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AI 硬科技追踪：LG × 英伟达 2027 年联手推出人形机器人；高盛正与投资者洽谈英伟达5000亿美元融资交易；苹果专为中国市场训练一款AI模型
谷歌 DeepMind 换帅（Kavukcuoglu 接任），同时发布半价 Gemini 3.7 Flash，但旗舰 3.5 Pro 仍迟到；AMD 拟发债 50 亿备战AI。
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xufang
xufang
·
08-14 23:24
骗我们太多次了。
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
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。
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
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kk9
kk9
·
08-14 19:10
这种消息都带不动股价了。。
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
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。
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
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antonyye
antonyye
·
08-14 13:45
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
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。
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
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Mediator
Mediator
·
08-14 00:23
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”
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。
“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”
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Mediator
Mediator
·
08-13 22:07
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”
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。
“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”
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浙里枫
浙里枫
·
08-13 16:44
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”
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。
“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”
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多云轩
多云轩
·
08-13 12:44
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
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。
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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xufang
xufang
·
08-14 23:24
骗我们太多次了。
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
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。
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
看
151
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kk9
kk9
·
08-14 19:10
这种消息都带不动股价了。。
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
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。
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
看
147
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antonyye
antonyye
·
08-14 13:45
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
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。
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
看
18
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Mediator
Mediator
·
08-14 00:23
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”
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。
“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”
看
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Mediator
Mediator
·
08-13 22:07
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”
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。
“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”
看
71
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浙里枫
浙里枫
·
08-13 16:44
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”
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。
“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”
看
212
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多云轩
多云轩
·
08-13 12:44
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
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。
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
看
