744380","media":"老虎资讯综合","summary":"此前从未有报道称苹果公司正在训练其专为中国市场设计的模型。苹果和阿里巴巴均未回应置评请求。知情人士透露，苹果公司的人工智能工具套件 Apple Intelligence 预计将在未来几个月内，随着 iOS 操作系统的更新在中国推出。这将使苹果成为第一家获得批准在中国提供自主研发人工智能模型的外国公司。","content":"<html><head></head><body><p>8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。</p><p>知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。</p><p>苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。</p></body></html>","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>市场消息：苹果告别纯“借力”，携手阿里训练中国市场专属大模型</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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12:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。</p><p>知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。</p><p>苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"BABX":"2倍做多BABA ETF-GraniteShares","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BABU":"Direxion Daily BABA Bull 2X ETF","BABA":"阿里巴巴","AAPX":"2倍做多Apple ETF-T-Rex","AAPL":"苹果","APLY":"AAPL期权收益策略ETF-YieldMax","AAPD":"1倍做空AAPL ETF-Direxion","BABO":"BABA期权收益策略ETF-YieldMax","AAPU":"2倍做多AAPL ETF-Direxion","09988":"阿里巴巴-W","AAPY":"AAPL收益溢价策略ETF-Kurv","BBYY":"GraniteShares YieldBOOST BABA 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12:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。</p><p>知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。</p><p>苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"BABX":"2倍做多BABA ETF-GraniteShares","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BABU":"Direxion Daily BABA Bull 2X ETF","BABA":"阿里巴巴","AAPX":"2倍做多Apple ETF-T-Rex","AAPL":"苹果","APLY":"AAPL期权收益策略ETF-YieldMax","AAPD":"1倍做空AAPL ETF-Direxion","BABO":"BABA期权收益策略ETF-YieldMax","AAPU":"2倍做多AAPL ETF-Direxion","09988":"阿里巴巴-W","AAPY":"AAPL收益溢价策略ETF-Kurv","BBYY":"GraniteShares YieldBOOST BABA 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12:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月14日，据路透援引三名知情人士透露，苹果已针对中国市场训练了一款大语言模型。这一做法与其此前在中国市场主要依赖第三方模型为AI功能提供支持的策略有所不同。</p><p>知情人士称，这款AI模型由苹果与阿里巴巴合作开发，并在后者的支持下完成训练。苹果训练中国专属AI模型的消息此前从未被报道。此前，苹果更倾向于依靠中国本土合作伙伴提供的模型，为在中国销售的iPhone及其他设备引入生成式AI功能。</p><p>苹果和阿里巴巴均未回应媒体置评请求。知情人士称，苹果的AI工具套件Apple Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"BABX":"2倍做多BABA ETF-GraniteShares","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BABU":"Direxion Daily BABA Bull 2X ETF","BABA":"阿里巴巴","AAPX":"2倍做多Apple ETF-T-Rex","AAPL":"苹果","APLY":"AAPL期权收益策略ETF-YieldMax","AAPD":"1倍做空AAPL ETF-Direxion","BABO":"BABA期权收益策略ETF-YieldMax","AAPU":"2倍做多AAPL ETF-Direxion","09988":"阿里巴巴-W","AAPY":"AAPL收益溢价策略ETF-Kurv","BBYY":"GraniteShares YieldBOOST BABA 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Intelligence预计将在iOS操作系统更新后，于未来几个月在中国推出。","news_type":1,"symbols_score_info":{"BABW":0.6,"KBAB":0.6,"AAPX":0.6,"09988":1,"AAPY":0.6,"BABO":0.6,"BABU":0.6,"BABX":0.6,"AAPB":0.6,"AAPD":0.6,"BBYY":0.6,"BABA":1,"AAPL":1,"APLY":0.6,"AAPU":0.6,"AAPE":0.6,"AAPW":0.6}},"isVote":1,"tweetType":1,"viewCount":239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596459787895880,"gmtCreate":1786638229861,"gmtModify":1786638231712,"author":{"id":"3498680662745699","authorId":"3498680662745699","name":"Mediator","avatar":"https://static.tigerbbs.com/d8e87dde6bf3c649a64fab23f1240a60","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3498680662745699","idStr":"3498680662745699"},"themes":[],"title":"","htmlText":"NVDA承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。","listText":"NVDA承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。","text":"NVDA承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596459787895880","repostId":"2659131519","repostType":2,"repost":{"id":"2659131519","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1786605500,"share":"https://www.laohunote.com/m/news/2659131519?lang=zh_CN&edition=full","pubTime":"2026-08-13 15:18","market":"us","language":"zh","title":"“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”","url":"https://stock-news.laohu8.com/highlight/detail?id=2659131519","media":"华尔街见闻","summary":"Michael Burry将英伟达AI扩张与安然丑闻相提并论，警告其危害“高出几个数量级”——这位“大空头”的炮轰，恰好落在英伟达宣布5000亿美元芯片融资体系的敏感时点。而Burry今年最赚钱的生意或许不是炒股，他的博客已有30万订阅者，按年费379美元测算，理论年收入约1.137亿美元。","content":"<html><head></head><body><p style=\"text-align: left;\">电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。</p><p style=\"text-align: left;\">8月13日，Burry在社交平台X上发文称，&#34;<strong>这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级</strong>&#34;，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>&#39;s AI push has echoes of Enron）的报道。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d492dd7d8ffdc05d96c92114bccd2db2\" data-align=\"center\" tg-width=\"735\" tg-height=\"713\"/><span></span></p><p style=\"text-align: left;\">该言论经AI批评者Gary Marcus转发后迅速扩散。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/96ba25356018d9b7df4e3de32de648e1\" data-align=\"center\" tg-width=\"745\" tg-height=\"730\"/><span></span></p><p style=\"text-align: left;\"><strong>这一警告正落在市场最敏感的时点。</strong>就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。</p><p style=\"text-align: left;\"><strong>Burry并非首次对英伟达的融资安排提出质疑。</strong>在英伟达5000亿美元融资计划引发&#34;循环融资&#34;争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。</p><h2 style=\"text-align: left;\">从&#34;循环融资&#34;到&#34;安然类比&#34;</h2><p style=\"text-align: left;\">Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：</p><blockquote><p style=\"text-align: left;\">&#34;信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。&#34;</p></blockquote><p style=\"text-align: left;\">8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia&#39;s AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张&#34;有安然的影子&#34;，并强调其潜在危害远超当年的安然事件。</p><p style=\"text-align: left;\">值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对<a href=\"https://laohu8.com/S/MU\">美光科技</a>、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c88feab16c1c637e5f7c39eb4fb752f9\" data-align=\"center\" tg-width=\"640\" tg-height=\"363\"/><span></span></p><p style=\"text-align: left;\">他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，<strong>当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。</strong></p><h2 style=\"text-align: left;\">触发点：5000亿美元芯片融资体系</h2><p style=\"text-align: left;\">Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、博枫、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。</p><p style=\"text-align: left;\">英伟达CEO黄仁勋将这一计划称为&#34;大构想&#34;，主张把AI算力重新定义为一种可投资资产。