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kikijoblor
03-17 11:56

这篇文章不错，转发给大家看看

270亿美元的算力租约背后：Meta的AI豪赌与利润表压力

270亿的算力租约背后：$Meta$的AI豪赌与利润表压力在AI军备竞赛愈演愈烈的当下，手握重金的科技巨头为了抢夺算力，已经开始不计成本。荷兰云服务商$Nebius$周一宣布，Meta已同意在未来五年内支付最高270亿美元，租用其AI基础设施。根据协议，Nebius将从2027年初开始向Meta提供价值120亿美元的专属算力。Meta的运营利润率已从2024年第四季度的48%滑落至2025年同期的41%。Meta及其同行预计今年将合计投入约6500亿美元用于数据中心建设。

270亿美元的算力租约背后：Meta的AI豪赌与利润表压力

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。这已是Meta第二次向Nebius下单，去年双方刚签下一笔30亿美元的合同。</p><h2 id=\"id_675489336\" style=\"text-align: start;\">钱流向了哪里</h2><p style=\"text-align: start;\">这也揭示了当前AI热潮中一条清晰的资金传导路径：<strong>科技巨头→新兴云厂商→<a href=\"https://laohu8.com/S/NVDA\">英伟达</a></strong>。</p><p style=\"text-align: start;\">Nebius正是所谓的“新云”代表，它从俄罗斯互联网巨头Yandex分拆而来，专门建设用于训练大模型的数据中心。而英伟达不仅是其战略合作伙伴，更是其金主——上周刚宣布向Nebius投资20亿美元 。这种“投资-采购-再投资”的闭环模式已引发市场争议，批评者认为这正在吹大AI行业的泡沫。</p><p style=\"text-align: start;\">但对于Meta而言，燃眉之急是算力饥渴。尽管公司计划今年投入<strong>1250亿美元</strong>的资本支出用于扩建AI设施，但远水不解近渴，它仍需借助外部云服务来填补当下的产能缺口。</p><h2 id=\"id_3461540704\" style=\"text-align: start;\">当资本支出冲击经营利润</h2><p style=\"text-align: start;\">然而，这笔巨额租约在资本市场引发的，并非只有对AI憧憬的兴奋，还有对Meta财报的担忧。</p><p style=\"text-align: start;\">关键区别在于会计处理：自建数据中心属于资本支出，主要影响现金流量表，并通过折旧逐年分摊对利润的影响；而租赁第三方云服务，则直接计入运营费用，<strong>当即吞噬利润</strong>。</p><p style=\"text-align: start;\">Meta在1月份的财报中已预警，今年运营费用将激增40%，最高至<strong>1690亿美元</strong>，其中“第三方云支出”被明确列为推手 。最新的证券文件显示，截至去年底，Meta的合同承付款项已飙升至<strong>1310亿美元</strong>，而一年前这一数字仅为328亿美元，主要增量正是来自云容量租约。</p><p style=\"text-align: start;\">后果已经反映在利润率上。Meta的运营利润率已从2024年第四季度的48%滑落至2025年同期的41%。华尔街目前预计，其2026年全年运营利润率将进一步降至<strong>34.8%</strong> 。路透上周报道Meta正考虑裁员<strong>20%</strong>，巨额云支出的成本压力可见一斑。</p><h2 id=\"id_1578956367\" style=\"text-align: start;\">英伟达的万亿预期</h2><p style=\"text-align: start;\">就在Meta砸钱租算力的同一天，英伟达CEO黄仁勋在GTC大会上调高了业绩展望。他表示，Blackwell和Rubin两代AI芯片到2027年底，累计销售额将至少达到<strong>1万亿美元</strong>，较此前“到2026年底实现5000亿美元”的预期大幅上调 。</p><p style=\"text-align: start;\">这背后是同一个逻辑：科技巨头对算力的渴求未见丝毫减弱。Meta及其同行预计今年将合计投入约<strong>6500亿美元</strong>用于数据中心建设 。但当这笔钱从“资本支出”变成“运营费用”时，对Meta股东来说，感受截然不同。