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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":{"APLY":"AAPL期权收益策略ETF-YieldMax","AAPL":"苹果","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPX":"2倍做多Apple ETF-T-Rex","09988":"阿里巴巴-W","BABW":"Roundhill BABA WeeklyPay ETF","AAPW":"AAPL周配息ETF-Roundhill","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","BABO":"BABA期权收益策略ETF-YieldMax","AAPY":"AAPL收益溢价策略ETF-Kurv","BABX":"2倍做多BABA ETF-GraniteShares","AAPU":"2倍做多AAPL 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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":{"APLY":"AAPL期权收益策略ETF-YieldMax","AAPL":"苹果","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPX":"2倍做多Apple ETF-T-Rex","09988":"阿里巴巴-W","BABW":"Roundhill BABA WeeklyPay ETF","AAPW":"AAPL周配息ETF-Roundhill","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","BABO":"BABA期权收益策略ETF-YieldMax","AAPY":"AAPL收益溢价策略ETF-Kurv","BABX":"2倍做多BABA ETF-GraniteShares","AAPU":"2倍做多AAPL 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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\" 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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\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\">2026-08-14 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":{"APLY":"AAPL期权收益策略ETF-YieldMax","AAPL":"苹果","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPX":"2倍做多Apple ETF-T-Rex","09988":"阿里巴巴-W","BABW":"Roundhill BABA WeeklyPay ETF","AAPW":"AAPL周配息ETF-Roundhill","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","BABO":"BABA期权收益策略ETF-YieldMax","AAPY":"AAPL收益溢价策略ETF-Kurv","BABX":"2倍做多BABA ETF-GraniteShares","AAPU":"2倍做多AAPL ETF-Direxion","BABA":"阿里巴巴","BABU":"Direxion Daily BABA Bull 2X ETF","AAPD":"1倍做空AAPL ETF-Direxion"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165744380","content_text":"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。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。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。","news_type":1,"symbols_score_info":{"KBAB":0.6,"AAPL":1,"BABX":0.6,"AAPY":0.6,"AAPX":0.6,"AAPE":0.6,"BABA":1,"09988":1,"AAPD":0.6,"BABW":0.6,"APLY":0.6,"BABU":0.6,"BABO":0.6,"AAPU":0.6,"BBYY":0.6,"AAPB":0.6,"AAPW":0.6}},"isVote":1,"tweetType":1,"viewCount":18,"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/e27d4b46eee1454d2bd4f83bb56ab921","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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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 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{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { 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“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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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":{"NVDY":"NVDA期权收益策略ETF-YieldMax","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","METV":"Roundhill Ball Metaverse ETF","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","NVDB":"ProShares Ultra NVDA ETF","XLK":"高科技指数ETF-SPDR","IXN":"iShares Trust S&P Global Informa","NVII":"Rex NVDA Growth & Income 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ETF","NVDA":"英伟达","DIPS":"做空NVDA期权收益策略ETF-YieldMax","NVDU":"2倍做多NVDA ETF-Direxion","NULC":"Nuveen ESG Large-Cap ETF","SMH":"半导体指数ETF-HOLDRs","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NVDW":"NVDA周配息ETF-Roundhill","ESUM":"EVENTIDE US MARKET ETF","ROM":"ProShares Ultra Technology","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","FTEC":"Fidelity MSCI Information Techno","CMAG":"Corgi Mag 7 ETF","NVIW.SI":"NVDA 3xLongSG261006"},"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":{"NVDS":0.6,"ILDR":0.6,"SPTE":0.6,"VTHR":1.5,"AGOX":0.6,"SMH":0.6,"NVDS.UK":0.6,"CHAT":1.5,"AIPO":1.5,"NVIW.SI":0.6,"VT":0.6,"ESUM":0.6,"CMAG":0.6,"NVII":0.6,"NVDU":0.6,"QTOC":1.5,"FAI":0.6,"CLSE":0.6,"ARTY":1.5,"METV":0.6,"GAMR":0.6,"NVD2.UK":0.6,"CHPX":0.6,"USXF":0.6,"SMHX":0.6,"SNPE":0.6,"LFGY":0.6,"AGIX":1.5,"NULC":0.6,"NVDB":0.6,"NVDO":0.6,"THMR":0.6,"NVDY":0.6,"NVDA":2.1,"DIPS":0.6,"WISE":0.6,"XLK":0.6,"FDTX":0.6,"NVD3.UK":0.6,"SHOC":0.6,"TYLG":0.6,"ROM":0.6,"SOXQ":0.6,"NVDW":0.6,"FTEC":0.6,"IXN":0.6,"NVDX":0.6,"SNVD.UK":0.6,"CNEQ":0.6}},"isVote":1,"tweetType":1,"viewCount":142,"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/e27d4b46eee1454d2bd4f83bb56ab921","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":0,"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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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 