{"id":719495,"date":"2026-02-09T16:57:13","date_gmt":"2026-02-09T08:57:13","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=719495"},"modified":"2026-02-09T16:57:13","modified_gmt":"2026-02-09T08:57:13","slug":"%e9%ab%98%e7%9b%9b%e9%a2%84%e8%ae%a1%e8%8b%b1%e4%bc%9f%e8%be%beq4%e8%90%a5%e6%94%b6%e8%be%be673%e4%ba%bf%e7%be%8e%e5%85%83-%e7%bb%99%e5%87%ba250%e7%be%8e%e5%85%83%e7%9b%ae%e6%a0%87%e8%82%a1%e4%bb%b7","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=719495","title":{"rendered":"\u9ad8\u76db\u9884\u8ba1\u82f1\u4f1f\u8fbeQ4\u8425\u6536\u8fbe673\u4ebf\u7f8e\u5143 \u7ed9\u51fa250\u7f8e\u5143\u76ee\u6807\u80a1\u4ef7"},"content":{"rendered":"<p>\u82f1\u4f1f\u8fbe\u80a1\u4e1c\u6b63\u70ed\u5207\u671f\u5f852\u670825\u65e5\u5c06\u516c\u5e03\u7684\u5b63\u5ea6\u8d22\u62a5\u3002\u5728<span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/AMD.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">AMD<\/a><\/span><span><\/span>\u548c\u535a\u901a\u4e89\u52a0\u5267\u7684\u80cc\u666f\u4e0b\uff0c\u6b64\u6b21\u8d22\u62a5\u7684\u91cd\u8981\u6027\u5c24\u4e3a\u7a81\u51fa\uff0c\u4f46<span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/GS.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">\u9ad8\u76db<\/a><\/span><span><\/span>\u8ba4\u4e3a\uff0c\u82f1\u4f1f\u8fbe\u6709\u671b\u5e26\u676520\u4ebf\u7f8e\u5143\u7684\u8425\u6536\u201c\u60ca\u559c\u201d\u3002<\/p>\n<p><a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%ab%98%e7%9b%9b\" title=\"View all posts in \u9ad8\u76db\" target=\"_blank\" class=\"tag_link\">\u9ad8\u76db<\/a>\u5206\u6790\u5e08\u9884\u8ba1\uff0c\u82f1\u4f1f\u8fbe2025\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u5c06\u8fbe\u5230673\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u5728\u76c8\u5229\u7aef\u4e5f\u5c06\u8d85\u51fa\u5e02\u573a\u9884\u671f\u3002<\/p>\n<p>\u201c\u6211\u4eec\u9884\u8ba1\u82f1\u4f1f\u8fbe\u5728\u7b2c\u56db\u8d22\u5b63\u7684\u8425\u6536\u5c06\u8d85\u51fa\u9884\u671f\u7ea620\u4ebf\u7f8e\u5143\uff0c\u800c\u6211\u4eec\u5bf9\u7b2c\u4e00\u8d22\u5b63\u8425\u6536\u7684\u9884\u6d4b\u4e5f\u6bd4\u5e02\u573a\u5171\u8bc6\u9ad8\u51fa8%\u3002\u201d<\/p>\n<p>\u9ad8\u76db\u5206\u6790\u5e08\u5728\u7814\u7a76\u62a5\u544a\u4e2d\u5199\u9053\uff0c\u201c\u6211\u4eec\u5bf9\u7b2c\u56db\u8d22\u5b63\u548c\u7b2c\u4e00\u8d22\u5b63\u7684\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u9884\u6d4b\uff0c\u5206\u522b\u6bd4\u5e02\u573a\u9ad8\u51fa5%\u548c9%\u3002\u201d<\/p>\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u9ad8\u76db\u4e5f\u63d0\u9192\uff0c\u5e02\u573a\u53ef\u80fd\u5df2\u7ecf\u5728\u80a1\u4ef7\u4e2d\u63d0\u524d\u6d88\u5316\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%9a%e7%bb%a9\" title=\"View all posts in \u4e1a\u7ee9\" target=\"_blank\" class=\"tag_link\">\u4e1a\u7ee9<\/a>\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%8a%95%e8%b5%84\" title=\"View all posts in \u6295\u8d44\" target=\"_blank\" class=\"tag_link\">\u6295\u8d44<\/a>\u8005\u7684\u5173\u6ce8\u70b9\u6216\u5c06\u4ece\u77ed\u671f\u8868\u73b0\u8f6c\u54112026\u5e74\u548c2027\u5e74\u7684\u4e1a\u7ee9\u6307\u5f15\u3002<\/p>\n<p><strong>\u82f1\u4f1f\u8fbe\u7684\u201c\u95e8\u69db\u201d\u5df2\u88ab\u62ac\u5f97\u5f88\u9ad8<\/strong><\/p>\n<p>2022\u5e74\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=openai\" title=\"View all posts in OpenAI\" target=\"_blank\" class=\"tag_link\">OpenAI<\/a>\u63a8\u51fa<a href=\"https:\/\/www.alphaseek.cn\/?tag=chatgpt\" title=\"View all posts in ChatGPT\" target=\"_blank\" class=\"tag_link\">ChatGPT<\/a>\uff0c\u5f15\u7206\u4e86AI\u804a\u5929\u673a\u5668\u4eba\u7684\u5f00\u53d1\u70ed\u6f6e\uff0c\u4e5f\u5e26\u52a8\u4e86\u5bf9\u82f1\u4f1f\u8fbe\u9ad8\u6027\u80fd\u3001\u4e0b\u4e00\u4ee3\u56fe\u5f62\u5904\u7406\u5668\uff08GPU\uff09\u7684\u5de8\u5927\u9700\u6c42\u3002\u8fd9\u4e00\u53d8\u5316\u51fa\u4e4e\u8bb8\u591a\u4eba\u610f\u6599\uff0c\u968f\u7740\u516c\u53f8\u4e00\u5b63\u53c8\u4e00\u5b63\u5730\u4ea4\u51fa\u8d85\u9884\u671f\u4e1a\u7ee9\u5e76\u4e0a\u8c03\u6307\u5f15\uff0c\u6295\u8d44\u8005\u8702\u62e5\u800c\u5165\uff0c\u63a8\u9ad8\u4e86\u80a1\u4ef7\u3002<\/p>\n<p>\u5982\u4eca\uff0c\u5927\u591a\u6570\u6295\u8d44\u7ec4\u5408\u4e2d\u5df2\u7ecf\u914d\u7f6e\u4e86\u82f1\u4f1f\u8fbe\uff0c\u573a\u5916\u53ef\u63a8\u52a8\u80a1\u4ef7\u7ee7\u7eed\u5927\u5e45\u4e0a\u884c\u7684\u8d44\u91d1\u7a7a\u95f4\u76f8\u5bf9\u6709\u9650\u3002<\/p>\n<p>\u9ad8\u76db\u6307\u51fa\uff1a\u201c\u6211\u4eec\u8ba4\u4e3a\uff0c\u5bf9\u82f1\u4f1f\u8fbe2026\u5e74\uff08CY26\uff09\u4e1a\u7ee9\u7684\u4e0a\u884c\u9884\u671f\u5728\u5f53\u524d\u80a1\u4ef7\u6c34\u5e73\u4e0b\u5df2\u5927\u4f53\u88ab\u8ba1\u5165\uff0c\u80a1\u4ef7\u80fd\u5426\u7ee7\u7eed\u8dd1\u8d62\uff0c\u5c06\u53d6\u51b3\u4e8e2027\u5e74\uff08CY27\uff09\u8425\u6536\u80fd\u89c1\u5ea6\u3002\u201d<\/p>\n<p>\u8fd9\u610f\u5473\u7740\uff0c\u4ec5\u4ec5\u4ea4\u51fa\u66f4\u9ad8\u7684\u5b63\u5ea6\u8425\u6536\u548c\u76c8\u5229\uff0c\u53ef\u80fd\u5df2\u4e0d\u8db3\u4ee5\u8bf4\u670d\u6295\u8d44\u8005\u7ee7\u7eed\u52a0\u7801\u3002\u5e02\u573a\u9700\u8981\u770b\u5230\u9700\u6c42\u5728\u4eca\u5e74\u5df2\u88ab\u7262\u7262\u9501\u5b9a\uff0c\u540c\u65f6\u516c\u53f8\u6700\u65b0\u4e00\u4ee3<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%8a%af%e7%89%87\" title=\"View all posts in \u82af\u7247\" target=\"_blank\" class=\"tag_link\">\u82af\u7247<\/a>Vera