AI泡沫到底存在吗？54位科技界与华尔街大佬是这么说的

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cspan style=\"font-size: 12px; display: flex; color: #999999; align-items: center;\"\u003e\u003csvg width=\"1.4em\" height=\"1.4em\" viewBox=\"0 0 18 18\" xmlns=\"http://www.w3.org/2000/svg\"\u003e\u003cmask id=\"exclamation-mask\"\u003e\u003crect width=\"16\" height=\"16\" fill=\"white\"\u003e\u003c/rect\u003e\u003cpath d=\"M8 3.5a1 1 0 0 1 1 1v4a1 1 0 1 1-2 0v-4a1 1 0 0 1 1-1zM8 12a1 1 0 1 0 0-2 1 1 0 0 0 0 2z\" fill=\"black\"\u003e\u003c/path\u003e\u003c/mask\u003e\u003ccircle cx=\"8\" cy=\"8\" r=\"8\" fill=\"#999999\" mask=\"url(#exclamation-mask)\"\u003e\u003c/circle\u003e\u003c/svg\u003e 该图片属于AI生成\u003c/span\u003e\u003cp\u003e\u003c!--IMG_0--\u003e\u003c/p\u003e \u003cp data-check-id=\"511098\"\u003e\u003cspan class=\"text-remarks\" label=\"备注\"\u003e本文来自微信公众号：\u003c/span\u003e\u003cspan class=\"text-remarks\"\u003e\u003c!--SECURE_LINK_BEGIN_0--\u003e字母AI\u003c!--SECURE_LINK_END_0--\u003e\u003c/span\u003e\u003cspan class=\"text-remarks\"\u003e，作者：小金牙，题图来自：AI生成\u003c/span\u003e\u003c/p\u003e\u003cp data-check-id=\"371546\"\u003e2025年的AI行业仍然在向前狂奔，但与此同时“AI是否正在形成一场新的泡沫”几乎成了资本市场绕不开的问题。\u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp data-check-id=\"358291\"\u003e在美股屡创新高、AI概念股估值快速抬升的背景下，这个问题既被反复提出，也被反复否认。\u003c/p\u003e\u003cp data-check-id=\"617748\"\u003e外界捡到一个又一个碎片，这个人说了这些，那个人又说了那些。\u003c/p\u003e\u003cp data-check-id=\"964470\"\u003eCNBC近期采访了多位科技界、投资界大佬，把他们关于“AI泡沫”的看法摆在一起，可以看到共性——他们并不否认阶段性的过热，但普遍不认为当前的AI热潮构成一场传统意义上的“泡沫”。\u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp data-check-id=\"894789\"\u003e我们在此基础之上做了补充，引入了更多硅谷科技界的声音，以下是超�位相关人士对“AI泡沫”的看法。\u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp class=\"text-big-title\" data-check-id=\"541633\" label=\"大标题\"\u003e01 科技界\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"110583\"\u003e\u003c!--IMG_1--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"765224\"\u003e\u003c!--IMG_2--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"829449\"\u003e\u003c!--IMG_3--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"316468\"\u003e\u003c!--IMG_4--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"188217\"\u003e\u003c!--IMG_5--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"399815\"\u003e\u003c!--IMG_6--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"226516\"\u003e\u003c!--IMG_7--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"608629\"\u003e\u003c!--IMG_8--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"445826\"\u003e\u003c!--IMG_9--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"202811\"\u003e\u003c!--IMG_10--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"254211\"\u003e\u003c!--IMG_11--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"233651\"\u003e\u003c!--IMG_12--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"679545\"\u003e\u003c!--IMG_13--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"295102\"\u003e\u003c!--IMG_14--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"212511\"\u003e\u003c!--IMG_15--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"785484\"\u003e\u003c!--IMG_16--\u003e\u003c/p\u003e\u003cp class=\"text-big-title\" data-check-id=\"201591\" label=\"大标题\"\u003e02 投资界\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"463374\"\u003e\u003c!--IMG_17--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"501531\"\u003e\u003c!--IMG_18--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" 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data-check-id=\"699818\"\u003e\u003c!--IMG_39--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"878745\"\u003e\u003c!--IMG_40--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"247482\"\u003e\u003c!--IMG_41--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"235164\"\u003e\u003c!--IMG_42--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"179370\"\u003e\u003c!--IMG_43--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"103916\"\u003e\u003c!--IMG_44--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"785756\"\u003e\u003c!--IMG_45--\u003e\u003c/p\u003e\u003cp class=\"text-big-title\" data-check-id=\"195273\" label=\"大标题\"\u003e03 国内观点\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"126911\"\u003e\u003c!--IMG_46--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" data-check-id=\"718157\"\u003e\u003c!--IMG_47--\u003e\u003c/p\u003e\u003cp class=\"img-center-box\" 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class=\"text-remarks\"\u003e，作者：小金牙\u003c/span\u003e\u003c/p\u003e\u003cp\u003e本内容由作者授权发布，观点仅代表作者本人，不代表虎嗅立场。如对本稿件有异议或投诉，请联系 tougao@huxiu.com。\u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003c!--PARAGRAPH_3--\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content 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