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{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { 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“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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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":{"NVDY":"NVDA期权收益策略ETF-YieldMax","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","METV":"Roundhill Ball Metaverse ETF","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","NVDB":"ProShares Ultra NVDA ETF","XLK":"高科技指数ETF-SPDR","IXN":"iShares Trust S&P Global Informa","NVII":"Rex NVDA Growth & Income ETF","THMR":"THOR AdaptiveRisk Dynamic ETF","SHOC":"Strive U.S. Semiconductor ETF","NVDX":"2倍做多NVDA ETF-T-Rex","SMHX":"VanEck Fabless Semiconductor ETF","CNEQ":"Alger Concentrated Equity ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","CHPX":"Global X AI Semiconductor & Quantum ETF","VT":"世界全股市ETF-Vanguard","AGIX":"通用人工智能 ETF-AGIX","FDTX":"Fidelity Disruptive Technology ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","NVD2.UK":"2X NVIDIA ETP","SNVD.UK":"LS -1X NVIDIA","NVDO":"2倍上限加速NVDA ETF-Leverage Shares","ARTY":"ISHARES FUTURE AI & TECH ETF","NVD3.UK":"LS 3X NVIDIA","CLSE":"Convergence Long/Short Equity ETF","SOXQ":"Invesco PHLX Semiconductor ETF","AGOX":"Adaptive Alpha Opportunities ETF","NVDS.UK":"LS -1X NVIDIA","GAMR":"Amplify Video Game Leaders ETF","ILDR":"First Trust Innovation Leaders ETF","NVDS":"1.5倍做空NVDA ETF-Tradr","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","USXF":"iShares ESG Advanced MSCI USA ETF","NVDA":"英伟达","DIPS":"做空NVDA期权收益策略ETF-YieldMax","NVDU":"2倍做多NVDA ETF-Direxion","NULC":"Nuveen ESG Large-Cap ETF","SMH":"半导体指数ETF-HOLDRs","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NVDW":"NVDA周配息ETF-Roundhill","ESUM":"EVENTIDE US MARKET ETF","ROM":"ProShares Ultra Technology","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","FTEC":"Fidelity MSCI Information Techno","CMAG":"Corgi Mag 7 ETF","NVIW.SI":"NVDA 3xLongSG261006"},"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":{"NVDS":0.6,"ILDR":0.6,"SPTE":0.6,"VTHR":1.5,"AGOX":0.6,"SMH":0.6,"NVDS.UK":0.6,"CHAT":1.5,"AIPO":1.5,"NVIW.SI":0.6,"VT":0.6,"ESUM":0.6,"CMAG":0.6,"NVII":0.6,"NVDU":0.6,"QTOC":1.5,"FAI":0.6,"CLSE":0.6,"ARTY":1.5,"METV":0.6,"GAMR":0.6,"NVD2.UK":0.6,"CHPX":0.6,"USXF":0.6,"SMHX":0.6,"SNPE":0.6,"LFGY":0.6,"AGIX":1.5,"NULC":0.6,"NVDB":0.6,"NVDO":0.6,"THMR":0.6,"NVDY":0.6,"NVDA":2.1,"DIPS":0.6,"WISE":0.6,"XLK":0.6,"FDTX":0.6,"NVD3.UK":0.6,"SHOC":0.6,"TYLG":0.6,"ROM":0.6,"SOXQ":0.6,"NVDW":0.6,"FTEC":0.6,"IXN":0.6,"NVDX":0.6,"SNVD.UK":0.6,"CNEQ":0.6}},"isVote":1,"tweetType":1,"viewCount":71,"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] ","listText":"胜率23%的大空头[龇牙] ","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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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 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; 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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“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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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":{"NVDY":"NVDA期权收益策略ETF-YieldMax","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","METV":"Roundhill Ball Metaverse ETF","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","NVDB":"ProShares Ultra NVDA ETF","XLK":"高科技指数ETF-SPDR","IXN":"iShares Trust S&P Global Informa","NVII":"Rex NVDA Growth & Income ETF","THMR":"THOR AdaptiveRisk Dynamic ETF","SHOC":"Strive U.S. Semiconductor ETF","NVDX":"2倍做多NVDA ETF-T-Rex","SMHX":"VanEck Fabless Semiconductor ETF","CNEQ":"Alger Concentrated Equity ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","CHPX":"Global X AI Semiconductor & Quantum 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ETF","ROM":"ProShares Ultra Technology","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","FTEC":"Fidelity