![\"\u9ec4\u4ec1\u52cb\u6709\u4e86\u201c\u65b0\u76ae\u8863\u201d\"](\"https:\/\/x0.ifengimg.com\/res\/2026\/4A19724DCCB4BD5E6B263AB6F35251284C2A371C_size49_w1080_h606.jpg\")
<\/p>\n
\u6295\u8d44<\/a>\u6536\u76ca\u3001\u53e3\u5f84\u91cd\u6784\u4e0e\u6298\u65e7\u5916\u6536\u5165<\/p>\n \u51fa\u54c1 | \u864e\u55c5\u79d1\u6280\u7ec4<\/p>\n \u4f5c\u8005 | \u6881\u5361\u5c14<\/p>\n \u7f16\u8f91 | \u82d7\u6b63\u537f<\/p>\n \u5934\u56fe | \u82f1\u4f1f\u8fbe\u5b98\u7f51<\/p>\n \u82f1\u4f1f\u8fbe\u6700\u65b0\u4e00\u5b63\u8d22\u62a5\u51fa\u6765\u540e\uff0c\u5e02\u573a\u6700\u5bb9\u6613\u8bb0\u4f4f\u7684\uff0c\u8fd8\u662f\u90a3\u4e2a\u719f\u6089\u7684\u7ed3\u8bba\uff1a\u5b83\u53c8\u8d5a\u75af\u4e86\u3002<\/p>\n \u5317\u4eac\u65f6\u95f45\u670821\u65e5\u51cc\u6668\u3001\u7f8e\u80a1\u76d8\u540e\uff0c\u82f1\u4f1f\u8fbe\u62ab\u9732\u4e86\u622a\u81f34\u670826\u65e5\u7684\uff0c2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9<\/a>\u62a5\u544a\u3002\u5355\u5b63\u5ea6\u8425\u6536816.15\u4ebf\u7f8e\u5143\u3001\u540c\u6bd4\u589e\u957f85%\uff0cGAAP\u6bdb\u5229\u7387\u903c\u8fd175%\uff0c\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u8425\u6536\u540c\u6bd4\u589e\u957f92%\uff0c\u4ee5\u53ca\u8463\u4e8b\u4f1a\u5ba3\u5e03800\u4ebf\u7f8e\u5143\u65b0\u589e\u56de\u8d2d<\/a>\u3002<\/p>\n \u5982\u679c\u53ea\u770b\u8fd9\u4e9b\u9ad8\u5149\uff0c\u82f1\u4f1f\u8fbe\u66f4\u50cf\u662f\u4e00\u53f0\u88abAI\u8d44\u672c\u76f4\u63a5\u63a5\u4e0a\u7684\u5370\u949e\u673a\u3002<\/p>\n \u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98\u9ec4\u4ec1\u52cb\u5ba3\u79f0\uff0c\u201c\u4ee3\u7406\u5f0fAI\u5df2\u7ecf\u5230\u6765\u201d\uff0c\u201cAI\u5de5\u5382\u7684\u5efa\u8bbe\u6b63\u5728\u52a0\u901f\u201d\u3002\u5728\u968f\u540e\u7684\u7535\u8bdd\u4f1a\u8bae\u4e0a\uff0c\u4ed6\u548cCFO\u79d1\u83b1\u7279·\u514b\u96f7\u65af\uff08Colette Kress\uff09\u8bb2\u8ff0\u4e86\u4e00\u4e2a\u5173\u4e8e\u6280\u672f\u7edf\u6cbb\u3001\u8d44\u672c\u5d4c\u5408\u4e0e\u751f\u6001\u91cd\u65b0\u5b9a\u4e49\u7684\u5b8f\u5927\u6545\u4e8b\u3002<\/p>\n \u7136\u800c\uff0c\u5728\u8fd9\u4e9b\u9648\u8ff0\u80cc\u540e\uff0c\u8fd8\u201c\u9690\u85cf\u201d\u7740\u53e6\u5916\u4e09\u4e2a\u6545\u4e8b\uff1a<\/p>\n \u25cf 583\u4ebf\u7f8e\u5143GAAP\u51c0\u5229\u6da6\u91cc\uff0c\u6709159\u4ebf\u7f8e\u5143\u6765\u81ea\u80a1\u6743\u7c7b\u8bc1\u5238\u6536\u76ca\uff0c\u4e0d\u662f\u5356GPU\u76f4\u63a5\u8d5a\u6765\u7684\uff1b<\/p>\n \u25cf \u8c03\u6574\u4e86\u4e1a\u52a1\u62ab\u9732\u65b9\u5f0f\uff0c\u4e3b\u52a8\u56de\u5e94\u4e00\u4e2a\u8d8a\u6765\u8d8a\u91cd\u8981\u7684\u8d28\u7591\uff1a\u5230\u5e95\u662f\u4e0d\u662f\u8fd8\u5728\u9760\u51e0\u5bb6\u4e91\u5de8\u5934\u7684\u8d44\u672c\u5f00\u652f\u83b7\u53d6\u6536\u76ca\uff1b<\/p>\n \u25cf \u5ba2\u6237\u8d2d\u4e70GPU\u8fd9\u7b14\u8d26\u5df2\u7ecf\u4e0d\u80fd\u518d\u6309\u6298\u65e7\u903b\u8f91\u6765\u7b97\uff0c\u56e0\u4e3a\u4e00\u5757\u5361\u88ab\u6298\u65e7\u5b8c\u4e4b\u540e\uff0c\u53ef\u80fd\u8fd8\u5728\u7ee7\u7eed\u8d5a\u94b1\u3002<\/p>\n \u8fd9\u4e09\u4e2a\u6545\u4e8b\u8fde\u8d77\u6765\u770b\uff0c\u6bd4\u5355\u7eaf\u5356\u51fa\u591a\u5c11\u5757Blackwell\u82af\u7247<\/a>\uff0c\u66f4\u80fd\u770b\u5230\u8fd9\u5bb6\u4e07\u4ebf\u5de8\u5934\u7684\u771f\u5b9e\u4e00\u9762\u3002<\/p>\n \u7b97\u529b\u5de8\u5934\u7684\u201c\u526f\u4e1a\u201d<\/p>\n \u4e1a\u7ee9\u62a5\u544a\u663e\u793a\uff0c\u7b2c\u4e00\u5b63\u5ea6\u82f1\u4f1f\u8fbeGAAP\u51c0\u5229\u6da6\u4e3a583.21\u4ebf\u7f8e\u5143\uff0cnon-GAAP\u51c0\u5229\u6da6\u4e3a455.48\u4ebf\u7f8e\u5143\uff0cGAAP\u51c0\u5229\u6da6\u88ab\u5927\u989d\u6295\u8d44\u6536\u76ca\u663e\u8457\u62ac\u9ad8\u3002\u67ef\u83b1\u7279·\u514b\u96f7\u65af\u5728\u989d\u5916\u7684\u4e00\u4efd\u6587\u4ef6\u4e2d\u7ed9\u51fa\u89e3\u91ca\u201c\u7b2c\u4e00\u5b63\u5ea6\u6743\u76ca\u7c7b\u8bc1\u5238\u51c0\u6536\u76ca\u8fbe159\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u5230\u4e0a\u5e02<\/a>\u80a1\u7968\u53ca\u975e\u4e0a\u5e02\u80a1\u6743\u672a\u5b9e\u73b0\u6d6e\u76c8\u7684\u63a8\u52a8\u201d\u3002<\/p>\n \u8fd9\u610f\u5473\u7740\uff0c\u8fd9\u5bb6\u5168\u7403\u82af\u7247\u5236\u9020\u5546\u5728\u672c\u5b63\u5ea6\u6709\u63a5\u8fd127%\u7684\u51c0\u5229\u6da6\uff0c\u5b9e\u9645\u4e0a\u662f\u7531\u8d44\u672c\u5e02\u573a\u548c\u5176\u5916\u90e8\u98ce\u6295\u7ec4\u5408\u8d21\u732e\u7684\u3002\u82f1\u4f1f\u8fbe\u66f4\u50cf\u662f\u4e00\u5bb6\u7845\u8c37<\/a>\u6700\u8d5a\u94b1\u7684\u9876\u7ea7\u98ce\u9669\u6295\u8d44<\/a>\u673a\u6784\u3002\u503c\u5f97\u7559\u610f\u7684\u662f\uff0c\u79d1\u83b1\u7279·\u514b\u96f7\u65af\u4f7f\u7528\u4e86\u201cunrealized gains\u201d\uff0c\u610f\u601d\u662f\uff0c\u8fd9\u4e9b\u6536\u76ca\u5e76\u975e\u901a\u8fc7\u51fa\u552e\u80a1\u7968\u5957\u73b0\uff0c\u800c\u662f\u56e0\u4f30\u503c\u4e0a\u6da8\uff0c\u6240\u4ee5\u6309\u7167\u4f1a\u8ba1\u51c6\u5219\u88ab\u8ba1\u5165\u5f53\u671f\u5229\u6da6\u3002<\/p>\n \u8fc7\u53bb\u4e24\u5e74\uff0c\u82f1\u4f1f\u8fbe\u5728AI\u751f\u6001\u91cc\u6295\u4e86\u4e0d\u5c11\u516c\u53f8\uff0c\u7c7b\u578b\u8986\u76d6\u5927\u6a21\u578b\u4f01\u4e1a\u3001AI\u539f\u751f\u4e91\u548c\u7b97\u529b\u57fa\u7840\u8bbe\u65bd\u516c\u53f8\uff0c\u5982\u4eba\u5de5\u667a\u80fd<\/a>\u516c\u53f8Anthropic\u3001AI\u7b97\u529b\u9f99\u5934CoreWeave\u3001\u6df1\u5ea6\u5b66\u4e60GPU\u4e91\u539f\u751f\u5e73\u53f0Lambda Labs\uff0c\u4ee5\u53ca\u6df1\u5ea6\u5165\u5c40\u9a6c\u65af\u514b<\/a>\u7684AI\u72ec\u89d2\u517dxAI\u7b49\u3002<\/p>\n \u5728\u6b8b\u9177\u7684\u519b\u5907\u7ade\u8d5b\u4e2d\uff0c\u82f1\u4f1f\u8fbe\u4f5c\u4e3a\u6218\u7565\u6295\u8d44<\/a>\u8005\u5165\u5c40\uff0c\u4e3a\u5b83\u4eec\u6ce8\u5165\u8d44\u91d1\u6216\u63d0\u4f9b\u4fe1\u7528\u80cc\u4e66\u3002\u7d27\u63a5\u7740\uff0c\u8fd9\u4e9b\u521d\u521b\u516c\u53f8\u62ff\u5230\u94b1\u540e\u7684\u7b2c\u4e00\u4ef6\u4e8b\uff0c\u5c31\u662f\u201c\u8fd8\u7ed9\u201d\u82f1\u4f1f\u8fbe\uff0c\u7528\u6765\u8d2d\u4e70\u751f\u5b58\u8d56\u4ee5\u9700\u8981\u7684Hopper\u6216Blackwell\u52a0\u901f\u5668\u3002\u968f\u7740\u8fd9\u4e9b\u516c\u53f8\u5728\u65b0\u4e00\u8f6e\u878d\u8d44<\/a>\u3001\u4e8c\u7ea7\u5e02\u573a\u6216\u5185\u90e8\u91cd\u4f30\u4e2d\u4f30\u503c\u62ac\u5347\uff0c\u82f1\u4f1f\u8fbe\u8d26\u9762\u4e0a\u7684\u80a1\u6743\u8d44\u4ea7\u4e5f\u8ddf\u7740\u5347\u503c\uff0c\u5e76\u6700\u7ec8\u53cd\u6620\u5230GAAP\u51c0\u5229\u6da6\u91cc\u3002<\/p>\n \u56fe\u7247\u6765\u6e90\uff1aAI\u751f\u6210<\/p>\n \u8fd9\u662f\u4e00\u4e2a\u7cbe\u5999\u7684\u5546\u4e1a\u95ed\u73af\uff0c\u82f1\u4f1f\u8fbe\u7684\u89d2\u8272\u4e0d\u518d\u53ea\u662f\u5355\u7eaf\u7684\u201c\u5356\u94f2\u4eba\u201d\uff0c\u5b83\u4e0d\u4ec5\u8d5a\u8d70\u4e86\u786c\u4ef6\u9500\u552e\u4e2d\u7559\u5b58\u7684\u6700\u9ad8\u4e00\u622a\u6bdb\u5229\uff0c\u8fd8\u901a\u8fc7\u80a1\u6743\u7ebd\u5e26\uff0c\u5c06\u884c\u4e1a\u7684\u8d44\u672c\u6ea2\u4ef7\u4e5f\u8d5a\u53d6\u56de\u4e86\u81ea\u5df1\u7684\u53e3\u888b\u3002\u4f46\u8fd9\u4e5f\u503c\u5f97\u8b66\u60d5\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u6536\u76ca\u5927\u90e8\u5206\u5c1a\u672a\u53d8\u73b0\u3002\u4e00\u65e6AI\u6295\u8d44\u60c5\u7eea\u8f6c\u53d8\uff0c\u6216\u8005\u8fd9\u4e9b\u88ab\u6295\u516c\u53f8\u7684\u4e1a\u52a1\u4e0d\u53ca\u9884\u671f\uff0c\u8fd9\u4e9b\u6d6e\u76c8\u53ef\u80fd\u8fc5\u901f\u84b8\u53d1\uff0c\u751a\u81f3\u8f6c\u4e3a\u4e8f\u635f\u3002<\/p>\n \u4e8b\u5b9e\u4e0a\uff0c\u82f1\u4f1f\u8fbe\u6295\u8d44\u7248\u56fe\u5df2\u7ecf\u76f8\u5f53\u5e9e\u5927\u3002\u7b2c\u4e00\u5b63\u5ea6\uff0c\u5b83\u82b1\u8d39\u4e86186\u4ebf\u7f8e\u5143\u8d2d\u4e70\u975e\u4e0a\u5e02\u8bc1\u5238\uff0c\u603b\u4f59\u989d\u4ece\u4e0a\u4e00\u5b63\u5ea6\u7684223\u4ebf\u7f8e\u5143\u8dc3\u5347\u81f3434\u4ebf\u7f8e\u5143\uff0c\u51e0\u4e4e\u7ffb\u500d\u3002\u8fd9\u4e9b\u6295\u8d44\u7684\u672a\u6765\u4f30\u503c\u53d8\u5316\uff0c\u5c06\u76f4\u63a5\u5f71\u54cd\u82f1\u4f1f\u8fbe\u7684GAAP\u5229\u6da6\u3002<\/p>\n \u6b64\u5916\uff0c\u82f1\u4f1f\u8fbe\u8c03\u6574\u4e86\u975eGAAP\u6307\u6807\u672c\u8eab\u7684\u8ba1\u7b97\u89c4\u5219\u3002\u4ece\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\uff0c\u8be5\u516c\u53f8\u51b3\u5b9a\u4e0d\u518d\u5254\u9664\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u3002\u8fc7\u5f80\u52a0\u56de\u662f\u4e00\u79cd\u5e38\u89c1\u7684\u505a\u6cd5\uff0c\u56e0\u4e3a\u80a1\u6743\u6fc0\u52b1\u662f\u975e\u73b0\u91d1\u652f\u51fa\uff0c\u4e14\u88ab\u8ba4\u4e3a\u80fd\u66f4\u597d\u5730\u53cd\u6620\u6838\u5fc3\u7ecf\u8425\u6210\u679c\u3002<\/p>\n \u7136\u800c\uff0c\u80a1\u6743\u6fc0\u52b1\u5df2\u7ecf\u662f\u82f1\u4f1f\u8fbe\u4e00\u9879\u771f\u5b9e\u4e14\u5de8\u5927\u7684\u6210\u672c\uff0c\u7b2c\u4e00\u5b63\u5ea6\u9ad8\u8fbe19.3\u4ebf\u7f8e\u5143\u3002\u7ee7\u7eed\u5c06\u5176\u52a0\u56de\u4f1a\u8fc7\u5ea6\u5938\u5927\u201c\u6838\u5fc3\u76c8\u5229\u80fd\u529b\u201d\uff0c\u4f46\u8fd9\u4e00\u53d8\u5316\u4e5f\u4f7f\u5f97\u5386\u53f2\u6570\u636e\u4e0d\u518d\u5177\u6709\u76f4\u63a5\u53ef\u6bd4\u6027\u3002\u82f1\u4f1f\u8fbe\u5bf9\u5386\u53f2\u540c\u671f\u7684Non-GAAP\u6570\u636e\u8fdb\u884c\u4e86\u8ffd\u6eaf\u8c03\u6574\u3002<\/p>\n \u51fb\u788e\u7a7a\u5934\u8f6f\u808b\u7684\u9632\u5fa1<\/p>\n \u66f4\u52a0\u91cd\u5927\u7684\u8c03\u6574\u662f\uff0c\u82f1\u4f1f\u8fbe\u66f4\u6539\u4e86\u6536\u5165\u62ab\u9732\u7684\u6846\u67b6\u3002<\/p>\n \u8fc7\u53bb\u51e0\u4e2a\u8d22\u5e74\uff0c\u82f1\u4f1f\u8fbe\u7684\u8425\u6536\u62ab\u9732\u65b9\u5f0f\u662f\u5178\u578b\u7684\u786c\u4ef6\u516c\u53f8\u6a21\u5f0f\uff0c\u6570\u636e\u4e2d\u5fc3\u3001\u6e38\u620f<\/a>\u3001\u4e13\u4e1a\u53ef\u89c6\u5316\u3001\u6c7d\u8f66<\/a>\u4e0e\u673a\u5668\u4eba\u56db\u5927\u7c7b\u3002\u8fd9\u79cd\u65e7\u53e3\u5f84\u867d\u7136\u6e05\u6670\uff0c\u5374\u4e5f\u628a\u6700\u5173\u952e\u7684\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u505a\u6210\u4e86\u4e00\u4e2a\u201c\u5927\u7b50\u201d\uff0c\u5916\u754c\u53ea\u80fd\u770b\u5230\u603b\u6570\uff0c\u5374\u5f88\u96be\u4e86\u89e3\u5b83\u5230\u5e95\u5356\u7ed9\u4e86\u8c01\u3001\u9760\u4ec0\u4e48\u573a\u666f\u5728\u589e\u957f\u3002<\/p>\n \u5728\u672c\u5b63\u8d22\u62a5\u4e2d\uff0c\u82f1\u4f1f\u8fbe\u5f7b\u5e95\u6452\u5f03\u4e86\u8fc7\u53bb\u8ba9\u5e02\u573a\u6a21\u7cca\u731c\u6d4b\u7684\u65b9\u5f0f\uff0c\u800c\u662f\u5c06\u6838\u5fc3\u5f15\u64ce\u201c\u6570\u636e\u4e2d\u5fc3\u201d\u4e1a\u52a1\u5206\u6210\u4e86\u4e24\u4e2a\u90e8\u5206\u3002\u4e00\u8fb9\u662f\u4f20\u7edf\u7684\u201c\u8d85\u5927\u89c4\u6a21\u516c\u6709\u4e91\u5382\u5546\uff08Hyperscale\uff09\u201d\uff0c\u5b9e\u73b0\u8425\u6536378.69\u4ebf\u7f8e\u5143\uff1b\u53e6\u4e00\u8fb9\u662f\u5168\u65b0\u5b9a\u4e49\u7684 \u201cACIE\uff08AI\u4e91\u3001\u5de5\u4e1a\u4e0e\u4f01\u4e1a\uff09\u201d \u5e73\u53f0\uff0c\u5b9e\u73b0\u8425\u6536373.77\u4ebf\u7f8e\u5143\u3002<\/p>\n \u8fd9\u4e00\u53d8\u5316\u7684\u4f5c\u7528\uff0c\u4e0d\u53ea\u662f\u63d0\u9ad8\u8d22\u52a1\u900f\u660e\u5ea6\uff0c\u4e5f\u662f\u82f1\u4f1f\u8fbe\u5bf9\u957f\u671f\u505a\u7a7a<\/a>\u52bf\u529b\u548c\u8d28\u7591\u8005\u7684\u56de\u51fb\u3002<\/p>\n \u957f\u671f\u4ee5\u6765\u505a\u7a7a\u82f1\u4f1f\u8fbe\u7684\u903b\u8f91\u5f88\u7b80\u5355\uff0c\u5c31\u662f\u8ba4\u4e3a\u5176\u7e41\u8363\u662f\u4e00\u573a\u4e0d\u53ef\u6301\u7eed\u7684\u5784\u65ad\uff0c\u5176\u547d\u8109\u5b8c\u5168\u7cfb\u4e8e\u5fae\u8f6f<\/a>\u3001\u8c37\u6b4c\u3001\u4e9a\u9a6c\u900a<\/a>\u548cMeta\u8fd9\u56db\u5de8\u5934\u7684\u8d44\u672c\u5f00\u652f\uff0c\u672c\u8d28\u662f\u4e00\u53ea\u201c\u4e91CapEx\u5468\u671f\u80a1\u201d\u3002\u4e00\u65e6\u8fd9\u4e9b\u5ba2\u6237\u653e\u7f13\u8d44\u672c\u5f00\u652f\u3001\u5ef6\u540e\u90e8\u7f72\u8282\u594f\uff0c\u6216\u8005\u4ee5\u81ea\u7814\u82af\u7247\u53d6\u4ee3\uff0c\u82f1\u4f1f\u8fbe\u5c31\u8be5\u88ab\u91cd\u65b0\u5b9a\u4ef7\u3002<\/p>\n \u6700\u65b0\u51e0\u4e4e1:1\u7684\u8d22\u52a1\u6570\u636e\uff0c\u65e0\u7591\u662f\u544a\u8bc9\u5e02\u573a\uff0c\u56db\u5927\u5de8\u5934\u4e4b\u5916\u7684\u5e02\u573a\u5df2\u7ecf\u5177\u5907\u4e86\u5206\u5ead\u6297\u793c\u7684\u4f53\u91cf\u3002<\/p>\n \u9ec4\u4ec1\u52cb\u5728\u7535\u8bdd\u4f1a\u4e0a\u628a\u8fd9\u4e2a\u53d8\u5316\u7684\u52a8\u673a\u8bf4\u5f97\u5f88\u76f4\u63a5\uff0cAI\u7684\u8fd0\u884c\u73af\u5883\u672c\u6765\u5c31\u662f\u591a\u6837\u7684\uff0c\u65e2\u53ef\u80fd\u5728\u8d85\u5927\u89c4\u6a21\u4e91\uff0c\u4e5f\u53ef\u80fd\u5728AI\u539f\u751f\u4f01\u4e1a\u3001\u4f01\u4e1a\u672c\u5730\u90e8\u7f72\u3001\u5de5\u4e1a\u573a\u666f\u548c\u8fb9\u7f18\u4fa7\u3002\u82f1\u4f1f\u8fbe\u7684\u72ec\u7279\u6027\u5728\u4e8e\uff0c\u5b83\u6784\u5efa\u4e86\u5b8c\u6574\u3001\u7aef\u5230\u7aef\u3001\u6781\u7aef\u534f\u540c\u8bbe\u8ba1\u7684\u6280\u672f\u6808\uff0c\u540c\u65f6\u53c8\u628a\u5e73\u53f0\u5f00\u653e\u51fa\u53bb\uff0c\u9002\u914d\u4e0d\u540c\u73af\u5883\u3002<\/p>\n \u66f4\u5173\u952e\u7684\u662f\uff0c\u4ed6\u8fd8\u5728\u7ed3\u5c3e\u65f6\u4e13\u95e8\u70b9\u540d\u4e86\u7b2c\u4e8c\u7c7b\u5e02\u573a\u65f6\u79f0\uff0c\u201c\u8fd9\u4e00\u7ec6\u5206\u5e02\u573a\u7684\u589e\u957f\u901f\u5ea6\u60ca\u4eba\u3002\u201d\u8fd9\u53e5\u8bdd\u5176\u5b9e\u5df2\u7ecf\u628a\u82f1\u4f1f\u8fbe\u7684\u610f\u56fe\u8bf4\u900f\u4e86\u3002\u4e0d\u8fc7\uff0c\u5f53\u4e00\u5bb6\u516c\u53f8\u4e3b\u52a8\u62c6\u5206\u6570\u636e\u65f6\uff0c\u5b83\u901a\u5e38\u662f\u9009\u62e9\u6027\u5c55\u793a\u5b83\u8ba4\u4e3a\u6700\u6709\u5229\u7684\u90e8\u5206\u3002\u8fd9\u4e0d\u662f\u6b3a\u9a97\uff0c\u53ea\u662f\u7ba1\u7406\u5c42\u60f3\u900f\u9732\u51fa\u6765\u7684\u800c\u5df2\u3002<\/p>\n \u81f3\u4e8e\u628a\u539f\u6765\u6e38\u620f\u3001\u6c7d\u8f66\u7b49\u957f\u5c3e\u8fb9\u7f18\u786c\u4ef6\u6574\u5408\u5230\u8fb9\u7f18\u8ba1\u7b97\u4e00\u4e2a\u7c7b\u76ee\u4e0b\uff0c\u4e00\u4f4d\u53d7\u8bbf\u4e8c\u7ea7\u5e02\u573a\u5206\u6790\u5e08\u544a\u8bc9\u864e\u55c5\uff0c\u8fd9\u5757\u672c\u6765\u7684\u6536\u5165\u5360\u6bd4\u5c31\u6bd4\u8f83\u4f4e\u30022026\u8d22\u5e74\u5e74\u62a5\u663e\u793a\uff0c\u8fd9\u4e9b\u4e1a\u52a1\u8425\u6536\u5360\u603b\u8425\u6536\u7684\u6bd4\u4f8b\u7ea6\u4e3a10.4%\u3002<\/p>\n