&#34;它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。&#34;黄仁勋表示。</p><p style=\"text-align: left;\">不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。</p><p style=\"text-align: left;\"><strong>围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。</strong>批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。</p><p style=\"text-align: left;\">英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。</p><p style=\"text-align: left;\">美银研究分析师Vivek Arya指出，<strong>华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入意味着英伟达可以逐步退出&#34;供应商融资&#34;模式，&#34;负担由财团承担，而非英伟达的资产负债表&#34;。</strong></p><p style=\"text-align: left;\">分析认为，Burry的&#34;安然式&#34;警告，正是在&#34;芯片能否成为可靠金融资产&#34;这一悬念上叠加了一份来自标志性做空投资者的质疑。<strong>争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。</strong></p><h2 style=\"text-align: left;\"><strong>做“大V”大赚一个亿</strong></h2><p style=\"text-align: left;\"><strong>值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。</strong></p><p style=\"text-align: left;\">&#34;大空头&#34;Michael Burry的Substack订阅投资类通讯&#34;Cassandra Unchained&#34;上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。</p><p style=\"text-align: left;\">这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入<a href=\"https://laohu8.com/S/161125\">标普500</a>年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b2c0a7d4ebabcc0e6c53cb2876ff7dc\" data-align=\"center\" tg-width=\"640\" tg-height=\"421\"/><span></span></p><h2 style=\"text-align: left;\">30万订阅者，231天</h2><p style=\"text-align: left;\">Burry在一篇题为《Short &amp; Thankful: 300》的帖子中披露，&#34;Cassandra Unchained&#34;已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。</p><p style=\"text-align: left;\">从数据看，&#34;Cassandra Unchained&#34;通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8ca8f0ef86c43e9961fba41a394bd4b5\" data-align=\"center\" tg-width=\"640\" tg-height=\"586\"/><span></span></p><p style=\"text-align: left;\">通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。</p><p style=\"text-align: left;\">Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。</p></body></html>","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>“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-13 15:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。</p><p style=\"text-align: left;\">8月13日，Burry在社交平台X上发文称，&#34;<strong>这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级</strong>&#34;，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>&#39;s AI push has echoes of Enron）的报道。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d492dd7d8ffdc05d96c92114bccd2db2\" data-align=\"center\" tg-width=\"735\" tg-height=\"713\"/><span></span></p><p style=\"text-align: left;\">该言论经AI批评者Gary Marcus转发后迅速扩散。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/96ba25356018d9b7df4e3de32de648e1\" data-align=\"center\" tg-width=\"745\" tg-height=\"730\"/><span></span></p><p style=\"text-align: left;\"><strong>这一警告正落在市场最敏感的时点。</strong>就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。</p><p style=\"text-align: left;\"><strong>Burry并非首次对英伟达的融资安排提出质疑。</strong>在英伟达5000亿美元融资计划引发&#34;循环融资&#34;争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。</p><h2 style=\"text-align: left;\">从&#34;循环融资&#34;到&#34;安然类比&#34;</h2><p style=\"text-align: left;\">Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：</p><blockquote><p style=\"text-align: left;\">&#34;信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。&#34;</p></blockquote><p style=\"text-align: left;\">8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia&#39;s AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张&#34;有安然的影子&#34;，并强调其潜在危害远超当年的安然事件。</p><p style=\"text-align: left;\">值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对<a href=\"https://laohu8.com/S/MU\">美光科技</a>、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c88feab16c1c637e5f7c39eb4fb752f9\" data-align=\"center\" tg-width=\"640\" tg-height=\"363\"/><span></span></p><p style=\"text-align: left;\">他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，<strong>当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。</strong></p><h2 style=\"text-align: left;\">触发点：5000亿美元芯片融资体系</h2><p style=\"text-align: left;\">Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、博枫、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。</p><p style=\"text-align: left;\">英伟达CEO黄仁勋将这一计划称为&#34;大构想&#34;，主张把AI算力重新定义为一种可投资资产。&#34;它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。&#34;黄仁勋表示。</p><p style=\"text-align: left;\">不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。</p><p style=\"text-align: left;\"><strong>围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。</strong>批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。</p><p style=\"text-align: left;\">英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。</p><p style=\"text-align: left;\">美银研究分析师Vivek Arya指出，<strong>华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入意味着英伟达可以逐步退出&#34;供应商融资&#34;模式，&#34;负担由财团承担，而非英伟达的资产负债表&#34;。</strong></p><p style=\"text-align: left;\">分析认为，Burry的&#34;安然式&#34;警告，正是在&#34;芯片能否成为可靠金融资产&#34;这一悬念上叠加了一份来自标志性做空投资者的质疑。<strong>争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。</strong></p><h2 style=\"text-align: left;\"><strong>做“大V”大赚一个亿</strong></h2><p style=\"text-align: left;\"><strong>值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。</strong></p><p style=\"text-align: left;\">&#34;大空头&#34;Michael Burry的Substack订阅投资类通讯&#34;Cassandra Unchained&#34;上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。</p><p style=\"text-align: left;\">这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入<a href=\"https://laohu8.com/S/161125\">标普500</a>年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b2c0a7d4ebabcc0e6c53cb2876ff7dc\" data-align=\"center\" tg-width=\"640\" tg-height=\"421\"/><span></span></p><h2 style=\"text-align: left;\">30万订阅者，231天</h2><p style=\"text-align: left;\">Burry在一篇题为《Short &amp; Thankful: 300》的帖子中披露，&#34;Cassandra Unchained&#34;已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。</p><p style=\"text-align: left;\">从数据看，&#34;Cassandra Unchained&#34;通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8ca8f0ef86c43e9961fba41a394bd4b5\" data-align=\"center\" tg-width=\"640\" tg-height=\"586\"/><span></span></p><p style=\"text-align: left;\">通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。