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分析:AI 领域交易三个月无回报 仅 DRAM 价格上涨

2026-09-23 12:04:58

ChainCatcher 消息,富达投资全球宏观总监 Jurrien Timmer 在 X 平台表示,AI 领域交易已超过三个月处于“死钱”状态,其跟踪的 token 支出和 GPU 租赁费率均持平或下降,仅内存(DRAM)价格持续上涨。

Timmer 认为,AI 长期将改变生活,并可能释放生产率奇迹,使经济非通胀速度上限提高到足以维持全球债务可持续的水平。但在此之前,当前的建设是通胀性的,对数万亿美元算力投资的回报尚不确定,企业股权和债务资本需求正以 3.3 万亿美元的速度增长。

分析:AI 领域交易三个月无回报 仅 DRAM 价格上涨

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