Rubin\u7684\u63a8\u51fa\u8fdb\u5c55\u987a\u5229\u3002<\/p>\n<p><strong>\u9ad8\u76db\uff1a\u82f1\u4f1f\u8fbe\u80a1\u4ef7\u4ecd\u670935%\u4e0a\u884c\u7a7a\u95f4<\/strong><\/p>\n<p>\u9ad8\u76db\u8ba4\u4e3a\uff0c\u591a\u9879\u50ac\u5316\u56e0\u7d20\u6709\u671b\u63a8\u52a8\u82f1\u4f1f\u8fbe\u80a1\u4ef7\u8d70\u9ad8\uff0c\u5e76\u636e\u6b64\u7ed9\u51fa250\u7f8e\u5143\u7684\u76ee\u6807\u4ef7\uff0c\u8f832\u67086\u65e5\u6536\u76d8\u4ef7\u4ecd\u6709\u7ea635%\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002<\/p>\n<p>2026\u5e74\u4e3b\u8981\u50ac\u5316\u56e0\u7d20\u5305\u62ec\uff1a<\/p>\n<p>\u8d85\u5927\u89c4\u6a21\u6570\u636e\u4e2d\u5fc3\uff08Hyperscaler\uff09\u8d44\u672c\u5f00\u652f\uff1a\u9ad8\u76db\u9884\u8ba1\u5176\u8d44\u672c\u652f\u51fa\u5c06\u589e\u81f35270\u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u9ad8\u4e8e2025\u5e74\u76843940\u4ebf\u7f8e\u5143\u3002\u8003\u8651\u5230<span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/AMZN.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">\u4e9a\u9a6c\u900a<\/a><\/span><span><\/span>\u4e00\u5e742000\u4ebf\u7f8e\u5143\u3001Alphabet\uff08<span><a href=\"https:\/\/stock.finance.sina.com.cn\/usstock\/quotes\/GOOG.html\" target=\"_blank\" data-sudaclick=\"content_marketkeywords_p\" rel=\"noopener\">\u8c37\u6b4c<\/a><\/span><span><\/span>\u6bcd\u516c\u53f8\uff091850\u4ebf\u7f8e\u5143\u7684\u652f\u51fa\u62ab\u9732\uff0c\u8fd9\u4e00\u9884\u6d4b\u6216\u4ecd\u504f\u4fdd\u5b88\u3002<\/p>\n<p>\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u6307\u5f15\u7684\u4e0a\u884c\u7a7a\u95f4\uff1a\u82f1\u4f1f\u8fbe\u9884\u8ba1\u52302026\u5e74\u6570\u636e\u4e2d\u5fc3\u7d2f\u8ba1\u6536\u5165\u53ef\u8fbe5000\u4ebf\u7f8e\u5143\uff0c\u800c\u9ad8\u76db\u7684\u9884\u6d4b\u201c\u660e\u663e\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\u201d\u3002\u4efb\u4f55\u6709\u51732027\u5e74\u80fd\u89c1\u5ea6\u7684\u8868\u6001\uff0c\u90fd\u53ef\u80fd\u6210\u4e3a\u5229\u597d\u3002<\/p>\n<p>\u975e\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u9700\u6c42\uff1a\u6765\u81eaOpenAI\uff08ChatGPT\uff09\u3001Anthropic\uff08Claude\uff09\u7b49\u5927\u6a21\u578b\u516c\u53f8\u7684GPU\u9700\u6c42\u63d0\u5347\uff0c\u6216\u4e3a\u80a1\u4ef7\u63d0\u4f9b\u652f\u6491\uff1b\u6b64\u5916\uff0c\u9ad8\u76db\u4e5f\u5173\u6ce8\u4e3b\u6743\u56fd\u5bb6\u5c42\u9762\u7684\u9700\u6c42\u589e\u957f\u3002<\/p>\n<p>\u4e0eASIC\u548cAMD\u7684\u7ade\u4e89\u6001\u52bf\uff1a\u4e3a\u964d\u4f4e\u5bf9\u82f1\u4f1f\u8fbe\u7684\u4f9d\u8d56\uff0c\u4e00\u4e9b\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u6b63\u4e0e\u535a\u901a\u3001Marvell\u5408\u4f5c\u5f00\u53d1\u5b9a\u5236ASIC\u82af\u7247\uff0c\u540c\u65f6AMD