</p><p style=\"text-align: left;\">Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/efae12979d167e877074f8eb17a2f1a1","relate_stocks":{"NVDW":"NVDA周配息ETF-Roundhill","NVDS.UK":"LS -1X NVIDIA","AGOX":"Adaptive Alpha Opportunities ETF","VTHR":"Vanguard Russell 3000 ETF","NVDX":"2倍做多NVDA ETF-T-Rex","DIPS":"做空NVDA期权收益策略ETF-YieldMax","FDTX":"Fidelity Disruptive Technology ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NVDY":"NVDA期权收益策略ETF-YieldMax","CLSE":"Convergence Long/Short Equity ETF","SHOC":"Strive U.S. Semiconductor ETF","SMHX":"VanEck Fabless Semiconductor ETF","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","NVIW.SI":"NVDA 3xLongSG261006","VT":"世界全股市ETF-Vanguard","NVDB":"ProShares Ultra NVDA ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","NVII":"Rex NVDA Growth & Income 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Marcus转发后迅速扩散。这一警告正落在市场最敏感的时点。就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。Burry并非首次对英伟达的融资安排提出质疑。在英伟达5000亿美元融资计划引发\"循环融资\"争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。从\"循环融资\"到\"安然类比\"Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：\"信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。\"8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia's AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张\"有安然的影子\"，并强调其潜在危害远超当年的安然事件。值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对美光科技、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。触发点：5000亿美元芯片融资体系Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、贝莱德、黑石、博枫、高盛及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。英伟达CEO黄仁勋将这一计划称为\"大构想\"，主张把AI算力重新定义为一种可投资资产。\"它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。\"黄仁勋表示。不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。美银研究分析师Vivek Arya指出，华尔街金融机构的介入意味着英伟达可以逐步退出\"供应商融资\"模式，\"负担由财团承担，而非英伟达的资产负债表\"。分析认为，Burry的\"安然式\"警告，正是在\"芯片能否成为可靠金融资产\"这一悬念上叠加了一份来自标志性做空投资者的质疑。争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。做“大V”大赚一个亿值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。\"大空头\"Michael Burry的Substack订阅投资类通讯\"Cassandra Unchained\"上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入标普500年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。30万订阅者，231天Burry在一篇题为《Short & Thankful: 300》的帖子中披露，\"Cassandra Unchained\"已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。从数据看，\"Cassandra Unchained\"通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。","news_type":1,"symbols_score_info":{"CHPX":0.6,"NVDU":0.6,"SNPE":0.6,"CMAG":0.6,"NVDW":0.6,"SPTE":0.6,"AGOX":0.6,"QTOC":1.5,"GAMR":0.6,"TYLG":0.6,"NVDO":0.6,"IXN":0.6,"ROM":0.6,"NULC":0.6,"NVDY":0.6,"SMH":0.6,"AIPO":1.5,"NVDA":2.1,"CHAT":1.5,"VTHR":1.5,"METV":0.6,"ESUM":0.6,"NVD2.UK":0.6,"NVIW.SI":0.6,"CNEQ":0.6,"FTEC":0.6,"SNVD.UK":0.6,"WISE":0.6,"AGIX":1.5,"NVDX":0.6,"USXF":0.6,"DIPS":0.6,"XLK":0.6,"FDTX":0.6,"ILDR":0.6,"NVII":0.6,"NVDS":0.6,"LFGY":0.6,"NVD3.UK":0.6,"ARTY":1.5,"CLSE":0.6,"SOXQ":0.6,"THMR":0.6,"SMHX":0.6,"FAI":0.6,"VT":0.6,"NVDS.UK":0.6,"NVDB":0.6,"SHOC":0.6}},"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596426303968080,"gmtCreate":1786630050045,"gmtModify":1786630052186,"author":{"id":"3498680662745699","authorId":"3498680662745699","name":"Mediator","avatar":"https://static.tigerbbs.com/d8e87dde6bf3c649a64fab23f1240a60","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3498680662745699","idStr":"3498680662745699"},"themes":[],"title":"","htmlText":"华尔街金融机构的介入意味着英伟达可以逐步退出\"供应商融资\"模式，\"负担由财团承担，而非英伟达的资产负债表\"。","listText":"华尔街金融机构的介入意味着英伟达可以逐步退出\"供应商融资\"模式，\"负担由财团承担，而非英伟达的资产负债表\"。","text":"华尔街金融机构的介入意味着英伟达可以逐步退出\"供应商融资\"模式，\"负担由财团承担，而非英伟达的资产负债表\"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596426303968080","repostId":"2659131519","repostType":2,"repost":{"id":"2659131519","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1786605500,"share":"https://www.laohunote.com/m/news/2659131519?lang=zh_CN&edition=full","pubTime":"2026-08-13 15:18","market":"us","language":"zh","title":"“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”","url":"https://stock-news.laohu8.com/highlight/detail?id=2659131519","media":"华尔街见闻","summary":"Michael Burry将英伟达AI扩张与安然丑闻相提并论，警告其危害“高出几个数量级”——这位“大空头”的炮轰，恰好落在英伟达宣布5000亿美元芯片融资体系的敏感时点。而Burry今年最赚钱的生意或许不是炒股，他的博客已有30万订阅者，按年费379美元测算，理论年收入约1.137亿美元。","content":"<html><head></head><body><p style=\"text-align: left;\">电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。</p><p style=\"text-align: left;\">8月13日，Burry在社交平台X上发文称，&#34;<strong>这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级</strong>&#34;，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>&#39;s AI push has echoes of Enron）的报道。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d492dd7d8ffdc05d96c92114bccd2db2\" data-align=\"center\" tg-width=\"735\" tg-height=\"713\"/><span></span></p><p style=\"text-align: left;\">该言论经AI批评者Gary Marcus转发后迅速扩散。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/96ba25356018d9b7df4e3de32de648e1\" data-align=\"center\" tg-width=\"745\" tg-height=\"730\"/><span></span></p><p style=\"text-align: left;\"><strong>这一警告正落在市场最敏感的时点。</strong>就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。</p><p style=\"text-align: left;\"><strong>Burry并非首次对英伟达的融资安排提出质疑。</strong>在英伟达5000亿美元融资计划引发&#34;循环融资&#34;争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。</p><h2 style=\"text-align: left;\">从&#34;循环融资&#34;到&#34;安然类比&#34;</h2><p style=\"text-align: left;\">Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：</p><blockquote><p style=\"text-align: left;\">&#34;信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。&#34;</p></blockquote><p style=\"text-align: left;\">8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia&#39;s AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张&#34;有安然的影子&#34;，并强调其潜在危害远超当年的安然事件。</p><p style=\"text-align: left;\">值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对<a href=\"https://laohu8.com/S/MU\">美光科技</a>、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c88feab16c1c637e5f7c39eb4fb752f9\" data-align=\"center\" tg-width=\"640\" tg-height=\"363\"/><span></span></p><p style=\"text-align: left;\">他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，<strong>当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。</strong></p><h2 style=\"text-align: left;\">触发点：5000亿美元芯片融资体系</h2><p style=\"text-align: left;\">Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、博枫、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。</p><p style=\"text-align: left;\">英伟达CEO黄仁勋将这一计划称为&#34;大构想&#34;，主张把AI算力重新定义为一种可投资资产。&#34;它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。&#34;黄仁勋表示。