MSCI Information Techno","CMAG":"Corgi Mag 7 ETF","NVIW.SI":"NVDA 3xLongSG261006"},"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":{"NVDS":0.6,"ILDR":0.6,"SPTE":0.6,"VTHR":1.5,"AGOX":0.6,"SMH":0.6,"NVDS.UK":0.6,"CHAT":1.5,"AIPO":1.5,"NVIW.SI":0.6,"VT":0.6,"ESUM":0.6,"CMAG":0.6,"NVII":0.6,"NVDU":0.6,"QTOC":1.5,"FAI":0.6,"CLSE":0.6,"ARTY":1.5,"METV":0.6,"GAMR":0.6,"NVD2.UK":0.6,"CHPX":0.6,"USXF":0.6,"SMHX":0.6,"SNPE":0.6,"LFGY":0.6,"AGIX":1.5,"NULC":0.6,"NVDB":0.6,"NVDO":0.6,"THMR":0.6,"NVDY":0.6,"NVDA":2.1,"DIPS":0.6,"WISE":0.6,"XLK":0.6,"FDTX":0.6,"NVD3.UK":0.6,"SHOC":0.6,"TYLG":0.6,"ROM":0.6,"SOXQ":0.6,"NVDW":0.6,"FTEC":0.6,"IXN":0.6,"NVDX":0.6,"SNVD.UK":0.6,"CNEQ":0.6}},"isVote":1,"tweetType":1,"viewCount":212,"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>"你可以像CLO一样，按不同风险层级为GPU融资，"</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"每家机构的融资方式都会有所不同"。</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"供应商融资"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>"负担由财团承担，而非英伟达的资产负债表，"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;\">"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。"</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，"<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>"，并将英伟达的担保定性为未来融资中"第一道损失保护"，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"人们逐渐摸清门道"，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>"你可以像CLO一样，按不同风险层级为GPU融资，"</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"每家机构的融资方式都会有所不同"。</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"供应商融资"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>"负担由财团承担，而非英伟达的资产负债表，"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;\">"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。"</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，"<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>"，并将英伟达的担保定性为未来融资中"第一道损失保护"，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"人们逐渐摸清门道"，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":{"LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0689626769.HKD":"AB SICAV I - 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ACC"},"source_url":"https://wallstreetcn.com/articles/3779327","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2659817701","content_text":"英伟达正联手华尔街，押注一个颠覆性命题：AI芯片能否打破科技产品快速贬值的金融铁律。英伟达本周宣布联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及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，金融巨头将为科技企业提供半导体租赁融资。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：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。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。然而，这一宏大构想也面临根本性风险：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。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。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。交易结构：私人资本入场，英伟达转移表外压力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。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。\"你可以像CLO一样，按不同风险层级为GPU融资，\"一位参与交易的高管表示，但也有人对此持保留态度，认为\"每家机构的融资方式都会有所不同\"。对英伟达而言，这一安排同样具有重要的财务意义。美银研究分析师Vivek Arya本周指出，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——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。\"负担由财团承担，而非英伟达的资产负债表，\"Arya表示，这对英伟达而言是明显利好。核心争议：芯片能否打破科技折旧铁律这笔交易最大的不确定性，在于芯片资产的长期价值是否足以支撑金融化运作。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：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。Silicon Valley-based Creative Strategies技术分析师Ben Bajarin直言风险所在：\"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。\"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。英伟达的反驳：旧芯片仍在创造价值面对质疑，黄仁勋以实际数据为自己的逻辑背书。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。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。Bajarin认为，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。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。据英国《金融时报》报道，一位参与5000亿美元交易的高管表示，\"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\"，并将英伟达的担保定性为未来融资中\"第一道损失保护\"，即公司将吸收超出预期的早期价值损失。尽管风险犹存，华尔街的热情已然点燃。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。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，随着\"人们逐渐摸清门道\"，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。