MI455X\u7684\u7ade\u4e89\u529b\u4e5f\u5728\u63d0\u5347\u3002\u82e5\u82f1\u4f1f\u8fbe\u5f3a\u5316\u5176CUDA\u751f\u6001\u7b49\u4f18\u52bf\uff0c\u6709\u52a9\u4e8e\u7a33\u5b9a\u5e02\u573a\u4fe1\u5fc3\u3002<\/p>\n<p>Rubin\u82af\u7247\u57282026\u5e74\u653e\u91cf\uff1a\u82f1\u4f1f\u8fbe\u6b63\u7528\u6027\u80fd\u66f4\u5f3a\u3001\u6548\u7387\u66f4\u9ad8\u7684Rubin\u66ff\u4ee3Blackwell\u7cfb\u5217\u3002\u516c\u53f8\u57281\u6708CES\u4e0a\u8868\u793aRubin\u5df2\u8fdb\u5165\u751f\u4ea7\u9636\u6bb5\uff0c\u4eca\u5e74\u5c06\u5f00\u59cb\u653e\u91cf\uff0c\u4efb\u4f55\u79ef\u6781\u8fdb\u5c55\u90fd\u53ef\u80fd\u63d0\u632f\u80a1\u4ef7\u3002<\/p>\n<p><strong>\u9ad8\u76db\u5bf9\u672a\u6765\u8425\u6536\u4e0e\u76c8\u5229\u7684\u9884\u6d4b<\/strong><\/p>\n<p>\u5206\u6790\u5e08\u9884\u8ba1\uff0cRubin GPU\u5c06\u57282026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5f00\u59cb\u51fa\u8d27\uff0c\u7b2c\u56db\u5b63\u5ea6\u53ca\u4ee5\u540e\u663e\u8457\u653e\u91cf\uff0c\u5e76\u652f\u6491\u516c\u53f8\u81f3\u5c11\u52302028\u5e74\u7684\u5f3a\u52b2\u589e\u957f\u3002<\/p>\n<p>\u9ad8\u76db\u9884\u6d4b\uff08\u622a\u81f32028\u5e74\uff09\uff1a<\/p>\n<p>2026\u5e74\uff1a\u8425\u65362151\u4ebf\u7f8e\u5143\/EPS4.49\u7f8e\u5143<\/p>\n<p>2027\u5e74\uff1a\u8425\u65363829\u4ebf\u7f8e\u5143\/EPS8.75\u7f8e\u5143<\/p>\n<p>2028\u5e74\uff1a\u8425\u65365130\u4ebf\u7f8e\u5143\/EPS12.13\u7f8e\u5143<\/p>\n<p>\u82e5\u4e0a\u8ff0\u8def\u5f84\u5151\u73b0\uff0c\u5c06\u4e3a\u80a1\u4ef7\u6301\u7eed\u4e0a\u884c\u63d0\u4f9b\u575a\u5b9e\u57fa\u7840\u3002<\/p>\n<p>\u82f1\u4f1f\u8fbeCEO\u9ec4\u4ec1\u52cb\u4eca\u5e741\u6708\u5728CES\u4e0a\u8868\u793a\uff1a\u201c\u8fc7\u53bb\u5341\u5e74\u7ea610\u4e07\u4ebf\u7f8e\u5143\u7684\u8ba1\u7b97\u57fa\u7840\u6b63\u5728\u5411\u8fd9\u79cd\u65b0\u7684\u8ba1\u7b97\u65b9\u5f0f\u5347\u7ea7\uff1b\u800c\u89c4\u6a21\u8fbe100\u4e07\u4ebf\u7f8e\u5143\u7684\u4ea7\u4e1a\uff0c\u5176\u4e2d\u6570\u4e2a\u767e\u5206\u70b9\u7684\u7814\u53d1\u9884\u7b97\uff0c\u6b63\u8f6c\u5411<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd\" title=\"View all posts in \u4eba\u5de5\u667a\u80fd\" target=\"_blank\" class=\"tag_link\">\u4eba\u5de5\u667a\u80fd<\/a>\u3002\u201d<\/p>\n<p><strong>\u6f5c\u5728<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%a3%8e%e9%99%a9\" title=\"View all posts in \u98ce\u9669\" target=\"_blank\" class=\"tag_link\">\u98ce\u9669<\/a>\u4e0d\u53ef\u5ffd\u89c6<\/strong><\/p>\n<p>\u82f1\u4f1f\u8fbe\u5e76\u975e\u6ca1\u6709\u98ce\u9669\u3002\u5176\u80a1\u7968\u03b2\u503c\u4e3a2.28\uff0c\u610f\u5473\u7740\u5176\u6da8\u8dcc\u5e45\u5927\u7ea6\u662f\u6807\u666e500\u6307\u6570\u76842.28\u500d\u3002<\/p>\n<p>\u9ad8\u76db\u63d0\u793a\u7684\u4e3b\u8981\u98ce\u9669\u5305\u62ec\uff1a<\/p>\n<p>AI\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u653e\u7f13\uff1a\u82e5<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%9e%8d%e8%b5%84\" title=\"View all posts in \u878d\u8d44\" target=\"_blank\" 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