</p><p style=\"text-align: left;\">不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。</p><p style=\"text-align: left;\"><strong>围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。</strong>批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。</p><p style=\"text-align: left;\">英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。</p><p style=\"text-align: left;\">美银研究分析师Vivek Arya指出，<strong>华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入意味着英伟达可以逐步退出&#34;供应商融资&#34;模式，&#34;负担由财团承担，而非英伟达的资产负债表&#34;。</strong></p><p style=\"text-align: left;\">分析认为，Burry的&#34;安然式&#34;警告，正是在&#34;芯片能否成为可靠金融资产&#34;这一悬念上叠加了一份来自标志性做空投资者的质疑。<strong>争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。</strong></p><h2 style=\"text-align: left;\"><strong>做“大V”大赚一个亿</strong></h2><p style=\"text-align: left;\"><strong>值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。</strong></p><p style=\"text-align: left;\">&#34;大空头&#34;Michael Burry的Substack订阅投资类通讯&#34;Cassandra Unchained&#34;上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。</p><p style=\"text-align: left;\">这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入<a href=\"https://laohu8.com/S/161125\">标普500</a>年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b2c0a7d4ebabcc0e6c53cb2876ff7dc\" data-align=\"center\" tg-width=\"640\" tg-height=\"421\"/><span></span></p><h2 style=\"text-align: left;\">30万订阅者，231天</h2><p style=\"text-align: left;\">Burry在一篇题为《Short &amp; Thankful: 300》的帖子中披露，&#34;Cassandra Unchained&#34;已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。</p><p style=\"text-align: left;\">从数据看，&#34;Cassandra Unchained&#34;通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8ca8f0ef86c43e9961fba41a394bd4b5\" data-align=\"center\" tg-width=\"640\" tg-height=\"586\"/><span></span></p><p style=\"text-align: left;\">通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。</p><p style=\"text-align: left;\">Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。</p></body></html>","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>“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-13 15:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。</p><p style=\"text-align: left;\">8月13日，Burry在社交平台X上发文称，&#34;<strong>这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级</strong>&#34;，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>&#39;s AI push has echoes of Enron）的报道。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d492dd7d8ffdc05d96c92114bccd2db2\" data-align=\"center\" tg-width=\"735\" tg-height=\"713\"/><span></span></p><p style=\"text-align: left;\">该言论经AI批评者Gary Marcus转发后迅速扩散。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/96ba25356018d9b7df4e3de32de648e1\" data-align=\"center\" tg-width=\"745\" tg-height=\"730\"/><span></span></p><p style=\"text-align: left;\"><strong>这一警告正落在市场最敏感的时点。</strong>就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。</p><p style=\"text-align: left;\"><strong>Burry并非首次对英伟达的融资安排提出质疑。</strong>在英伟达5000亿美元融资计划引发&#34;循环融资&#34;争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。</p><h2 style=\"text-align: left;\">从&#34;循环融资&#34;到&#34;安然类比&#34;</h2><p style=\"text-align: left;\">Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：</p><blockquote><p style=\"text-align: left;\">&#34;信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。&#34;</p></blockquote><p style=\"text-align: left;\">8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia&#39;s AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张&#34;有安然的影子&#34;，并强调其潜在危害远超当年的安然事件。</p><p style=\"text-align: left;\">值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对<a href=\"https://laohu8.com/S/MU\">美光科技</a>、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c88feab16c1c637e5f7c39eb4fb752f9\" data-align=\"center\" tg-width=\"640\" tg-height=\"363\"/><span></span></p><p style=\"text-align: left;\">他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，<strong>当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。</strong></p><h2 style=\"text-align: left;\">触发点：5000亿美元芯片融资体系</h2><p style=\"text-align: left;\">Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、博枫、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。</p><p style=\"text-align: left;\">英伟达CEO黄仁勋将这一计划称为&#34;大构想&#34;，主张把AI算力重新定义为一种可投资资产。&#34;它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。&#34;黄仁勋表示。</p><p style=\"text-align: left;\">不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。</p><p style=\"text-align: left;\"><strong>围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。</strong>批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。</p><p style=\"text-align: left;\">英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。</p><p style=\"text-align: left;\">美银研究分析师Vivek Arya指出，<strong>华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入意味着英伟达可以逐步退出&#34;供应商融资&#34;模式，&#34;负担由财团承担，而非英伟达的资产负债表&#34;。</strong></p><p style=\"text-align: left;\">分析认为，Burry的&#34;安然式&#34;警告，正是在&#34;芯片能否成为可靠金融资产&#34;这一悬念上叠加了一份来自标志性做空投资者的质疑。<strong>争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。</strong></p><h2 style=\"text-align: left;\"><strong>做“大V”大赚一个亿</strong></h2><p style=\"text-align: left;\"><strong>值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。</strong></p><p style=\"text-align: left;\">&#34;大空头&#34;Michael Burry的Substack订阅投资类通讯&#34;Cassandra Unchained&#34;上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。</p><p style=\"text-align: left;\">这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入<a href=\"https://laohu8.com/S/161125\">标普500</a>年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b2c0a7d4ebabcc0e6c53cb2876ff7dc\" data-align=\"center\" tg-width=\"640\" tg-height=\"421\"/><span></span></p><h2 style=\"text-align: left;\">30万订阅者，231天</h2><p style=\"text-align: left;\">Burry在一篇题为《Short &amp; Thankful: 300》的帖子中披露，&#34;Cassandra Unchained&#34;已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。</p><p style=\"text-align: left;\">从数据看，&#34;Cassandra Unchained&#34;通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8ca8f0ef86c43e9961fba41a394bd4b5\" data-align=\"center\" tg-width=\"640\" tg-height=\"586\"/><span></span></p><p style=\"text-align: left;\">通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。