AI的征途是星辰大海，但财报的数字却是眼前的苟且。</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 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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\">\n270亿美元的算力租约背后：Meta的AI豪赌与利润表压力\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-03-17 11:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 id=\"id_3809890544\" style=\"text-align: start;\">270亿的算力租约背后：<a href=\"https://laohu8.com/S/META\">Meta</a>的AI豪赌与利润表压力</h2><p style=\"text-align: start;\">在AI军备竞赛愈演愈烈的当下，手握重金的科技巨头为了抢夺算力，已经开始不计成本。荷兰云服务商<a href=\"https://laohu8.com/S/NBIS\">Nebius</a>周一宣布，Meta已同意在未来五年内支付最高<strong>270亿美元</strong>，租用其AI基础设施。受此消息刺激，Nebius股价盘中一度飙升16% 。</p><p style=\"text-align: start;\">这笔交易的架构颇为复杂。根据协议，Nebius将从2027年初开始向Meta提供价值<strong>120亿美元</strong>的专属算力。与此同时，Meta还承诺，如果Nebius为其他第三方客户建设的产能未被订满，Meta将额外吃进至多<strong>150亿美元</strong>的算力 。这已是Meta第二次向Nebius下单，去年双方刚签下一笔30亿美元的合同。</p><h2 id=\"id_675489336\" style=\"text-align: start;\">钱流向了哪里</h2><p style=\"text-align: start;\">这也揭示了当前AI热潮中一条清晰的资金传导路径：<strong>科技巨头→新兴云厂商→<a href=\"https://laohu8.com/S/NVDA\">英伟达</a></strong>。</p><p style=\"text-align: start;\">Nebius正是所谓的“新云”代表，它从俄罗斯互联网巨头Yandex分拆而来，专门建设用于训练大模型的数据中心。而英伟达不仅是其战略合作伙伴，更是其金主——上周刚宣布向Nebius投资20亿美元 。这种“投资-采购-再投资”的闭环模式已引发市场争议，批评者认为这正在吹大AI行业的泡沫。</p><p style=\"text-align: start;\">但对于Meta而言，燃眉之急是算力饥渴。尽管公司计划今年投入<strong>1250亿美元</strong>的资本支出用于扩建AI设施，但远水不解近渴，它仍需借助外部云服务来填补当下的产能缺口。</p><h2 id=\"id_3461540704\" style=\"text-align: start;\">当资本支出冲击经营利润</h2><p style=\"text-align: start;\">然而，这笔巨额租约在资本市场引发的，并非只有对AI憧憬的兴奋，还有对Meta财报的担忧。</p><p style=\"text-align: start;\">关键区别在于会计处理：自建数据中心属于资本支出，主要影响现金流量表，并通过折旧逐年分摊对利润的影响；而租赁第三方云服务，则直接计入运营费用，<strong>当即吞噬利润</strong>。</p><p style=\"text-align: start;\">Meta在1月份的财报中已预警，今年运营费用将激增40%，最高至<strong>1690亿美元</strong>，其中“第三方云支出”被明确列为推手 。最新的证券文件显示，截至去年底，Meta的合同承付款项已飙升至<strong>1310亿美元</strong>，而一年前这一数字仅为328亿美元，主要增量正是来自云容量租约。</p><p style=\"text-align: start;\">后果已经反映在利润率上。Meta的运营利润率已从2024年第四季度的48%滑落至2025年同期的41%。华尔街目前预计，其2026年全年运营利润率将进一步降至<strong>34.8%</strong> 。