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。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。","news_type":1,"symbols_score_info":{"NULC":0.6,"TRFK":0.6,"JGRO":0.6,"NVDW":0.6,"NVDD":0.6,"CMAG":0.6,"FTEC":0.6,"ROM":0.6,"ANV":0.6,"IETC":0.6,"AIFD":0.6,"METV":0.6,"CHPX":0.6,"NVDX":0.6,"VT":0.6,"NVIW.SI":0.6,"FAI":0.6,"USXF":0.6,"NVDO":0.6,"TYLG":0.6,"TEK":0.6,"NVYY":0.6,"TTEQ":0.6,"NVD3.UK":0.6,"SHOC":0.6,"2NVD.UK":0.6,"EFIV":0.6,"NVD2.UK":0.6,"CLSE":0.6,"IXN":0.6,"NVDL":0.6,"SNVD.UK":0.6,"ABFL":0.6,"NVDU":0.6,"NVD":0.6,"XLK":0.6,"CNEQ":0.6,"THMR":0.6,"SPTE":0.6,"NVDG":0.6,"FDTX":0.6,"AIPI":0.6,"NVDS.UK":0.6,"NVII":0.6,"07788":0.6,"LFGY":0.6,"ESLG":0.6,"SNPE":0.6,"ILDR":0.6,"3NVD.UK":0.6,"ESUM":0.6,"TTXU":0.6,"WISE":0.6,"NVDS":0.6,"ARTY":0.6,"NVDA":2.1,"GAMR":0.6,"VGT":0.6,"NVDY":0.6,"NVDQ":0.6,"NVDB":0.6,"AGOX":0.6,"07388":0.6,"DIPS":0.6}},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"essenList":[{"id":596802018435184,"gmtCreate":1786721053412,"gmtModify":1786721055740,"author":{"id":"3497659839568444","authorId":"3497659839568444","name":"xufang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3497659839568444","authorIdStr":"3497659839568444"},"themes":[],"title":"","htmlText":"骗我们太多次了。","listText":"骗我们太多次了。","text":"骗我们太多次了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596802018435184","repostId":"1165744380","repostType":2,"repost":{"id":"1165744380","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1786682145,"share":"https://www.laohunote.com/m/news/1165744380?lang=zh_CN&edition=full","pubTime":"2026-08-14 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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":{"APLY":"AAPL期权收益策略ETF-YieldMax","AAPL":"苹果","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPX":"2倍做多Apple ETF-T-Rex","09988":"阿里巴巴-W","BABW":"Roundhill BABA WeeklyPay ETF","AAPW":"AAPL周配息ETF-Roundhill","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","BABO":"BABA期权收益策略ETF-YieldMax","AAPY":"AAPL收益溢价策略ETF-Kurv","BABX":"2倍做多BABA ETF-GraniteShares","AAPU":"2倍做多AAPL 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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":{"KBAB":0.6,"AAPL":1,"BABX":0.6,"AAPY":0.6,"AAPX":0.6,"AAPE":0.6,"BABA":1,"09988":1,"AAPD":0.6,"BABW":0.6,"APLY":0.6,"BABU":0.6,"BABO":0.6,"AAPU":0.6,"BBYY":0.6,"AAPB":0.6,"AAPW":0.6}},"isVote":1,"tweetType":1,"viewCount":151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596736673067688,"gmtCreate":1786705818351,"gmtModify":1786705820575,"author":{"id":"4098402642426200","authorId":"4098402642426200","name":"kk9","avatar":"https://static.tigerbbs.com/e46472cc8eab0b8706cc127bbb17cfa7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4098402642426200","authorIdStr":"4098402642426200"},"themes":[],"title":"","htmlText":"这种消息都带不动股价了。。","listText":"这种消息都带不动股价了。。","text":"这种消息都带不动股价了。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596736673067688","repostId":"1165744380","repostType":2,"repost":{"id":"1165744380","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1786682145,"share":"https://www.laohunote.com/m/news/1165744380?lang=zh_CN&edition=full","pubTime":"2026-08-14 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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":{"APLY":"AAPL期权收益策略ETF-YieldMax","AAPL":"苹果","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPX":"2倍做多Apple ETF-T-Rex","09988":"阿里巴巴-W","BABW":"Roundhill BABA WeeklyPay ETF","AAPW":"AAPL周配息ETF-Roundhill","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","BABO":"BABA期权收益策略ETF-YieldMax","AAPY":"AAPL收益溢价策略ETF-Kurv","BABX":"2倍做多BABA ETF-GraniteShares","AAPU":"2倍做多AAPL 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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\" 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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":{"APLY":"AAPL期权收益策略ETF-YieldMax","AAPL":"苹果","AAPB":"2倍做多AAPL ETF-GraniteShares","AAPX":"2倍做多Apple ETF-T-Rex","09988":"阿里巴巴-W","BABW":"Roundhill BABA WeeklyPay ETF","AAPW":"AAPL周配息ETF-Roundhill","KBAB":"2倍做多BABA ETF-KraneShares","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","BABO":"BABA期权收益策略ETF-YieldMax","AAPY":"AAPL收益溢价策略ETF-Kurv","BABX":"2倍做多BABA ETF-GraniteShares","AAPU":"2倍做多AAPL ETF-Direxion","BABA":"阿里巴巴","BABU":"Direxion Daily BABA Bull 2X ETF","AAPD":"1倍做空AAPL ETF-Direxion"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165744380","content_text":"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。