</p><p style=\"text-align: left;\">Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/efae12979d167e877074f8eb17a2f1a1","relate_stocks":{"NVDW":"NVDA周配息ETF-Roundhill","NVDS.UK":"LS -1X NVIDIA","AGOX":"Adaptive Alpha Opportunities ETF","VTHR":"Vanguard Russell 3000 ETF","NVDX":"2倍做多NVDA ETF-T-Rex","DIPS":"做空NVDA期权收益策略ETF-YieldMax","FDTX":"Fidelity Disruptive Technology ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NVDY":"NVDA期权收益策略ETF-YieldMax","CLSE":"Convergence Long/Short Equity ETF","SHOC":"Strive U.S. Semiconductor ETF","SMHX":"VanEck Fabless Semiconductor ETF","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","NVIW.SI":"NVDA 3xLongSG261006","VT":"世界全股市ETF-Vanguard","NVDB":"ProShares Ultra NVDA ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","NVII":"Rex NVDA Growth & Income 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ETF","SOXQ":"Invesco PHLX Semiconductor ETF","NVD3.UK":"LS 3X NVIDIA","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF"},"source_url":"https://wallstreetcn.com/articles/3779359","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2659131519","content_text":"电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。8月13日，Burry在社交平台X上发文称，\"这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级\"，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（Nvidia's AI push has echoes of Enron）的报道。该言论经AI批评者Gary Marcus转发后迅速扩散。这一警告正落在市场最敏感的时点。就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。Burry并非首次对英伟达的融资安排提出质疑。在英伟达5000亿美元融资计划引发\"循环融资\"争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。从\"循环融资\"到\"安然类比\"Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：\"信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。\"8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia's AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张\"有安然的影子\"，并强调其潜在危害远超当年的安然事件。值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对美光科技、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。触发点：5000亿美元芯片融资体系Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、贝莱德、黑石、博枫、高盛及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。英伟达CEO黄仁勋将这一计划称为\"大构想\"，主张把AI算力重新定义为一种可投资资产。\"它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。\"黄仁勋表示。不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。美银研究分析师Vivek Arya指出，华尔街金融机构的介入意味着英伟达可以逐步退出\"供应商融资\"模式，\"负担由财团承担，而非英伟达的资产负债表\"。分析认为，Burry的\"安然式\"警告，正是在\"芯片能否成为可靠金融资产\"这一悬念上叠加了一份来自标志性做空投资者的质疑。争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。做“大V”大赚一个亿值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。\"大空头\"Michael Burry的Substack订阅投资类通讯\"Cassandra Unchained\"上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入标普500年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。30万订阅者，231天Burry在一篇题为《Short & Thankful: 300》的帖子中披露，\"Cassandra Unchained\"已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。从数据看，\"Cassandra Unchained\"通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。","news_type":1,"symbols_score_info":{"CHPX":0.6,"NVDU":0.6,"SNPE":0.6,"CMAG":0.6,"NVDW":0.6,"SPTE":0.6,"AGOX":0.6,"QTOC":1.5,"GAMR":0.6,"TYLG":0.6,"NVDO":0.6,"IXN":0.6,"ROM":0.6,"NULC":0.6,"NVDY":0.6,"SMH":0.6,"AIPO":1.5,"NVDA":2.1,"CHAT":1.5,"VTHR":1.5,"METV":0.6,"ESUM":0.6,"NVD2.UK":0.6,"NVIW.SI":0.6,"CNEQ":0.6,"FTEC":0.6,"SNVD.UK":0.6,"WISE":0.6,"AGIX":1.5,"NVDX":0.6,"USXF":0.6,"DIPS":0.6,"XLK":0.6,"FDTX":0.6,"ILDR":0.6,"NVII":0.6,"NVDS":0.6,"LFGY":0.6,"NVD3.UK":0.6,"ARTY":1.5,"CLSE":0.6,"SOXQ":0.6,"THMR":0.6,"SMHX":0.6,"FAI":0.6,"VT":0.6,"NVDS.UK":0.6,"NVDB":0.6,"SHOC":0.6}},"isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596346938556992,"gmtCreate":1786610668033,"gmtModify":1786611259873,"author":{"id":"4205150523116642","authorId":"4205150523116642","name":"浙里枫","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4205150523116642","idStr":"4205150523116642"},"themes":[],"title":"","htmlText":"胜率23%的大空头[龇牙]&nbsp;&nbsp;","listText":"胜率23%的大空头[龇牙]&nbsp;&nbsp;","text":"胜率23%的大空头[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596346938556992","repostId":"2659131519","repostType":2,"repost":{"id":"2659131519","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1786605500,"share":"https://www.laohunote.com/m/news/2659131519?lang=zh_CN&edition=full","pubTime":"2026-08-13 15:18","market":"us","language":"zh","title":"“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”","url":"https://stock-news.laohu8.com/highlight/detail?id=2659131519","media":"华尔街见闻","summary":"Michael Burry将英伟达AI扩张与安然丑闻相提并论，警告其危害“高出几个数量级”——这位“大空头”的炮轰，恰好落在英伟达宣布5000亿美元芯片融资体系的敏感时点。而Burry今年最赚钱的生意或许不是炒股，他的博客已有30万订阅者，按年费379美元测算，理论年收入约1.137亿美元。","content":"<html><head></head><body><p style=\"text-align: left;\">电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。</p><p style=\"text-align: left;\">8月13日，Burry在社交平台X上发文称，&#34;<strong>这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级</strong>&#34;，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>&#39;s AI push has echoes of Enron）的报道。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d492dd7d8ffdc05d96c92114bccd2db2\" data-align=\"center\" tg-width=\"735\" tg-height=\"713\"/><span></span></p><p style=\"text-align: left;\">该言论经AI批评者Gary Marcus转发后迅速扩散。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/96ba25356018d9b7df4e3de32de648e1\" data-align=\"center\" tg-width=\"745\" tg-height=\"730\"/><span></span></p><p style=\"text-align: left;\"><strong>这一警告正落在市场最敏感的时点。</strong>就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。</p><p style=\"text-align: left;\"><strong>Burry并非首次对英伟达的融资安排提出质疑。</strong>在英伟达5000亿美元融资计划引发&#34;循环融资&#34;争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。</p><h2 style=\"text-align: left;\">从&#34;循环融资&#34;到&#34;安然类比&#34;</h2><p style=\"text-align: left;\">Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：</p><blockquote><p style=\"text-align: left;\">&#34;信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。&#34;</p></blockquote><p style=\"text-align: left;\">8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia&#39;s AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张&#34;有安然的影子&#34;，并强调其潜在危害远超当年的安然事件。</p><p style=\"text-align: left;\">值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对<a href=\"https://laohu8.com/S/MU\">美光科技</a>、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c88feab16c1c637e5f7c39eb4fb752f9\" data-align=\"center\" tg-width=\"640\" tg-height=\"363\"/><span></span></p><p style=\"text-align: left;\">他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，<strong>当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。</strong></p><h2 style=\"text-align: left;\">触发点：5000亿美元芯片融资体系</h2><p style=\"text-align: left;\">Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、博枫、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。