路透上周报道Meta正考虑裁员<strong>20%</strong>，巨额云支出的成本压力可见一斑。</p><h2 id=\"id_1578956367\" style=\"text-align: start;\">英伟达的万亿预期</h2><p style=\"text-align: start;\">就在Meta砸钱租算力的同一天，英伟达CEO黄仁勋在GTC大会上调高了业绩展望。他表示，Blackwell和Rubin两代AI芯片到2027年底，累计销售额将至少达到<strong>1万亿美元</strong>，较此前“到2026年底实现5000亿美元”的预期大幅上调 。</p><p style=\"text-align: start;\">这背后是同一个逻辑：科技巨头对算力的渴求未见丝毫减弱。Meta及其同行预计今年将合计投入约<strong>6500亿美元</strong>用于数据中心建设 。但当这笔钱从“资本支出”变成“运营费用”时，对Meta股东来说，感受截然不同。AI的征途是星辰大海，但财报的数字却是眼前的苟且。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/67964d277b096da10e6ac63abbb2f8ab","relate_stocks":{"LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","AIYY":"YIELDMAX AI OPTION INCOME STRATEGY ETF","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" 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ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169389650","content_text":"270亿的算力租约背后：Meta的AI豪赌与利润表压力在AI军备竞赛愈演愈烈的当下，手握重金的科技巨头为了抢夺算力，已经开始不计成本。荷兰云服务商Nebius周一宣布，Meta已同意在未来五年内支付最高270亿美元，租用其AI基础设施。受此消息刺激，Nebius股价盘中一度飙升16% 。这笔交易的架构颇为复杂。根据协议，Nebius将从2027年初开始向Meta提供价值120亿美元的专属算力。与此同时，Meta还承诺，如果Nebius为其他第三方客户建设的产能未被订满，Meta将额外吃进至多150亿美元的算力 。这已是Meta第二次向Nebius下单，去年双方刚签下一笔30亿美元的合同。钱流向了哪里这也揭示了当前AI热潮中一条清晰的资金传导路径：科技巨头→新兴云厂商→英伟达。Nebius正是所谓的“新云”代表，它从俄罗斯互联网巨头Yandex分拆而来，专门建设用于训练大模型的数据中心。而英伟达不仅是其战略合作伙伴，更是其金主——上周刚宣布向Nebius投资20亿美元 。这种“投资-采购-再投资”的闭环模式已引发市场争议，批评者认为这正在吹大AI行业的泡沫。但对于Meta而言，燃眉之急是算力饥渴。尽管公司计划今年投入1250亿美元的资本支出用于扩建AI设施，但远水不解近渴，它仍需借助外部云服务来填补当下的产能缺口。当资本支出冲击经营利润然而，这笔巨额租约在资本市场引发的，并非只有对AI憧憬的兴奋，还有对Meta财报的担忧。关键区别在于会计处理：自建数据中心属于资本支出，主要影响现金流量表，并通过折旧逐年分摊对利润的影响；而租赁第三方云服务，则直接计入运营费用，当即吞噬利润。Meta在1月份的财报中已预警，今年运营费用将激增40%，最高至1690亿美元，其中“第三方云支出”被明确列为推手 。最新的证券文件显示，截至去年底，Meta的合同承付款项已飙升至1310亿美元，而一年前这一数字仅为328亿美元，主要增量正是来自云容量租约。后果已经反映在利润率上。Meta的运营利润率已从2024年第四季度的48%滑落至2025年同期的41%。华尔街目前预计，其2026年全年运营利润率将进一步降至34.8% 。路透上周报道Meta正考虑裁员20%，巨额云支出的成本压力可见一斑。英伟达的万亿预期就在Meta砸钱租算力的同一天，英伟达CEO黄仁勋在GTC大会上调高了业绩展望。他表示，Blackwell和Rubin两代AI芯片到2027年底，累计销售额将至少达到1万亿美元，较此前“到2026年底实现5000亿美元”的预期大幅上调 。这背后是同一个逻辑：科技巨头对算力的渴求未见丝毫减弱。Meta及其同行预计今年将合计投入约6500亿美元用于数据中心建设 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