{"id":47290,"date":"2026-05-14T04:17:00","date_gmt":"2026-05-14T04:17:00","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/47290\/"},"modified":"2026-05-14T04:17:00","modified_gmt":"2026-05-14T04:17:00","slug":"%e7%94%b2%e9%aa%a8%e6%96%87%e5%9b%a0-ai-%e8%a8%82%e5%96%ae%e7%a9%8d%e5%a3%93%e6%94%af%e6%92%90%e8%b3%87%e6%9c%ac%e6%94%af%e5%87%ba%e8%80%8c%e8%b5%b0%e9%ab%98","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/analysis\/47290\/","title":{"rendered":"\u7532\u9aa8\u6587\u56e0 AI \u8a02\u55ae\u7a4d\u58d3\u652f\u6490\u8cc7\u672c\u652f\u51fa\u800c\u8d70\u9ad8"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/05\/ORCL1-1024x573.webp\" alt=\"\" class=\"wp-image-50115\"\/><\/figure>\n\n\n\n<p><strong>\u91cd\u9ede\u6574\u7406<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7532\u9aa8\u6587\uff08Oracle\uff09\u80a1\u50f9\u5831 <strong>189.98<\/strong>\uff0c\u4e0a\u6f32 <strong>4.13<\/strong>\uff08<strong>2.2%<\/strong>\uff09\uff0c\u76e4\u4e2d\u9ad8\u9ede\u70ba <strong>191.43<\/strong>\u3002<\/li>\n\n\n\n<li>Wedbush \u8868\u793a\uff0c\u7532\u9aa8\u6587\u7684 AI\uff08\u4eba\u5de5\u667a\u6167\uff09\u6295\u5165\u6709\u660e\u78ba\u9700\u6c42\u8207\u9577\u671f\u5ba2\u6236\u627f\u8afe\u652f\u6490\uff0c\u4e0d\u662f\u62bc\u6ce8\u5f0f\u64f4\u5f35\u3002<\/li>\n\n\n\n<li>\u7532\u9aa8\u6587\u300c\u8cc7\u672c\u652f\u51fa\uff0f\u5269\u9918\u5c65\u7d04\u7fa9\u52d9\uff08RPO\uff09\u6bd4\u7387\u300d\u7d04 <strong>9%<\/strong>\uff0c\u9060\u4f4e\u65bc\u540c\u696d\u5e73\u5747 <strong>33.6%<\/strong>\u3002<\/li>\n\n\n\n<li>\u5168\u7403\u5e02\u5834\u5c0d AI \u4ecd\u71b1\u60c5\uff0c\u4f46\u901a\u81a8\u5347\u6eab\u8207\u5229\u7387\u53ef\u80fd\u66f4\u4e45\u7dad\u6301\u9ad8\u6a94\uff0c\u4ecd\u53ef\u80fd\u9650\u5236\u4f30\u503c\u4e0a\u884c\u7a7a\u9593\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p>Wedbush \u6307\u51fa\uff0c\u5e02\u5834\u53ef\u80fd\u8aa4\u8b80\u7532\u9aa8\u6587\u7684 AI \u6295\u8cc7\u9031\u671f\u5f8c\uff0c\u7532\u9aa8\u6587\u80a1\u50f9\u8d70\u9ad8\u3002\u65bc <strong>05\/13 22:59:58 GMT+3<\/strong>\uff0c\u80a1\u50f9\u5831 <strong>189.98<\/strong>\uff0c\u4e0a\u6f32 <strong>4.13<\/strong>\uff08<strong>2.2%<\/strong>\uff09\u3002\u7576\u65e5\u9ad8\u9ede <strong>191.43<\/strong>\u3001\u4f4e\u9ede <strong>185.04<\/strong>\u3001\u958b\u76e4 <strong>188.14<\/strong>\u3001\u6536\u76e4 <strong>185.85<\/strong>\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">To Wall Street, Oracle is a screaming buy. To many investors, however, the company\u2019s relationship with OpenAI, its sizable debt load and the durability of its software business have made owning the stock a