</p><p style=\"text-align: left;\">英伟达CEO黄仁勋将这一计划称为&#34;大构想&#34;，主张把AI算力重新定义为一种可投资资产。&#34;它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。&#34;黄仁勋表示。</p><p style=\"text-align: left;\">不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。</p><p style=\"text-align: left;\"><strong>围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。</strong>批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。</p><p style=\"text-align: left;\">英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。</p><p style=\"text-align: left;\">美银研究分析师Vivek Arya指出，<strong>华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入意味着英伟达可以逐步退出&#34;供应商融资&#34;模式，&#34;负担由财团承担，而非英伟达的资产负债表&#34;。</strong></p><p style=\"text-align: left;\">分析认为，Burry的&#34;安然式&#34;警告，正是在&#34;芯片能否成为可靠金融资产&#34;这一悬念上叠加了一份来自标志性做空投资者的质疑。<strong>争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。</strong></p><h2 style=\"text-align: left;\"><strong>做“大V”大赚一个亿</strong></h2><p style=\"text-align: left;\"><strong>值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。</strong></p><p style=\"text-align: left;\">&#34;大空头&#34;Michael Burry的Substack订阅投资类通讯&#34;Cassandra Unchained&#34;上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。</p><p style=\"text-align: left;\">这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入<a href=\"https://laohu8.com/S/161125\">标普500</a>年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b2c0a7d4ebabcc0e6c53cb2876ff7dc\" data-align=\"center\" tg-width=\"640\" tg-height=\"421\"/><span></span></p><h2 style=\"text-align: left;\">30万订阅者，231天</h2><p style=\"text-align: left;\">Burry在一篇题为《Short &amp; Thankful: 300》的帖子中披露，&#34;Cassandra Unchained&#34;已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。</p><p style=\"text-align: left;\">从数据看，&#34;Cassandra Unchained&#34;通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8ca8f0ef86c43e9961fba41a394bd4b5\" data-align=\"center\" tg-width=\"640\" tg-height=\"586\"/><span></span></p><p style=\"text-align: left;\">通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。</p><p style=\"text-align: left;\">Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。</p></body></html>","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>“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“大空头”再炮轰：英伟达AI扩张有“安然的影子”、危害“高出几个数量级”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-13 15:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。</p><p style=\"text-align: left;\">8月13日，Burry在社交平台X上发文称，&#34;<strong>这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级</strong>&#34;，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>&#39;s AI push has echoes of Enron）的报道。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d492dd7d8ffdc05d96c92114bccd2db2\" data-align=\"center\" tg-width=\"735\" tg-height=\"713\"/><span></span></p><p style=\"text-align: left;\">该言论经AI批评者Gary Marcus转发后迅速扩散。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/96ba25356018d9b7df4e3de32de648e1\" data-align=\"center\" tg-width=\"745\" tg-height=\"730\"/><span></span></p><p style=\"text-align: left;\"><strong>这一警告正落在市场最敏感的时点。</strong>就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。</p><p style=\"text-align: left;\"><strong>Burry并非首次对英伟达的融资安排提出质疑。</strong>在英伟达5000亿美元融资计划引发&#34;循环融资&#34;争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。</p><h2 style=\"text-align: left;\">从&#34;循环融资&#34;到&#34;安然类比&#34;</h2><p style=\"text-align: left;\">Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：</p><blockquote><p style=\"text-align: left;\">&#34;信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。&#34;</p></blockquote><p style=\"text-align: left;\">8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia&#39;s AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张&#34;有安然的影子&#34;，并强调其潜在危害远超当年的安然事件。</p><p style=\"text-align: left;\">值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对<a href=\"https://laohu8.com/S/MU\">美光科技</a>、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c88feab16c1c637e5f7c39eb4fb752f9\" data-align=\"center\" tg-width=\"640\" tg-height=\"363\"/><span></span></p><p style=\"text-align: left;\">他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，<strong>当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。</strong></p><h2 style=\"text-align: left;\">触发点：5000亿美元芯片融资体系</h2><p style=\"text-align: left;\">Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>、<a href=\"https://laohu8.com/S/BX\">黑石</a>、博枫、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。</p><p style=\"text-align: left;\">英伟达CEO黄仁勋将这一计划称为&#34;大构想&#34;，主张把AI算力重新定义为一种可投资资产。&#34;它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。&#34;黄仁勋表示。</p><p style=\"text-align: left;\">不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。</p><p style=\"text-align: left;\"><strong>围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。</strong>批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。</p><p style=\"text-align: left;\">英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。</p><p style=\"text-align: left;\">美银研究分析师Vivek Arya指出，<strong>华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入意味着英伟达可以逐步退出&#34;供应商融资&#34;模式，&#34;负担由财团承担，而非英伟达的资产负债表&#34;。</strong></p><p style=\"text-align: left;\">分析认为，Burry的&#34;安然式&#34;警告，正是在&#34;芯片能否成为可靠金融资产&#34;这一悬念上叠加了一份来自标志性做空投资者的质疑。<strong>争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。</strong></p><h2 style=\"text-align: left;\"><strong>做“大V”大赚一个亿</strong></h2><p style=\"text-align: left;\"><strong>值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。</strong></p><p style=\"text-align: left;\">&#34;大空头&#34;Michael Burry的Substack订阅投资类通讯&#34;Cassandra Unchained&#34;上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。</p><p style=\"text-align: left;\">这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入<a href=\"https://laohu8.com/S/161125\">标普500</a>年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b2c0a7d4ebabcc0e6c53cb2876ff7dc\" data-align=\"center\" tg-width=\"640\" tg-height=\"421\"/><span></span></p><h2 style=\"text-align: left;\">30万订阅者，231天</h2><p style=\"text-align: left;\">Burry在一篇题为《Short &amp; Thankful: 300》的帖子中披露，&#34;Cassandra Unchained&#34;已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。</p><p style=\"text-align: left;\">从数据看，&#34;Cassandra Unchained&#34;通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8ca8f0ef86c43e9961fba41a394bd4b5\" data-align=\"center\" tg-width=\"640\" tg-height=\"586\"/><span></span></p><p style=\"text-align: left;\">通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。