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。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。","news_type":1,"symbols_score_info":{"KBAB":0.6,"AAPL":1,"BABX":0.6,"AAPY":0.6,"AAPX":0.6,"AAPE":0.6,"BABA":1,"09988":1,"AAPD":0.6,"BABW":0.6,"APLY":0.6,"BABU":0.6,"BABO":0.6,"AAPU":0.6,"BBYY":0.6,"AAPB":0.6,"AAPW":0.6}},"isVote":1,"tweetType":1,"viewCount":18,"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/e27d4b46eee1454d2bd4f83bb56ab921","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3498680662745699","authorIdStr":"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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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 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{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { 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“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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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":{"NVDY":"NVDA期权收益策略ETF-YieldMax","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","METV":"Roundhill Ball Metaverse ETF","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","NVDB":"ProShares Ultra NVDA ETF","XLK":"高科技指数ETF-SPDR","IXN":"iShares Trust S&P Global Informa","NVII":"Rex NVDA Growth & Income 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ETF","NVDA":"英伟达","DIPS":"做空NVDA期权收益策略ETF-YieldMax","NVDU":"2倍做多NVDA ETF-Direxion","NULC":"Nuveen ESG Large-Cap ETF","SMH":"半导体指数ETF-HOLDRs","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NVDW":"NVDA周配息ETF-Roundhill","ESUM":"EVENTIDE US MARKET ETF","ROM":"ProShares Ultra Technology","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","FTEC":"Fidelity MSCI Information Techno","CMAG":"Corgi Mag 7 ETF","NVIW.SI":"NVDA 3xLongSG261006"},"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":{"NVDS":0.6,"ILDR":0.6,"SPTE":0.6,"VTHR":1.5,"AGOX":0.6,"SMH":0.6,"NVDS.UK":0.6,"CHAT":1.5,"AIPO":1.5,"NVIW.SI":0.6,"VT":0.6,"ESUM":0.6,"CMAG":0.6,"NVII":0.6,"NVDU":0.6,"QTOC":1.5,"FAI":0.6,"CLSE":0.6,"ARTY":1.5,"METV":0.6,"GAMR":0.6,"NVD2.UK":0.6,"CHPX":0.6,"USXF":0.6,"SMHX":0.6,"SNPE":0.6,"LFGY":0.6,"AGIX":1.5,"NULC":0.6,"NVDB":0.6,"NVDO":0.6,"THMR":0.6,"NVDY":0.6,"NVDA":2.1,"DIPS":0.6,"WISE":0.6,"XLK":0.6,"FDTX":0.6,"NVD3.UK":0.6,"SHOC":0.6,"TYLG":0.6,"ROM":0.6,"SOXQ":0.6,"NVDW":0.6,"FTEC":0.6,"IXN":0.6,"NVDX":0.6,"SNVD.UK":0.6,"CNEQ":0.6}},"isVote":1,"tweetType":1,"viewCount":142,"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/e27d4b46eee1454d2bd4f83bb56ab921","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3498680662745699","authorIdStr":"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":0,"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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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 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{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { 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“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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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":{"NVDY":"NVDA期权收益策略ETF-YieldMax","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","METV":"Roundhill Ball Metaverse ETF","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","NVDB":"ProShares Ultra NVDA ETF","XLK":"高科技指数ETF-SPDR","IXN":"iShares Trust S&P Global