risk. <a href=\"https:\/\/t.co\/KgcOAs4eZT\">https:\/\/t.co\/KgcOAs4eZT<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/2050163328446537923?ref_src=twsrc%5Etfw\">May 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Wedbush \u5c07\u7532\u9aa8\u6587\u8f03\u9ad8\u7684\u8cc7\u672c\u652f\u51fa\uff08capex\uff0c\u6307\u7528\u65bc\u8208\u5efa\u8cc7\u6599\u4e2d\u5fc3\u3001\u8cfc\u8cb7\u4f3a\u670d\u5668\u7b49\u300c\u9577\u671f\u8a2d\u5099\u300d\u7684\u6295\u8cc7\uff09\u8996\u70ba\u7b56\u7565\u6027\u6295\u5165\uff0c\u800c\u975e\u8ca1\u52d9\u60e1\u5316\u8b66\u8a0a\u3002\u8a72\u6a5f\u69cb\u8868\u793a\uff0c\u7532\u9aa8\u6587\u6b63\u5728\u70ba AI \u9031\u671f\u4e0b\u4e00\u968e\u6bb5\u5efa\u7acb\u66f4\u6709\u5229\u7684\u4f4d\u7f6e\uff0c\u56e0\u70ba\u57fa\u790e\u8a2d\u65bd\uff08\u7528\u4f86\u627f\u8f09 AI \u7684\u904b\u7b97\u8207\u5132\u5b58\uff09\u3001\u6548\u80fd\u8207\u8cc7\u6599\u53d6\u5f97\u80fd\u529b\u5c07\u66f4\u95dc\u9375\u3002<\/p>\n\n\n\n<p>\u7532\u9aa8\u6587\u300c\u8cc7\u672c\u652f\u51fa\uff0f\u5269\u9918\u5c65\u7d04\u7fa9\u52d9\uff08RPO\uff09\u6bd4\u7387\u300d\u7d04 <strong>9%<\/strong>\uff0c\u5c0d\u6bd4\u540c\u696d\u5e73\u5747 <strong>33.6%<\/strong>\u3002RPO\uff08Remaining Performance Obligations\uff09\u53ef\u7406\u89e3\u70ba\u300c\u5df2\u7c3d\u7d04\u4f46\u5c1a\u672a\u8a8d\u5217\u7684\u672a\u4f86\u6536\u5165\u300d\u3002\u6bd4\u7387\u504f\u4f4e\u901a\u5e38\u4ee3\u8868\uff1a\u516c\u53f8\u82b1\u51fa\u53bb\u7684\u9577\u671f\u6295\u8cc7\uff0c\u76f8\u5c0d\u65bc\u5df2\u7c3d\u4e0b\u4f86\u7684\u8a02\u55ae\u8207\u5408\u7d04\u91d1\u984d\u4e26\u4e0d\u8a87\u5f35\uff0c\u8f03\u50cf\u662f\u5728\u5c0d\u61c9\u5df2\u770b\u5f97\u5230\u7684\u9700\u6c42\uff0c\u800c\u4e0d\u662f\u8ffd\u9010\u4e0d\u78ba\u5b9a\u7684\u6210\u9577\u3002<\/p>\n\n\n\n<p>\u9019\u8b93\u591a\u982d\u7406\u7531\u66f4\u6e05\u695a\u3002\u7532\u9aa8\u6587\u4e0d\u53ea\u662f\u5728\u8b1b\u96f2\u7aef\uff08\u628a\u904b\u7b97\u8207\u5132\u5b58\u642c\u5230\u7db2\u8def\u4e0a\u7684\u670d\u52d9\uff09\u6545\u4e8b\uff1b\u5b83\u66f4\u60f3\u8b49\u660e\uff0c\u64f4\u5efa AI \u57fa\u790e\u8a2d\u65bd\u80fd\u628a\u8a02\u55ae\u5b58\u91cf\u8f49\u6210\u71df\u6536\u3001\u63d0\u9ad8\u5ba2\u6236\u7e8c\u7528\uff08\u7559\u5b58\uff09\u4e26\u6539\u5584\u7372\u5229\u80fd\u529b\uff08\u5229\u6f64\u7387\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8a02\u55ae\u5b58\u91cf\u8b93\u7532\u9aa8\u6587\u7684 AI \u8ad6\u9ede\u66f4\u6709\u529b<\/h2>\n\n\n\n<p>\u7532\u9aa8\u6587\u7684\u5269\u9918\u5c65\u7d04\u7fa9\u52d9\uff08RPO\uff09\u5df2\u6210\u70ba\u6295\u8cc7\u5224\u65b7\u7684\u6838\u5fc3\u3002\u8fd1\u671f\u591a\u4efd\u5206\u6790\u5e2b\u5831\u544a\u63d0\u5230\uff0c\u7532\u9aa8\u6587 