AI\u4f5c\u56fe\uff0c\u6570\u636e\u6765\u6e90\uff1a\u82f1\u4f1f\u8fbe\u8d22\u62a5<\/p>\n<\/p>\n GPU\u7684\u771f\u5b9e\u8d5a\u94b1\u5468\u671f<\/p>\n \u8fd9\u4e2a\u5b63\u5ea6\uff0c\u9887\u6709\u610f\u601d\u7684\u662f\u82f1\u4f1f\u8fbe\u7ba1\u7406\u5c42\u5bf9\u5ba2\u6237ROI\uff08\u6295\u8d44\u56de\u62a5\u7387\uff09\u903b\u8f91\u7684\u91cd\u6784\u3002<\/p>\n \u5728\u7535\u8bdd\u4f1a\u8bae\u5f00\u59cb\uff0c\u79d1\u83b1\u7279·\u514b\u96f7\u65af\u8bf4\u51fa\u4e86\u4e00\u53e5\u5927\u591a\u6570\u6295\u8d44\u8005\u53ef\u80fd\u5ffd\u7565\u7684\u8bdd\uff0c\u201c\u5ba2\u6237\u5728GPU\u7684\u53ef\u6298\u65e7\u5bff\u547d\u4e4b\u5916\uff0c\u4ecd\u5728\u4ea7\u751f\u76c8\u5229\u6027\u6536\u5165\u201d\u3002<\/p>\n \u8fd9\u662f\u4e00\u4e2a\u76f8\u5f53\u6709\u8da3\u7684\u8ba8\u8bba\u3002\u901a\u5e38\uff0c\u4e00\u53f0\u670d\u52a1\u5668\u4e2d\u7684GPU\u4f1a\u57283\u52305\u5e74\u5185\u5b8c\u6210\u4f1a\u8ba1\u6298\u65e7\u3002\u5728\u90a3\u4e4b\u540e\uff0c\u5b83\u5728\u8d26\u7c3f\u4e0a\u7684\u4ef7\u503c\u5f52\u96f6\u3002\u4f46\u79d1\u83b1\u7279·\u514b\u96f7\u65af\u58f0\u79f0\uff0c\u82f1\u4f1f\u8fbe\u82af\u7247\u7684\u5b9e\u9645\u5bff\u547d\u66f4\u957f\uff0c\u957f\u5230\u5ba2\u6237\u5728\u8d26\u9762\u4ef7\u503c\u5f52\u96f6\u540e\uff0c\u4f9d\u7136\u80fd\u9760\u5b83\u4eec\u8d5a\u94b1\u3002<\/p>\n \u4f20\u7edf\u7684\u4e92\u8054\u7f51\u65f6\u4ee3\uff0c\u4f01\u4e1a\u5ba2\u6237\u8d2d\u4e70\u786c\u4ef6\u6240\u80fd\u6536\u56de\u6210\u672c\u7684\u901f\u5ea6\uff0c\u5f80\u5f80\u5f88\u96be\u8d76\u4e0a\u786c\u4ef6\u8bbe\u5907\u672c\u8eab\u9648\u65e7\u548c\u8d2c\u503c<\/a>\u7684\u901f\u5ea6\u3002\u56e0\u6b64\uff0c\u7b97\u529b\u5728\u8fc7\u53bb\u59cb\u7ec8\u88ab\u7262\u7262\u5b9a\u4e49\u4e3a\u201c\u6210\u672c\u652f\u51fa\u201d\u3002<\/p>\n \u4f46\u79d1\u83b1\u7279·\u514b\u96f7\u65af\u548c\u9ec4\u4ec1\u52cb\u60f3\u8bb2\u8ff0\u53e6\u4e00\u4e2a\u903b\u8f91\uff0c\u56e0\u4e3a\u82f1\u4f1f\u8fbe\u82af\u7247\u7684\u6027\u80fd\uff0c\u4e70\u5f97\u8d8a\u591a\u7701\u5f97\u8d8a\u591a\uff0c\u5e76\u4e14\u80fd\u7acb\u523b\u4ea7\u751f\u6b63\u5411\u7684\u51c0\u73b0\u91d1\u6d41\u3002\u8fd9\u5957\u903b\u8f91\u4e5f\u76f4\u63a5\u89e3\u91ca\u4e86\u4e00\u4e2a\u5916\u754c\u53cd\u590d\u8ffd\u95ee\u7684\u95ee\u9898\uff0c\u4e3a\u4ec0\u4e48\u82f1\u4f1f\u8fbe\u7684\u5361\u8fd9\u4e48\u8d35\uff0c\u5ba2\u6237\u8fd8\u613f\u610f\u6301\u7eed\u4e70\uff1f<\/p>\n \u540c\u65f6\uff0c\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\uff0c\u82f1\u4f1f\u8fbe\u8d8a\u6765\u8d8a\u559c\u6b22\u8bb2\u201cAI