Informa","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":{"NVDS":0.6,"ILDR":0.6,"SPTE":0.6,"VTHR":1.5,"AGOX":0.6,"SMH":0.6,"NVDS.UK":0.6,"CHAT":1.5,"AIPO":1.5,"NVIW.SI":0.6,"VT":0.6,"ESUM":0.6,"CMAG":0.6,"NVII":0.6,"NVDU":0.6,"QTOC":1.5,"FAI":0.6,"CLSE":0.6,"ARTY":1.5,"METV":0.6,"GAMR":0.6,"NVD2.UK":0.6,"CHPX":0.6,"USXF":0.6,"SMHX":0.6,"SNPE":0.6,"LFGY":0.6,"AGIX":1.5,"NULC":0.6,"NVDB":0.6,"NVDO":0.6,"THMR":0.6,"NVDY":0.6,"NVDA":2.1,"DIPS":0.6,"WISE":0.6,"XLK":0.6,"FDTX":0.6,"NVD3.UK":0.6,"SHOC":0.6,"TYLG":0.6,"ROM":0.6,"SOXQ":0.6,"NVDW":0.6,"FTEC":0.6,"IXN":0.6,"NVDX":0.6,"SNVD.UK":0.6,"CNEQ":0.6}},"isVote":1,"tweetType":1,"viewCount":71,"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,"idStr":"4205150523116642","authorIdStr":"4205150523116642"},"themes":[],"title":"","htmlText":"胜率23%的大空头[龇牙] ","listText":"胜率23%的大空头[龇牙] ","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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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\" 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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“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，"<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>"，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>'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"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。</p><h2 style=\"text-align: left;\">从"循环融资"到"安然类比"</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;\">"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。"</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'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。</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"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。</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"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"。</strong></p><p style=\"text-align: left;\">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。<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;\">"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。</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 & 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。</p><p style=\"text-align: left;\">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。</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":{"NVDY":"NVDA期权收益策略ETF-YieldMax","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","METV":"Roundhill Ball Metaverse ETF","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","VTHR":"Vanguard Russell 3000 ETF","AIPO":"Defiance AI and Power Infrastructure ETF","NVDB":"ProShares Ultra NVDA ETF","XLK":"高科技指数ETF-SPDR","IXN":"iShares Trust S&P Global Informa","NVII":"Rex NVDA Growth & Income ETF","THMR":"THOR AdaptiveRisk Dynamic ETF","SHOC":"Strive U.S. Semiconductor ETF","NVDX":"2倍做多NVDA ETF-T-Rex","SMHX":"VanEck Fabless Semiconductor ETF","CNEQ":"Alger Concentrated Equity ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","CHPX":"Global X AI Semiconductor & Quantum 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ETF","ROM":"ProShares Ultra Technology","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","FTEC":"Fidelity MSCI Information Techno","CMAG":"Corgi Mag 7 ETF","NVIW.SI":"NVDA 3xLongSG261006"},"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":{"NVDS":0.6,"ILDR":0.6,"SPTE":0.6,"VTHR":1.5,"AGOX":0.6,"SMH":0.6,"NVDS.UK":0.6,"CHAT":1.5,"AIPO":1.5,"NVIW.SI":0.6,"VT":0.6,"ESUM":0.6,"CMAG":0.6,"NVII":0.6,"NVDU":0.6,"QTOC":1.5,"FAI":0.6,"CLSE":0.6,"ARTY":1.5,"METV":0.6,"GAMR":0.6,"NVD2.UK":0.6,"CHPX":0.6,"USXF":0.6,"SMHX":0.6,"SNPE":0.6,"LFGY":0.6,"AGIX":1.5,"NULC":0.6,"NVDB":0.6,"NVDO":0.6,"THMR":0.6,"NVDY":0.6,"NVDA":2.1,"DIPS":0.6,"WISE":0.6,"XLK":0.6,"FDTX":0.6,"NVD3.UK":0.6,"SHOC":0.6,"TYLG":0.6,"ROM":0.6,"SOXQ":0.6,"NVDW":0.6,"FTEC":0.6,"IXN":0.6,"NVDX":0.6,"SNVD.UK":0.6,"CNEQ":0.6}},"isVote":1,"tweetType":1,"viewCount":212,"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,"idStr":"3582775585343989","authorIdStr":"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>"你可以像CLO一样，按不同风险层级为GPU融资，"</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"每家机构的融资方式都会有所不同"。</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"供应商融资"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>"负担由财团承担，而非英伟达的资产负债表，"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;\">"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。"