RPO \u7d04 <strong>5,530 \u5104\u7f8e\u5143<\/strong>\uff0c\u8b93\u4ea4\u6613\u8005\u80fd\u8ffd\u8e64\u4e00\u5927\u7b46\u300c\u5df2\u7c3d\u7d04\u7684\u672a\u4f86\u6536\u5165\u300d\uff0c\u4e26\u89c0\u5bdf\u96f2\u7aef\u57fa\u790e\u8a2d\u65bd\u9700\u6c42\u64f4\u5927\u6642\uff0c\u9019\u4e9b\u5408\u7d04\u5982\u4f55\u9010\u6b65\u8f49\u70ba\u5df2\u5165\u5e33\u7684\u71df\u6536\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\u722d\u9ede\u56de\u5230\u57f7\u884c\u529b\u3002\u77ed\u671f\u5167\uff0c\u5927\u91cf\u8cc7\u672c\u652f\u51fa\u53ef\u80fd\u58d3\u7e2e\u81ea\u7531\u73fe\u91d1\u6d41\uff08free cash flow\uff0c\u6307\u516c\u53f8\u71df\u904b\u5f8c\u771f\u6b63\u53ef\u81ea\u7531\u904b\u7528\u7684\u73fe\u91d1\uff09\uff1b\u4f46\u82e5 AI \u5de5\u4f5c\u91cf\uff08AI workloads\uff0c\u53ef\u7406\u89e3\u70ba\u4f01\u696d\u628a AI \u8a08\u7b97\u4efb\u52d9\u4ea4\u7d66\u96f2\u7aef\u8655\u7406\u7684\u9700\u6c42\uff09\u6301\u7e8c\u9032\u5165\u5927\u578b\u96f2\u7aef\u5408\u7d04\uff0c\u9019\u4e9b\u6295\u5165\u4e5f\u53ef\u80fd\u5f37\u5316\u7532\u9aa8\u6587\u7684\u7af6\u722d\u4f4d\u7f6e\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Michael Burry saying Anthropic was &quot;eating&quot; <a href=\"https:\/\/twitter.com\/search?q=%24PLTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PLTR<\/a> was &quot;like fire in a crowded theater,&quot; Wedbush Securities managing director <a href=\"https:\/\/twitter.com\/DivesTech?ref_src=twsrc%5Etfw\">@DivesTech<\/a> says. <br><br>&quot;That is just stroking fear,&quot; but it creates a &quot;massive opportunity&quot; to own one of the key leaders in the AI revolution, he added. <a href=\"https:\/\/t.co\/438GPx9OPM\">pic.twitter.com\/438GPx9OPM<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/2042606823073538104?ref_src=twsrc%5Etfw\">April 10, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Wedbush \u7684\u770b\u6cd5\u652f\u6301\u4e00\u7a2e\u89e3\u8b80\uff1a\u7532\u9aa8\u6587\u662f\u70ba\u4e86\u6eff\u8db3\u770b\u5f97\u898b\u7684\u5ba2\u6236\u9700\u6c42\u800c\u6295\u8cc7\uff0c\u4e0d\u662f\u70ba\u4e86\u5806\u51fa\u9592\u7f6e\u7522\u80fd\uff08\u5efa\u4e86\u4f46\u7528\u4e0d\u5230\u7684\u7b97\u529b\uff09\u3002<\/p>\n\n\n\n<p>\u63a5\u4e0b\u4f86\u5e02\u5834\u6703\u89c0\u5bdf\u8a02\u55ae\u5b58\u91cf\u80fd\u5426\u8f49\u70ba\u66f4\u5f37\u7684\u96f2\u7aef\u71df\u6536\u3002\u82e5\u7532\u9aa8\u6587\u80fd\u63a8\u5347\u57fa\u790e\u8a2d\u65bd\u696d\u52d9\u6210\u9577\u3001\u540c\u6642\u628a\u7372\u5229\u80fd\u529b\u63a7\u5236\u4f4f\uff0c\u5e02\u5834\u53ef\u80fd\u9858\u610f\u7d66\u66f4\u9ad8\u7684\u300cAI \u4f30\u503c\u500d\u6578\u300d\uff08multiple\uff0c\u6307\u6295\u8cc7\u4eba\u9858\u610f\u7528\u66f4\u9ad8\u7684\u672c\u76ca\u6bd4\u7b49\u65b9\u5f0f\u4f86\u5b9a\u50f9\uff09\u3002\u53cd\u4e4b\uff0c\u82e5\u8cc7\u672c\u652f\u51fa\u589e\u52a0\u901f\u5ea6\u8d85\u904e\u71df\u6536\u8f49\u63db\uff0c\u539f\u672c\u652f\u6490\u591a\u982d\u7684\u6295\u5165\u4e5f\u53ef\u80fd\u8b8a\u6210\u4f30\u503c\u98a8\u96aa\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AI \u52d5\u80fd\u652f\u6490\u66f4\u5ee3\u6cdb\u7684\u79d1\u6280\u80a1\u884c\u60c5<\/h2>\n\n\n\n<p>\u7532\u9aa8\u6587\u7684\u8d70\u52e2\u4e5f\u7b26\u5408\u5168\u7403\u80a1\u5e02\u7531 AI \u5e36\u52d5\u7684\u4e0a\u6f32\u3002\u9031\u56db\u4e9e\u592a\u80a1\u5e02\u4e0a\u63da\uff0cAI \u71b1\u6f6e\u5e36\u52d5\u8207\u6676\u7247\u76f8\u95dc\u7684\u80a1\u7968\uff1bMSCI \u4e9e\u592a\u6307\u6578\u4e0a\u6f32 <strong>1.2%<\/strong>\u3001\u5357\u97d3 KOSPI \u6307\u6578\u4e0a\u6f32 <strong>1.7%<\/strong>\u3002SK \u6d77\u529b\u58eb\u4e5f\u66f4\u63a5\u8fd1 <strong>1 \u5146\u7f8e\u5143<\/strong>\u5e02\u503c\uff0c\u986f\u793a\u4ea4\u6613\u8005\u4ecd\u5f37\u529b\u62bc\u6ce8 AI \u57fa\u790e\u8a2d\u65bd\u9700\u6c42\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Asia-Pacific stocks eye higher open as Trump lands in Beijing for high-stakes Xi meeting <a href=\"https:\/\/t.co\/Zqvs6eevSm\">https:\/\/t.co\/Zqvs6eevSm<\/a><\/p>&mdash; CNBC (@CNBC) <a href=\"https:\/\/twitter.com\/CNBC\/status\/2054711569594888617?ref_src=twsrc%5Etfw\">May 13, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u7f8e\u80a1\u4e5f\u5728\u540c\u4e00\u4e3b\u984c\u4e0a\u52a0\u78bc\u3002\u6a19\u666e 500 \u8207\u90a3\u65af\u9054\u514b\u9031\u4e09\u6536\u5728\u6b77\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u7531 AI \u76f8\u95dc\u79d1\u6280\u80a1\u8207\u6676\u7247\u80a1\u5e36\u52d5\u3002\u5373\u4f7f\u901a\u81a8\u6578\u64da\u504f\u71b1\uff0c\u5e02\u5834\u4ecd\u66f4\u91cd\u8996 AI \u5e36\u4f86\u7684\u7372\u5229\u80fd\u529b\uff0c\u800c\u66ab\u6642\u628a\u5229\u7387\u98a8\u96aa\u653e\u5728\u6b21\u8981\u4f4d\u7f6e\u3002<\/p>\n\n\n\n<p>\u5728\u9019\u7a2e\u74b0\u5883\u4e0b\uff0c\u7532\u9aa8\u6587\u53d7\u60e0\uff0c\u56e0\u70ba\u5e02\u5834\u504f\u597d\u63a5\u8fd1 AI \u57fa\u790e\u8a2d\u65bd\u652f\u51fa\u7684\u516c\u53f8\u3002NVIDIA\u3001<a href=\"https:\/\/www.vtmarkets.com\/opinion\/amd-stock-ai-growth-valuation-test\/\" target=\"_blank\" rel=\"noreferrer noopener\">AMD<\/a>\u3001\u7532\u9aa8\u6587\u3001\u96f2\u7aef\u670d\u52d9\u5546\u8207\u8cc7\u6599\u4e2d\u5fc3\u76f8\u95dc\u4f01\u696d\u90fd\u5c6c\u65bc\u540c\u4e00\u6ce2\u884c\u60c5\u3002\u771f\u6b63\u7684\u8d0f\u5bb6\u9700\u8981\u8b49\u660e\uff1aAI \u9700\u6c42\u4e0d\u53ea\u5f37\uff0c\u9084\u80fd\u8cfa\u9322\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u901a\u81a8\u8207\u806f\u6e96\u6703\u98a8\u96aa\u4ecd\u53ef\u80fd\u9650\u5236\u4e0a\u884c<\/h2>\n\n\n\n<p>\u4f46\u7e3d\u9ad4\u74b0\u5883\uff08macro\uff0c\u6307\u6574\u9ad4\u7d93\u6fdf\u8207\u653f\u7b56\u80cc\u666f\uff09\u4e26\u4e0d\u55ae\u7d14\u3002\u7f8e\u570b\u751f\u7522\u8005\u7269\u50f9\uff08PPI\uff0c\u53ef\u7406\u89e3\u70ba\u300c\u4f01\u696d\u9032\u8ca8\u6210\u672c\uff0f\u4e0a\u6e38\u50f9\u683c\u300d\u7684\u901a\u81a8\u6307\u6a19\uff09\u4e0a\u6708\u4e0a\u5347 <strong>1.4%<\/strong>\uff0c\u70ba\u56db\u5e74\u4f86\u6700\u5927\u589e\u5e45\uff0c\u4e3b\u56e0\u662f\u8377\u83ab\u8332\u6d77\u5cfd\u76f8\u95dc\u7684\u77f3\u6cb9\u4f9b\u61c9\u5e72\u64fe\u3002\u9019\u964d\u4f4e\u4e86\u5e02\u5834\u5c0d\u806f\u6e96\u6703\u77ed\u671f\u964d\u606f\u7684\u671f\u5f85\uff0c\u4e5f\u63d0\u9ad8\u5229\u7387\u66f4\u4e45\u7dad\u6301\u9ad8\u6a94\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US producer prices surprise with largest increase in four years <a href=\"https:\/\/t.co\/unTPGuZW5T\">https:\/\/t.co\/unTPGuZW5T<\/a> <a href=\"https:\/\/t.co\/unTPGuZW5T\">https:\/\/t.co\/unTPGuZW5T<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/2054625257672065200?ref_src=twsrc%5Etfw\">May 13, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u5229\u7387\u8d70\u9ad8\u6703\u58d3\u6291\u300c\u4e45\u671f\u8f03\u9577\u7684\u6210\u9577\u80a1\u300d\uff08long-duration growth stocks\uff0c\u53ef\u7406\u89e3\u70ba\u7372\u5229\u4e3b\u8981\u5728\u8f03\u9060\u672a\u4f86\u624d\u6703\u660e\u986f\u589e\u52a0\u7684\u516c\u53f8\uff09\uff0c\u5373\u4f7f\u7372\u5229\u6210\u9577\u52d5\u80fd\u4ecd\u5f37\u3002\u7532\u9aa8\u6587\u7684 AI \u6545\u4e8b\u63d0\u4f9b\u652f\u6490\uff0c\u4f46\u80a1\u50f9\u4ecd\u8655\u5728\u5c0d\u50b5\u5238\u6b96\u5229\u7387\u3001\u901a\u81a8\u8207\u7f8e\u5143\u5f37\u5f31\u5f88\u654f\u611f\u7684\u5e02\u5834\u4e2d\u3002<\/p>\n\n\n\n<p>\u5ddd\u666e\uff0d\u7fd2\u8fd1\u5e73\u5cf0\u6703\u4e5f\u662f\u80cc\u666f\u8b8a\u6578\u3002\u4ea4\u6613\u8005\u95dc\u6ce8\u5317\u4eac\u6703\u8ac7\u5c0d\u8cbf\u6613\u3001\u79d1\u6280\u8207\u8106\u5f31\u7684\u7f8e\u4e2d\u505c\u706b\u5354\u8b70\u662f\u5426\u91cb\u51fa\u8a0a\u865f\u3002\u82e5\u57fa\u8abf\u66f4\u6eab\u548c\uff0c\u53ef\u80fd\u652f\u6490\u79d1\u6280\u80a1\uff1b\u82e5\u5c0d\u8cbf\u6613\u6216\u51fa\u53e3\u7ba1\u5236\u66f4\u5f37\u786c\uff0c\u53ef\u80fd\u62d6\u7d2f AI \u57fa\u790e\u8a2d\u65bd\u76f8\u95dc\u516c\u53f8\uff0c\u5c24\u5176\u662f\u8207\u6676\u7247\u3001\u96f2\u7aef\u7b97\u529b\u8207\u8de8\u5883\u9700\u6c42\u76f8\u95dc\u8005\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6280\u8853\u5206\u6790<\/h2>\n\n\n\n<p>\u7532\u9aa8\u6587\u81ea 