</p><p style=\"text-align: left;\">Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/efae12979d167e877074f8eb17a2f1a1","relate_stocks":{"NVDW":"NVDA周配息ETF-Roundhill","NVDS.UK":"LS -1X NVIDIA","AGOX":"Adaptive Alpha Opportunities ETF","VTHR":"Vanguard Russell 3000 ETF","NVDX":"2倍做多NVDA ETF-T-Rex","DIPS":"做空NVDA期权收益策略ETF-YieldMax","FDTX":"Fidelity Disruptive Technology ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NVDY":"NVDA期权收益策略ETF-YieldMax","CLSE":"Convergence Long/Short Equity ETF","SHOC":"Strive U.S. Semiconductor ETF","SMHX":"VanEck Fabless Semiconductor ETF","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","NVIW.SI":"NVDA 3xLongSG261006","VT":"世界全股市ETF-Vanguard","NVDB":"ProShares Ultra NVDA ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","NVII":"Rex NVDA Growth & Income 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ETF","SOXQ":"Invesco PHLX Semiconductor ETF","NVD3.UK":"LS 3X NVIDIA","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF"},"source_url":"https://wallstreetcn.com/articles/3779359","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2659131519","content_text":"电影《大空头》原型、以做空闻名的投资者Michael Burry将英伟达当前的AI业务扩张与2001年安然财务丑闻相提并论，并警告其对经济和投资者的潜在危害远超安然事件，为市场围绕AI资本开支与科技股估值风险的讨论再添一份重量级看空声音。8月13日，Burry在社交平台X上发文称，\"这比单一公司的问题大得多，对经济和投资者的危险程度比安然高出几个数量级\"，并附上英国《每日电讯报》一篇题为《英伟达的AI扩张有安然的影子》（Nvidia's AI push has echoes of Enron）的报道。该言论经AI批评者Gary Marcus转发后迅速扩散。这一警告正落在市场最敏感的时点。就在本周，英伟达宣布联手华尔街头部机构建立5000亿美元芯片融资体系，其五年期信用违约互换（CDS）价差今年以来已飙升约90%，信用市场对其财务结构的担忧持续升温。Burry并非首次对英伟达的融资安排提出质疑。在英伟达5000亿美元融资计划引发\"循环融资\"争议后，他已在Substack上就信用结构化问题发声，如今更进一步将类比对象指向安然。从\"循环融资\"到\"安然类比\"Burry对英伟达的质疑并非无迹可寻。做空过抵押贷款支持证券、近期又押注英伟达等AI股下跌的Burry，此前在Substack上直言：\"信用结构化是金融体系的自然组成部分。但在牛市后期，为了延续势头而对不自然的信用进行结构化，才是真正令人担忧的地方。\"8月13日，他将类比对象升级为安然。据英国《每日电讯报》报道，Burry在X上转发该报文章《Nvidia's AI push has echoes of Enron, says Big Short investor》时表示，英伟达的AI扩张\"有安然的影子\"，并强调其潜在危害远超当年的安然事件。值得关注的是，华尔街见闻文章此前写道，Burry于7月25日在Substack发文披露最新持仓动向，显示他进一步扩大了对美光科技、英伟达及费城半导体ETF的空头仓位，同时新增做空卡特彼勒。他当时明确表示，英伟达当前及未来的大量需求并非来自终端客户，而是通过表外融资安排循环驱动，并援引2026年国际清算银行年度报告加以佐证。他认为，当前AI基础设施投资热潮中，大量资本开支并未对应真实的终端需求，而是通过不透明的融资结构自我循环，存在系统性高估风险。触发点：5000亿美元芯片融资体系Burry的警告发生于英伟达本周宣布一项宏大融资计划之后。英伟达与Apollo、贝莱德、黑石、博枫、高盛及KKR达成合作，目标建立规模高达5000亿美元的芯片融资体系，以英伟达AI硬件为底层资产，向养老金、保险公司及主权财富基金等机构投资者发行债务，所募资金用于AI企业的芯片采购或租赁融资。英伟达CEO黄仁勋将这一计划称为\"大构想\"，主张把AI算力重新定义为一种可投资资产。\"它们现在是创收资产，具有生产性、长寿命、可替代性和灵活性。\"黄仁勋表示。不过这一宏大构想的落地仍有距离——上述合作框架下尚未完成任何实际募资，具体条款将取决于市场需求。围绕英伟达的融资体系，市场最关心的是GPU作为抵押品的长期残值。批评者担忧，芯片技术迭代迅速，一旦技术过时几乎没有可靠的买家接盘，其长期价值存在高度不确定性。英伟达则以实际数据反驳。华尔街见闻文章写道，黄仁勋本周称，六年前推出的A100芯片至今仍在使用，经济寿命正被延长至接近10年，租赁价格仍在上涨；公司还承诺芯片在租赁期内至少保留25%的残值，由英伟达承担初始损失。美银研究分析师Vivek Arya指出，华尔街金融机构的介入意味着英伟达可以逐步退出\"供应商融资\"模式，\"负担由财团承担，而非英伟达的资产负债表\"。分析认为，Burry的\"安然式\"警告，正是在\"芯片能否成为可靠金融资产\"这一悬念上叠加了一份来自标志性做空投资者的质疑。争论的最终答案，取决于AI算力需求能否持续、芯片残值能否经受周期检验。做“大V”大赚一个亿值得注意的是，华尔街见闻文章写道，Michael Burry今年最赚钱的生意，或许不是炒股，而是写博文。\"大空头\"Michael Burry的Substack订阅投资类通讯\"Cassandra Unchained\"上线仅231天便突破30万订阅者。按年费379美元测算，理论年收入约1.137亿美元。这个数字有多直观？据Stocktwits报道，如果把100万美元分别投入标普500年内涨幅最好的10只股票，总收益约3400万美元——还不到Burry通讯理论收入的三分之一。30万订阅者，231天Burry在一篇题为《Short & Thankful: 300》的帖子中披露，\"Cassandra Unchained\"已达到300,044名订阅者和346,680名关注者，订阅者来自美国全部50个州及212个国家，其中52%在美国以外。从数据看，\"Cassandra Unchained\"通讯今年1月约有21.8万名关注者，到7月已接近34.7万，增长曲线持续向上。通讯定价为每月39美元或每年379美元，另设免费层级。Burry未披露付费订阅者的具体比例，Substack的订阅数统计同时包含免费和付费读者，且上述测算未扣除Substack平台抽成。因此，1.137亿美元是理论上限，而非实际到手收入。Burry于2025年11月创办该通讯，彼时他刚刚向SEC注销对冲基金登记，重返社交媒体，并重启对AI热潮的批评。通讯上线即吸引逾6万订阅者，此后逐步演变为他发布实时持仓更新、估值分析及详细交易记录的主要平台。","news_type":1,"symbols_score_info":{"CHPX":0.6,"NVDU":0.6,"SNPE":0.6,"CMAG":0.6,"NVDW":0.6,"SPTE":0.6,"AGOX":0.6,"QTOC":1.5,"GAMR":0.6,"TYLG":0.6,"NVDO":0.6,"IXN":0.6,"ROM":0.6,"NULC":0.6,"NVDY":0.6,"SMH":0.6,"AIPO":1.5,"NVDA":2.1,"CHAT":1.5,"VTHR":1.5,"METV":0.6,"ESUM":0.6,"NVD2.UK":0.6,"NVIW.SI":0.6,"CNEQ":0.6,"FTEC":0.6,"SNVD.UK":0.6,"WISE":0.6,"AGIX":1.5,"NVDX":0.6,"USXF":0.6,"DIPS":0.6,"XLK":0.6,"FDTX":0.6,"ILDR":0.6,"NVII":0.6,"NVDS":0.6,"LFGY":0.6,"NVD3.UK":0.6,"ARTY":1.5,"CLSE":0.6,"SOXQ":0.6,"THMR":0.6,"SMHX":0.6,"FAI":0.6,"VT":0.6,"NVDS.UK":0.6,"NVDB":0.6,"SHOC":0.6}},"isVote":1,"tweetType":1,"viewCount":625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596287918818120,"gmtCreate":1786596262206,"gmtModify":1786596264345,"author":{"id":"3582775585343989","authorId":"3582775585343989","name":"多云轩","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582775585343989","idStr":"3582775585343989"},"themes":[],"title":"","htmlText":"快到宴会高潮了，然后是一地鸡毛","listText":"快到宴会高潮了，然后是一地鸡毛","text":"快到宴会高潮了，然后是一地鸡毛","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596287918818120","repostId":"2659817701","repostType":2,"repost":{"id":"2659817701","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1786589457,"share":"https://www.laohunote.com/m/news/2659817701?lang=zh_CN&edition=full","pubTime":"2026-08-13 10:50","market":"us","language":"zh","title":"黄仁勋5000亿豪赌的关键：芯片能否颠覆科技产品的折旧铁律","url":"https://stock-news.laohu8.com/highlight/detail?id=2659817701","media":"华尔街见闻","summary":"这场豪赌是将AI芯片租赁债权证券化，打造全新金融资产。核心逻辑是受AI热潮驱动的芯片需求将使芯片价格在更长时间内维持高位。黄仁勋以A100芯片超预期保值为据，并承诺25%残值担保。根本性风险在于：芯片技术迭代快、需求不确定，能否打破科技产品快速折旧的铁律。","content":"<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>正联手华尔街，押注一个颠覆性命题：<strong>AI芯片能否打破科技产品快速贬值的金融铁律。</strong></p><p style=\"text-align: left;\">英伟达本周宣布联合Apollo、<a href=\"https://laohu8.com/S/BX\">黑石</a>、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>旗下GIP、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR等华尔街巨头，以联合体形式为AI基础设施项目筹集高达5000亿美元资金，用于AI芯片采购、电力生产及数据中心建设，<strong>金融巨头将为科技企业提供半导体租赁融资。</strong></p><p style=\"text-align: left;\">8月13日，据英国《金融时报》消息，参与交易的金融高管透露，这一计划的核心逻辑在于：<strong>受AI热潮驱动的芯片需求将使芯片价格在更长时间内维持高位，远超此前多数分析师的预期。</strong>英伟达首席执行官黄仁勋表示，这笔交易将创造一种以芯片为底层资产的全新资产类别，并向规模达22万亿美元的私人资本行业敞开大门。</p><p style=\"text-align: left;\">然而，这一宏大构想也面临根本性风险：<strong>金融机构能否准确判断英伟达芯片的需求持久性与长期价值，仍是未知数</strong>。与租赁汽车或商用飞机不同，芯片技术迭代迅速、需求波动剧烈，其长期价值存在高度不确定性。<strong>这场5000亿美元的豪赌，本质上是一场关于AI算力需求能否持续、芯片能否成为可靠金融资产的历史性押注。</strong></p><h2 style=\"text-align: left;\">交易结构：私人资本入场，英伟达转移表外压力</h2><p style=\"text-align: left;\">这笔交易的核心架构，是将芯片租赁债权证券化，并出售给保险公司等债务买家。</p><p style=\"text-align: left;\">据英国《金融时报》报道，Apollo、KKR、Brookfield等私人资本机构计划将GPU租赁合同打包成证券，利用其管理的保险资产池撬动大规模资金。部分机构考虑设立专项融资公司，并参照私募股权收购中常用的担保贷款凭证（CLO）结构，将芯片资产分层切割，供不同风险偏好的投资者选择。</p><p style=\"text-align: left;\"><strong>&#34;你可以像CLO一样，按不同风险层级为GPU融资，&#34;</strong>一位参与交易的高管表示，但也有人对此持保留态度，认为&#34;每家机构的融资方式都会有所不同&#34;。