</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，"<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>"，并将英伟达的担保定性为未来融资中"第一道损失保护"，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"人们逐渐摸清门道"，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>"你可以像CLO一样，按不同风险层级为GPU融资，"</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"每家机构的融资方式都会有所不同"。</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"供应商融资"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>"负担由财团承担，而非英伟达的资产负债表，"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;\">"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。"</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，"<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>"，并将英伟达的担保定性为未来融资中"第一道损失保护"，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"人们逐渐摸清门道"，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":{"LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0689626769.HKD":"AB SICAV I - 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LONG TERM THEMES (USD) \"P\" (USD) ACC"},"source_url":"https://wallstreetcn.com/articles/3779327","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2659817701","content_text":"英伟达正联手华尔街，押注一个颠覆性命题：AI芯片能否打破科技产品快速贬值的金融铁律。英伟达本周宣布联合Apollo、黑石、贝莱德旗下GIP、Brookfield、高盛及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，金融巨头将为科技企业提供半导体租赁融资。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：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。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。然而，这一宏大构想也面临根本性风险：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。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。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。交易结构：私人资本入场，英伟达转移表外压力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。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。\"你可以像CLO一样，按不同风险层级为GPU融资，\"一位参与交易的高管表示，但也有人对此持保留态度，认为\"每家机构的融资方式都会有所不同\"。对英伟达而言，这一安排同样具有重要的财务意义。美银研究分析师Vivek Arya本周指出，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——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。\"负担由财团承担，而非英伟达的资产负债表，\"Arya表示，这对英伟达而言是明显利好。核心争议：芯片能否打破科技折旧铁律这笔交易最大的不确定性，在于芯片资产的长期价值是否足以支撑金融化运作。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：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。Silicon Valley-based Creative Strategies技术分析师Ben Bajarin直言风险所在：\"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。\"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。英伟达的反驳：旧芯片仍在创造价值面对质疑，黄仁勋以实际数据为自己的逻辑背书。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。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。Bajarin认为，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。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。据英国《金融时报》报道，一位参与5000亿美元交易的高管表示，\"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\"，并将英伟达的担保定性为未来融资中\"第一道损失保护\"，即公司将吸收超出预期的早期价值损失。尽管风险犹存，华尔街的热情已然点燃。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。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，随着\"人们逐渐摸清门道\"，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。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。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。","news_type":1,"symbols_score_info":{"NULC":0.6,"TRFK":0.6,"JGRO":0.6,"NVDW":0.6,"NVDD":0.6,"CMAG":0.6,"FTEC":0.6,"ROM":0.6,"ANV":0.6,"IETC":0.6,"AIFD":0.6,"METV":0.6,"CHPX":0.6,"NVDX":0.6,"VT":0.6,"NVIW.SI":0.6,"FAI":0.6,"USXF":0.6,"NVDO":0.6,"TYLG":0.6,"TEK":0.6,"NVYY":0.6,"TTEQ":0.6,"NVD3.UK":0.6,"SHOC":0.6,"2NVD.UK":0.6,"EFIV":0.6,"NVD2.UK":0.6,"CLSE":0.6,"IXN":0.6,"NVDL":0.6,"SNVD.UK":0.6,"ABFL":0.6,"NVDU":0.6,"NVD":0.6,"XLK":0.6,"CNEQ":0.6,"THMR":0.6,"SPTE":0.6,"NVDG":0.6,"FDTX":0.6,"AIPI":0.6,"NVDS.UK":0.6,"NVII":0.6,"07788":0.6,"LFGY":0.6,"ESLG":0.6,"SNPE":0.6,"ILDR":0.6,"3NVD.UK":0.6,"ESUM":0.6,"TTXU":0.6,"WISE":0.6,"NVDS":0.6,"ARTY":0.6,"NVDA":2.1,"GAMR":0.6,"VGT":0.6,"NVDY":0.6,"NVDQ":0.6,"NVDB":0.6,"AGOX":0.6,"07388":0.6,"DIPS":0.6}},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"allBottom":false,"essenBottom":false,"topicSource":"Post"}