4 \u6708\u4f4e\u9ede\u7d04 <strong>134.55<\/strong> \u5f37\u52e2\u53cd\u5f48\uff0c\u76ee\u524d\u7d04\u5728 <strong>189.98<\/strong> \u9644\u8fd1\u4ea4\u6613\uff0cAI \u57fa\u790e\u8a2d\u65bd\u8207\u4f01\u696d\u96f2\u7aef\uff08\u63d0\u4f9b\u7d66\u4f01\u696d\u4f7f\u7528\u7684\u96f2\u7aef\u670d\u52d9\uff09\u76f8\u95dc\u8cb7\u76e4\u56de\u5347\u3002\u8fd1\u4e00\u500b\u6708\u6574\u9ad4\u8d70\u52e2\u660e\u986f\u6539\u5584\uff0c\u4f46\u50f9\u683c\u6b63\u63a5\u8fd1\u91cd\u8981\u58d3\u529b\u5340\uff0c\u4f4d\u7f6e\u5728\u5fc3\u7406\u95dc\u5361 <strong>200<\/strong> \u4e0b\u65b9\u3002<\/p>\n\n\n\n<p>\u5f9e\u6280\u8853\u9762\u770b\uff0c\u7532\u9aa8\u6587\u4ecd\u5c6c\u504f\u591a\u8da8\u52e2\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>MA5\uff085 \u65e5\u79fb\u52d5\u5e73\u5747\uff09:<\/strong> 191.84<\/li>\n\n\n\n<li><strong>MA10\uff0810 \u65e5\u79fb\u52d5\u5e73\u5747\uff09:<\/strong> 185.28<\/li>\n\n\n\n<li><strong>MA20\uff0820 \u65e5\u79fb\u52d5\u5e73\u5747\uff09:<\/strong> 180.12<\/li>\n<\/ul>\n\n\n\n<p>\u77ed\u671f\u5747\u7dda\u6392\u5217\u5728 20 \u65e5\u5747\u7dda\u4e4b\u4e0a\uff0c\u4e14\u80a1\u50f9\u4ecd\u5728\u4e3b\u8981\u4e0a\u5347\u8da8\u52e2\u4e4b\u4e0a\uff0c\u901a\u5e38\u8868\u793a\u8cb7\u65b9\u4ecd\u638c\u63a7\u5c40\u9762\u3001\u4e0a\u6f32\u52d5\u80fd\u5065\u5eb7\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/05\/image-17-1024x474.jpg\" alt=\"\" class=\"wp-image-50114\"\/><\/figure>\n\n\n\n<p>\u9700\u95dc\u6ce8\u7684\u50f9\u4f4d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u7dda\u652f\u6490:<\/strong> 185 \u2192 180<\/li>\n\n\n\n<li><strong>\u4e3b\u8981\u652f\u6490:<\/strong> 175 \u2192 151<\/li>\n\n\n\n<li><strong>\u58d3\u529b:<\/strong> 190\u2013199 \u2192 207.54<\/li>\n<\/ul>\n\n\n\n<p><strong>190\u2013199<\/strong> \u5340\u9593\u5f88\u95dc\u9375\uff0c\u56e0\u70ba\u5b83\u662f\u9019\u6ce2\u53cd\u5f48\u6bb5\u7684\u4e0a\u7de3\u30025 \u6708\u521d\u50f9\u683c\u66fe\u63a5\u8fd1\u8a72\u5340\u5f8c\u62c9\u56de\uff0c\u73fe\u5728\u5e02\u5834\u6b63\u518d\u5ea6\u5617\u8a66\u7a81\u7834\u3002<\/p>\n\n\n\n<p>\u82e5\u8cb7\u65b9\u80fd\u7a81\u7834 <strong>199\u2013200<\/strong> \u58d3\u529b\u5340\uff0c\u7532\u9aa8\u6587\u53ef\u80fd\u56de\u6e2c 1 \u6708\u9ad8\u9ede\u9644\u8fd1\u7684 <strong>207.54<\/strong>\u3002\u82e5\u80fd\u7ad9\u7a69\u5176\u4e0a\uff0c\u504f\u591a\u7684\u4e2d\u9577\u671f\u7d50\u69cb\u901a\u5e38\u6703\u66f4\u5f37\u3002<\/p>\n\n\n\n<p>\u4e0b\u6a94\u65b9\u9762\uff0c\u7b2c\u4e00\u500b\u8f03\u91cd\u8981\u7684\u652f\u6490\u843d\u5728 <strong>180 \u5230 185<\/strong>\uff0c\u63a5\u8fd1\u4e0a\u5347\u4e2d\u7684 <strong>10 \u65e5\u8207 20 \u65e5\u5747\u7dda<\/strong>\u3002\u53ea\u8981\u80a1\u50f9\u4ecd\u5b88\u5728\u9019\u4e9b\u8da8\u52e2\u7dda\u4e0a\u65b9\uff0c\u53cd\u5f48\u8da8\u52e2\u5927\u81f4\u4e0d\u8b8a\u3002<\/p>\n\n\n\n<p>\u9019\u6ce2\u53cd\u5f48\u4e5f\u53cd\u6620\u6295\u8cc7\u4eba\u5c0d\u7532\u9aa8\u6587\u5728 AI \u751f\u614b\u7cfb\uff08ecosystem\uff0c\u53ef\u7406\u89e3\u70ba AI \u76f8\u95dc\u4f9b\u61c9\u93c8\u8207\u5408\u4f5c\u7db2\u8def\uff09\u5b9a\u4f4d\u7684\u89c0\u611f\u6539\u5584\u3002\u5e02\u5834\u6108\u4f86\u6108\u628a\u7532\u9aa8\u6587\u8996\u70ba\u53d7\u60e0\u65bc\u4f01\u696d AI \u9700\u6c42\u7684\u57fa\u790e\u8a2d\u65bd\u6210\u9577\u578b\u516c\u53f8\uff0c\u5c24\u5176\u662f\u5728\u96f2\u7aef\u5408\u4f5c\u3001\u8cc7\u6599\u4e2d\u5fc3\u64f4\u5efa\u8207\u627f\u8f09 AI \u904b\u7b97\u9700\u6c42\u65b9\u9762\u3002<\/p>\n\n\n\n<p>\u8fd1\u671f\u5e02\u5834\u570d\u7e5e\u300c\u5927\u578b\u96f2\u7aef\u696d\u8005\u300d\uff08hyperscaler\uff0c\u6307\u64c1\u6709\u8d85\u5927\u578b\u8cc7\u6599\u4e2d\u5fc3\u7684\u96f2\u7aef\u5de8\u982d\uff09\u652f\u51fa\u8207 AI \u57fa\u790e\u8a2d\u65bd\u6295\u8cc7\u7684\u6558\u4e8b\uff0c\u4e5f\u5728\u534a\u5c0e\u9ad4\u8207\u4f01\u696d\u8edf\u9ad4\u65cf\u7fa4\u540c\u6b65\u652f\u6490\u80a1\u50f9\u3002\u4ea4\u6613\u8005\u540c\u6642\u95dc\u6ce8\uff1a\u672a\u4f86\u5e7e\u5b63\u7532\u9aa8\u6587\u80fd\u5426\u6301\u7e8c\u628a AI \u76f8\u95dc\u9700\u6c42\u8f49\u6210\u66f4\u5feb\u7684\u96f2\u7aef\u71df\u6536\u6210\u9577\u3002<\/p>\n\n\n\n<p>\u53cd\u5f48\u671f\u9593\u7684\u6210\u4ea4\u91cf\uff08volume\uff0c\u6307\u4ea4\u6613\u91cf\uff09\u76f8\u5c0d\u7a69\u5b9a\uff0c\u6c92\u6709\u904e\u71b1\u8de1\u8c61\uff0c\u8f03\u50cf\u662f\u5927\u578b\u6a5f\u69cb\u9010\u6b65\u5e03\u5c40\uff08accumulation\uff0c\u8cb7\u9032\u7d2f\u7a4d\u90e8\u4f4d\uff09\uff0c\u800c\u4e0d\u662f\u77ed\u7dda\u6295\u6a5f\u898b\u9802\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5be9\u614e\u9810\u6e2c<\/h2>\n\n\n\n<p>\u53ea\u8981\u7532\u9aa8\u6587\u4ecd\u5b88\u5728 <strong>185.28<\/strong> \u8207 <strong>180.12<\/strong> \u4e4b\u4e0a\uff0c\u6574\u9ad4\u8d70\u52e2\u4ecd\u504f\u591a\u3002\u82e5\u6536\u76e4\u7ad9\u4e0a <strong>191.84<\/strong>\uff0c\u77ed\u7dda\u7d50\u69cb\u6703\u66f4\u6709\u5229\uff0c\u4e26\u6709\u6a5f\u6703\u63a8\u5411 <strong>199.13<\/strong>\u3002<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>\u4ea4\u6613\u8005\u5e38\u898b\u554f\u984c<\/strong><\/summary>\n<p><strong>\u70ba\u4ec0\u9ebc\u7532\u9aa8\u6587\u80a1\u50f9\u4e0a\u6f32\uff1f<\/strong><\/p>\n\n\n\n<p>\u7532\u9aa8\u6587\u80a1\u50f9\u4e0a\u6f32\uff0c\u4e3b\u56e0\u662f