</p><p style=\"text-align: left;\">对英伟达而言，<strong>这一安排同样具有重要的财务意义。</strong>美银研究分析师Vivek Arya本周指出，华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入，意味着英伟达可以逐步退出&#34;供应商融资&#34;模式——即此前由英伟达直接为客户提供担保、协助其在资本市场融资的做法。</p><p style=\"text-align: left;\"><strong>&#34;负担由财团承担，而非英伟达的资产负债表，&#34;Arya表示，这对英伟达而言是明显利好。</strong></p><h2 style=\"text-align: left;\">核心争议：芯片能否打破科技折旧铁律</h2><p style=\"text-align: left;\">这笔交易最大的不确定性，<strong>在于芯片资产的长期价值是否足以支撑金融化运作。</strong></p><p style=\"text-align: left;\">传统金融逻辑对科技资产的态度历来审慎。目前，针对芯片租赁支持的债务，多数贷款方要求在三至五年内全额还清，其假设前提是：<strong>底层资产在此之后价值将趋近于零。与租赁汽车或商用飞机不同，后者在客户违约时存在成熟的二级市场，而芯片一旦技术过时，几乎没有可靠的买家接盘。</strong></p><p style=\"text-align: left;\">Silicon Valley-based Creative Strategies技术分析师Ben Bajarin直言风险所在：</p><blockquote><p style=\"text-align: left;\">&#34;整个方案的前提是持续不断的投资。存在过度建设的风险，需求可能放缓，模型可能改进，不再需要那么多算力。&#34;</p></blockquote><p style=\"text-align: left;\">此外，芯片买家或租赁方还需同步建设数据中心，这意味着预期收入流将大幅滞后于支出计划，进一步加剧了现金流层面的压力。</p><h2 style=\"text-align: left;\">英伟达的反驳：旧芯片仍在创造价值</h2><p style=\"text-align: left;\">面对质疑，黄仁勋以实际数据为自己的逻辑背书。</p><p style=\"text-align: left;\">华尔街见闻文章写道，黄仁勋本周一在社交平台X上发文称，英伟达近期芯片的租赁定价已有所上涨，甚至其六年前推出的A100芯片至今仍在使用，使用寿命超出最初预期。他此前也多次强调，即便是较旧的H100芯片，由于算力需求的爆发式增长，其保值能力也远超市场预期。</p><p style=\"text-align: left;\">英伟达的策略不止于此。该公司通过持续更新其软件平台Cuda，主动延长芯片的使用寿命。Cuda平台是英伟达在AI处理领域保持主导地位的核心，它使客户能够将原本为图形设计的GPU用于加速AI应用。</p><p style=\"text-align: left;\">Bajarin认为，<strong>旺盛的全品类芯片需求在中期内有望为英伟达的方案提供支撑，而长期成功则取决于英伟达能否持续降低产品的总拥有成本。</strong></p><p style=\"text-align: left;\">在风险分担机制上，英伟达也作出了实质性承诺：保证芯片在租赁期内至少保留25%的残值，由这家市值5.3万亿美元的芯片巨头承担初始损失。</p><p style=\"text-align: left;\">据英国《金融时报》报道，一位参与5000亿美元交易的高管表示，&#34;<strong>GPU具有内在价值。英伟达在GPU租赁单价上有长达十年的历史记录</strong>&#34;，并将英伟达的担保定性为未来融资中&#34;第一道损失保护&#34;，即公司将吸收超出预期的早期价值损失。</p><p style=\"text-align: left;\"><strong>尽管风险犹存，华尔街的热情已然点燃。</strong></p><p style=\"text-align: left;\">黑石的Jon Gray和贝莱德的Larry Fink均公开表示，旗下机构有意部署资本，以把握新建数据中心的庞大需求——这些数据中心将用于训练和运行最新的AI模型。</p><p style=\"text-align: left;\">报道指出，另一位与英伟达合作的高管预测，GPU租赁将推动定价标准化，并为AI企业创造规模效益。他表示，随<strong>着&#34;人们逐渐摸清门道&#34;，公开债务市场的投资者最终也将进入这一领域，使该资产类别的流动性和可交易性得到提升。</strong></p><p style=\"text-align: left;\">分析人士认为，这一进程的关键，在于市场能否就芯片的长期价值形成共识。<strong>如果英伟达的25%残值担保经受住市场检验，芯片租赁证券化或将成为继数据中心基础设施债务之后，AI投资浪潮催生的又一主流资产类别。但若AI需求出现降温、算力需求增速放缓，这场由黄仁勋主导的5000亿美元豪赌，将面临一次严峻的压力测试。</strong></p></body></html>","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>黄仁勋5000亿豪赌的关键：芯片能否颠覆科技产品的折旧铁律</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n黄仁勋5000亿豪赌的关键：芯片能否颠覆科技产品的折旧铁律\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-13 10:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>正联手华尔街，押注一个颠覆性命题：<strong>AI芯片能否打破科技产品快速贬值的金融铁律。</strong></p><p style=\"text-align: left;\">英伟达本周宣布联合Apollo、<a href=\"https://laohu8.com/S/BX\">黑石</a>、<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>旗下GIP、<a href=\"https://laohu8.com/S/BN\">Brookfield</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>及KKR等华尔街巨头，以联合体形式为AI基础设施项目筹集高达5000亿美元资金，用于AI芯片采购、电力生产及数据中心建设，<strong>金融巨头将为科技企业提供半导体租赁融资。</strong></p><p style=\"text-align: left;\">8月13日，据英国《金融时报》消息，参与交易的金融高管透露，这一计划的核心逻辑在于：<strong>受AI热潮驱动的芯片需求将使芯片价格在更长时间内维持高位，远超此前多数分析师的预期。</strong>英伟达首席执行官黄仁勋表示，这笔交易将创造一种以芯片为底层资产的全新资产类别，并向规模达22万亿美元的私人资本行业敞开大门。</p><p style=\"text-align: left;\">然而，这一宏大构想也面临根本性风险：<strong>金融机构能否准确判断英伟达芯片的需求持久性与长期价值，仍是未知数</strong>。与租赁汽车或商用飞机不同，芯片技术迭代迅速、需求波动剧烈，其长期价值存在高度不确定性。<strong>这场5000亿美元的豪赌，本质上是一场关于AI算力需求能否持续、芯片能否成为可靠金融资产的历史性押注。</strong></p><h2 style=\"text-align: left;\">交易结构：私人资本入场，英伟达转移表外压力</h2><p style=\"text-align: left;\">这笔交易的核心架构，是将芯片租赁债权证券化，并出售给保险公司等债务买家。</p><p style=\"text-align: left;\">据英国《金融时报》报道，Apollo、KKR、Brookfield等私人资本机构计划将GPU租赁合同打包成证券，利用其管理的保险资产池撬动大规模资金。部分机构考虑设立专项融资公司，并参照私募股权收购中常用的担保贷款凭证（CLO）结构，将芯片资产分层切割，供不同风险偏好的投资者选择。</p><p style=\"text-align: left;\"><strong>&#34;你可以像CLO一样，按不同风险层级为GPU融资，&#34;</strong>一位参与交易的高管表示，但也有人对此持保留态度，认为&#34;每家机构的融资方式都会有所不同&#34;。</p><p style=\"text-align: left;\">对英伟达而言，<strong>这一安排同样具有重要的财务意义。</strong>美银研究分析师Vivek Arya本周指出，华尔街<a href=\"https://laohu8.com/S/FISI\">金融机构</a>的介入，意味着英伟达可以逐步退出&#34;供应商融资&#34;模式——即此前由英伟达直接为客户提供担保、协助其在资本市场融资的做法。</p><p style=\"text-align: left;\"><strong>&#34;负担由财团承担，而非英伟达的资产负债表，&#34;Arya表示，这对英伟达而言是明显利好。</strong></p><h2 style=\"text-align: left;\">核心争议：芯片能否打破科技折旧铁律</h2><p style=\"text-align: left;\">这笔交易最大的不确定性，<strong>在于芯片资产的长期价值是否足以支撑金融化运作。</strong></p><p style=\"text-align: left;\">传统金融逻辑对科技资产的态度历来审慎。目前，针对芯片租赁支持的债务，多数贷款方要求在三至五年内全额还清，其假设前提是：<strong>底层资产在此之后价值将趋近于零。与租赁汽车或商用飞机不同，后者在客户违约时存在成熟的二级市场，而芯片一旦技术过时，几乎没有可靠的买家接盘。</strong></p><p style=\"text-align: left;\">Silicon Valley-based Creative Strategies技术分析师Ben Bajarin直言风险所在：</p><blockquote><p style=\"text-align: left;\">&#34;整个方案的前提是持续不断的投资。存在过度建设的风险，需求可能放缓，模型可能改进，不再需要那么多算力。&#34;</p></blockquote><p style=\"text-align: left;\">此外，芯片买家或租赁方还需同步建设数据中心，这意味着预期收入流将大幅滞后于支出计划，进一步加剧了现金流层面的压力。</p><h2 style=\"text-align: left;\">英伟达的反驳：旧芯片仍在创造价值</h2><p style=\"text-align: left;\">面对质疑，黄仁勋以实际数据为自己的逻辑背书。</p><p style=\"text-align: left;\">华尔街见闻文章写道，黄仁勋本周一在社交平台X上发文称，英伟达近期芯片的租赁定价已有所上涨，甚至其六年前推出的A100芯片至今仍在使用，使用寿命超出最初预期。他此前也多次强调，即便是较旧的H100芯片，由于算力需求的爆发式增长，其保值能力也远超市场预期。</p><p style=\"text-align: left;\">英伟达的策略不止于此。该公司通过持续更新其软件平台Cuda，主动延长芯片的使用寿命。Cuda平台是英伟达在AI处理领域保持主导地位的核心，它使客户能够将原本为图形设计的GPU用于加速AI应用。</p><p style=\"text-align: left;\">Bajarin认为，<strong>旺盛的全品类芯片需求在中期内有望为英伟达的方案提供支撑，而长期成功则取决于英伟达能否持续降低产品的总拥有成本。</strong></p><p style=\"text-align: left;\">在风险分担机制上，英伟达也作出了实质性承诺：保证芯片在租赁期内至少保留25%的残值，由这家市值5.3万亿美元的芯片巨头承担初始损失。</p><p style=\"text-align: left;\">据英国《金融时报》报道，一位参与5000亿美元交易的高管表示，&#34;<strong>GPU具有内在价值。英伟达在GPU租赁单价上有长达十年的历史记录</strong>&#34;，并将英伟达的担保定性为未来融资中&#34;第一道损失保护&#34;，即公司将吸收超出预期的早期价值损失。</p><p style=\"text-align: left;\"><strong>尽管风险犹存，华尔街的热情已然点燃。</strong></p><p style=\"text-align: left;\">黑石的Jon Gray和贝莱德的Larry Fink均公开表示，旗下机构有意部署资本，以把握新建数据中心的庞大需求——这些数据中心将用于训练和运行最新的AI模型。</p><p style=\"text-align: left;\">报道指出，另一位与英伟达合作的高管预测，GPU租赁将推动定价标准化，并为AI企业创造规模效益。他表示，随<strong>着&#34;人们逐渐摸清门道&#34;，公开债务市场的投资者最终也将进入这一领域，使该资产类别的流动性和可交易性得到提升。</strong></p><p style=\"text-align: left;\">分析人士认为，这一进程的关键，在于市场能否就芯片的长期价值形成共识。<strong>如果英伟达的25%残值担保经受住市场检验，芯片租赁证券化或将成为继数据中心基础设施债务之后，AI投资浪潮催生的又一主流资产类别。但若AI需求出现降温、算力需求增速放缓，这场由黄仁勋主导的5000亿美元豪赌，将面临一次严峻的压力测试。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9c5631fb0269dc70e8608fa4fd976cf","relate_stocks":{"LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","NVDL":"2倍做多NVDA 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