factory\u201d\u7684\u6545\u4e8b\u7684\u539f\u56e0\u3002\u5982\u679c\u9ad8\u7aefGPU\u5728\u6298\u65e7\u5b8c\u6210\u4e4b\u540e\uff0c\u4f9d\u7136\u80fd\u6301\u7eed\u652f\u6491\u63a8\u7406\u3001\u6a21\u578b\u670d\u52a1\u3001\u4f01\u4e1aAI\u5e94\u7528\u751a\u81f3Agent\u4efb\u52a1\u5904\u7406\uff0c\u90a3\u4e48\u5ba2\u6237\u770b\u5f85\u8fd9\u9879\u8d44\u4ea7\u7684\u65b9\u5f0f\u5c31\u4f1a\u5b8c\u5168\u4e0d\u540c\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u670d\u52a1\u5668\u662f\u6210\u672c\uff0c\u5de5\u5382\u662f\u4ea7\u80fd\uff1b\u6210\u672c\u5929\u7136\u4f1a\u88ab\u538b\u4ef7\uff0c\u4ea7\u80fd\u53ea\u8981\u80fd\u8d5a\u94b1\uff0c\u5c31\u4f1a\u88ab\u6301\u7eed\u52a0\u7801\u3002<\/p>\n \u786c\u5e01\u7684\u53e6\u4e00\u9762\u3002\u4e00\u65e6\u5ba2\u6237\u5927\u89c4\u6a21\u91c7\u7528\u82f1\u4f1f\u8fbe\u7684\u751f\u6001\uff0c\u8fc1\u79fb\u5230\u7ade\u4e89\u5bf9\u624b\u5e73\u53f0\u7684\u6210\u672c\u53d8\u5f97\u6781\u9ad8\u3002\u201c\u6298\u65e7\u5916\u6536\u5165\u201d\u6240\u63ed\u793a\u7684\u8d44\u4ea7\u957f\u5bff\u547d\uff0c\u610f\u5473\u7740\u8fd9\u79cd\u9501\u5b9a\u5173\u7cfb\u5c06\u6301\u7eed\u5f88\u591a\u5e74\u3002\u8fd9\u4f1a\u5f3a\u5316\u82f1\u4f1f\u8fbe\u7684\u5546\u4e1a\u62a4\u57ce\u6cb3\uff0c\u4f46\u4e5f\u4f1a\u8ba9\u5b83\u96be\u4ee5\u56de\u907f\u53cd\u5784\u65ad\u5c42\u9762\u7684\u5ba1\u89c6\u3002<\/p>\n \u5386\u53f2\u4e0a\uff0c\u5fae\u8f6f\u56e0\u5c06IE\u6d4f\u89c8\u5668\u4e0eWindows\u6346\u7ed1\uff0c\u5229\u7528\u64cd\u4f5c\u7cfb\u7edf\u7684\u4e3b\u5bfc\u5730\u4f4d\u6392\u6324\u7ade\u4e89\u5bf9\u624b\uff1b\u82f1\u7279\u5c14<\/a>\u56e0\u5411PC\u5382\u5546\u63d0\u4f9b\u6392\u4ed6\u6027\u56de\u6263\uff0c\u963b\u6b62\u5176\u4f7f\u7528AMD\u7684\u82af\u7247\uff1b\u9ad8\u901a<\/a>\u56e0\u201c\u65e0\u6388\u6743\u65e0\u82af\u7247\u201d\u653f\u7b56\uff0c\u8981\u6c42\u5ba2\u6237\u5728\u8d2d\u4e70\u82af\u7247\u524d\u5fc5\u987b\u7b7e\u7f72\u4e13\u5229\u8bb8\u53ef\u534f\u8bae\u3002\u8fd9\u4e9b\u516c\u53f8\u90fd\u66fe\u88ab\u5904\u4ee5\u6570\u4ebf\u81f3\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u7f5a\u6b3e<\/a>\u3002<\/p>\n \u5f53\u628a\u4e00\u4e2a\u5b63\u5ea6\u8d22\u62a5\u80cc\u540e\u7684\u4e09\u4e2a\u6545\u4e8b\u653e\u5728\u4e00\u8d77\uff0c\u82f1\u4f1f\u8fbe\u5c31\u4e0d\u8be5\u518d\u53ea\u88ab\u5f53\u6210\u4e00\u5bb6\u7845\u8c37\u534a\u5bfc\u4f53\u516c\u53f8\u6765\u5206\u6790\u4e86\u3002\u5b83\u4e0d\u4ec5\u5728\u5236\u9020\u82af\u7247\uff0c\u66f4\u5728\u91cd\u65b0\u5b9a\u4e49\u6574\u4e2a\u79d1\u6280\u884c\u4e1a<\/a>\u7684\u5e95\u5c42\u6e38\u620f\u89c4\u5219\u3002\u8fc7\u53bb\uff0c\u5e02\u573a\u7528\u7b97\u529b\u3001\u5236\u7a0b\u548c\u6469\u5c14\u5b9a\u5f8b\u6765\u8861\u91cf\u5b83\uff0c\u800c\u4eca\u5929\uff0c\u9a71\u52a8\u5b83\u72c2\u98d9\u7684\u662f\u751f\u6001\u3001\u6807\u51c6\u548c\u65e0\u6cd5\u590d\u5236\u7684\u5f00\u53d1\u8005\u7f51\u7edc\u3002<\/p>\n \u67d0\u79cd\u610f\u4e49\u4e0a\uff0c\u9ec4\u4ec1\u52cb\u8fd9\u6b21\u786e\u5b9e\u6709\u4e86\u4e00\u4ef6\u201c\u65b0\u76ae\u8863\u201d\uff0c\u4e0d\u53ea\u662f\u7a7f\u5728\u8eab\u4e0a\u7684\u90a3\u4ef6\uff0c\u66f4\u662f\u4e00\u5c42\u65b0\u7684\u516c\u53f8\u201c\u5916\u8863\u201d\u3002\u8fd9\u4ef6\u201c\u5916\u8863\u201d\u7684\u7ea4\u7ef4\uff0c\u662f\u7531\u5168\u6808\u7684\u8f6f\u4ef6\u751f\u6001\u3001\u91cd\u65b0\u5212\u5206\u7684\u4e1a\u52a1\u8fb9\u754c\u5171\u540c\u7f16\u7ec7\u800c\u6210\u3002\u8fd9\u4ef6\u201c\u76ae\u8863\u201d\u8ba9\u82f1\u4f1f\u8fbe\u53d8\u6210\u4e86\u4e00\u4e2a\u540c\u65f6\u638c\u63e1\u5229\u6da6\u89e3\u91ca\u6743\u3001\u589e\u957f\u5b9a\u4e49\u6743\u548c\u56de\u62a5\u5b9a\u4ef7\u6743\u7684AI\u57fa\u7840\u8bbe\u65bd\u5e73\u53f0\u3002<\/p>\n \u5f53\u7136\uff0c\u5982\u679c\u6709\u4e00\u5929AI\u6295\u8d44\u653e\u7f13\uff0c\u6216\u8005\u76d1\u7ba1\u98ce\u66b4\u6765\u4e34\uff0c\u8fd9\u4ef6\u201c\u65b0\u76ae\u8863\u201d\u6216\u8bb8\u4f1a\u88ab\u91cd\u65b0\u5ba1\u89c6\uff0c\u4f46\u5728\u6b64\u4e4b\u524d\uff0c\u4f5c\u4e3a\u5168\u7403\u5e02\u503c\u6700\u9ad8\u7684\u516c\u53f8\uff0c\u82f1\u4f1f\u8fbe\u7684\u6545\u4e8b\u663e\u7136\u4e0d\u8be5\u53ea\u6709\u4e00\u4e2a\u7248\u672c\u3002<\/p>\n (\u6765\u6e90\uff1a\u65b0\u6d6a\u79d1\u6280)<\/p>\n","protected":false},"excerpt":{"rendered":" \u6295\u8d44\u6536\u76ca\u3001\u53e3\u5f84\u91cd\u6784\u4e0e\u6298\u65e7\u5916\u6536\u5165 \u51fa\u54c1 | \u864e\u55c5\u79d1\u6280\u7ec4 \u4f5c\u8005 | \u6881\u5361\u5c14 \u7f16\u8f91 | \u82d7\u6b63\u537f \u5934\u56fe | \u82f1\u4f1f\u8fbe\u5b98\u7f51 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[195,266,162,148,368,49,93,125,241,113,321,157,325,47,339,159,144,352,192,156,376,303],"views":19,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/784617"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=784617"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/784617\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=784617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=784617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=784617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\u9ec4\u4ec1\u52cb\u6709\u4e86\u201c\u65b0\u76ae\u8863\u201d\"](\"https:\/\/x0.ifengimg.com\/res\/2026\/2A3456CD888CE6FDB4E1D155FD170E5DEAAD1094_size2_w750_h140.png\")
![\"\u9ec4\u4ec1\u52cb\u6709\u4e86\u201c\u65b0\u76ae\u8863\u201d\"](\"https:\/\/x0.ifengimg.com\/res\/2026\/527D38B93EAAF97C60C38D05F2F8E0832FDC2788_size1023_w1000_h558.png\")
![\"\u9ec4\u4ec1\u52cb\u6709\u4e86\u201c\u65b0\u76ae\u8863\u201d\"](\"https:\/\/x0.ifengimg.com\/res\/2026\/FF9A965D36D1A3BF0F17F32F66C230FA5FBA8200_size2_w750_h140.png\")
![\"\u9ec4\u4ec1\u52cb\u6709\u4e86\u201c\u65b0\u76ae\u8863\u201d\"](\"https:\/\/x0.ifengimg.com\/res\/2026\/45A8666B7856A81202D7665877DFA55FA85AB584_size551_w1000_h558.png\")