Wedbush \u652f\u6301\u5176 AI \u6295\u8cc7\u7b56\u7565\u3002Wedbush \u8a8d\u70ba\uff0c\u7532\u9aa8\u6587\u7684\u5927\u91cf\u8cc7\u672c\u652f\u51fa\u6709\u660e\u78ba\u9700\u6c42\u8207\u9577\u671f\u5ba2\u6236\u627f\u8afe\u652f\u6490\uff0c\u4e0d\u662f\u62bc\u6ce8\u5f0f\u64f4\u5f35\u3002<\/p>\n\n\n\n<p>ORCL \u5831 <strong>189.98<\/strong>\uff0c\u4e0a\u6f32 <strong>4.13<\/strong>\uff08<strong>2.2%<\/strong>\uff09\uff0c\u76e4\u4e2d\u9ad8\u9ede\u70ba <strong>191.43<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u76ee\u524d\u7532\u9aa8\u6587\u80a1\u50f9\u662f\u591a\u5c11\uff1f<\/strong><\/p>\n\n\n\n<p>\u7532\u9aa8\u6587\u5831 <strong>189.98<\/strong>\u3002\u7576\u65e5\u9ad8\u9ede <strong>191.43<\/strong>\u3001\u4f4e\u9ede <strong>185.04<\/strong>\u3001\u958b\u76e4 <strong>188.14<\/strong>\u3001\u6536\u76e4 <strong>185.85<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u70ba\u4ec0\u9ebc\u5e02\u5834\u95dc\u6ce8\u7532\u9aa8\u6587\u7684 AI \u652f\u51fa\uff1f<\/strong><\/p>\n\n\n\n<p>\u5e02\u5834\u95dc\u6ce8\u7532\u9aa8\u6587\u7684 AI \u652f\u51fa\uff0c\u56e0\u70ba\u6295\u8cc7\u4eba\u6b63\u5728\u8a0e\u8ad6\u9ad8\u8cc7\u672c\u652f\u51fa\u7a76\u7adf\u662f\u98a8\u96aa\u9084\u662f\u9577\u671f\u512a\u52e2\u3002Wedbush \u8a8d\u70ba\uff0c\u7532\u9aa8\u6587\u6b63\u5728\u70ba AI \u9031\u671f\u4e0b\u4e00\u968e\u6bb5\u5f37\u5316\u4f4d\u7f6e\uff0c\u5c46\u6642\u57fa\u790e\u8a2d\u65bd\u3001\u6548\u80fd\u8207\u8cc7\u6599\u53d6\u5f97\u80fd\u529b\u6703\u66f4\u91cd\u8981\u3002<\/p>\n\n\n\n<p><strong>\u7532\u9aa8\u6587\u7684 AI \u8cc7\u672c\u652f\u51fa\u662f\u98a8\u96aa\u55ce\uff1f<\/strong><\/p>\n\n\n\n<p>\u77ed\u671f\u4f86\u770b\uff0cAI \u8cc7\u672c\u652f\u51fa\u53ef\u80fd\u58d3\u7e2e\u81ea\u7531\u73fe\u91d1\u6d41\uff1b\u4f46 Wedbush \u8a8d\u70ba\u9019\u4e9b\u6295\u5165\u6709\u9700\u6c42\u652f\u6490\u3002\u7532\u9aa8\u6587\u300c\u8cc7\u672c\u652f\u51fa\uff0f\u5269\u9918\u5c65\u7d04\u7fa9\u52d9\uff08RPO\uff09\u6bd4\u7387\u300d\u7d04 <strong>9%<\/strong>\uff0c\u540c\u696d\u5e73\u5747\u7d04 <strong>33.6%<\/strong>\u3002<\/p>\n\n\n\n<p>\u6bd4\u7387\u8f03\u4f4e\u4ee3\u8868\uff1a\u7532\u9aa8\u6587\u9762\u524d\u6709\u8f03\u5927\u7684\u5df2\u7c3d\u7d04\u8a02\u55ae\u5b58\u91cf\uff0c\u652f\u51fa\u8f03\u50cf\u5728\u5c0d\u61c9\u5df2\u78ba\u8a8d\u7684\u9700\u6c42\uff0c\u800c\u4e0d\u662f\u8ffd\u9010\u4e0d\u78ba\u5b9a\u9700\u6c42\u3002<\/p>\n\n\n\n<p><strong>\u7532\u9aa8\u6587\u7684\u300c\u8cc7\u672c\u652f\u51fa\uff0fRPO \u6bd4\u7387\u300d\u4ee3\u8868\u4ec0\u9ebc\uff1f<\/strong><\/p>\n\n\n\n<p>\u300c\u8cc7\u672c\u652f\u51fa\uff0fRPO 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