AI投资潮遭遇市场清算：Alphabet现金首度净流失，七巨头市值蒸发7970亿
尽管Gemini逼近10亿用户且AI模式为搜索带来增量，但Alphabet有史以来首次现金净流失与创纪录资本支出引发了对AI投资回报的广泛担忧。
美国科技巨头Alphabet的季度财报触发了市场对人工智能投资狂潮的急遽重估。7月23日，该公司公布第二季度财报后，其股价次日大跌7.1%，带领“七大科技巨头”单日市值合计蒸发约7970亿美元。导火索是Alphabet出现自上市以来首次现金净流失：当季消耗59亿美元现金，尽管云计算业务同比增长82%至创纪录水平，但仍无法覆盖高达45亿美元的资本支出。公司还将2026年全年资本支出预期上调至最高2050亿美元，特斯拉CEO马斯克同样宣称2026年将是资本支出“巨大的一年”。投资者随即抛售，特斯拉重挫15%，微软、亚马逊和Meta跌幅均超过2%至4.6%不等。
全行业正陷入一场成本高昂的基建竞赛。根据多家机构估算，2026年全球科技巨头AI相关支出将突破6000亿至7000亿美元。这一压力已蔓延至企业层面：甲骨文为履行与OpenAI签订的价值3000亿美元算力合同，裁员13%约2.1万人，并因信用评级被下调至BBB-，在威斯康星州的数据中心项目面临超过70亿美元的并网抵押要求。同时，中东地缘紧张推高油价，令宏观环境更趋复杂，加剧了市场对科技股高估值的疑虑。
然而，AI应用的终端增长仍显强劲。Alphabet旗下AI助手Gemini月活用户已超9.5亿，同比增长两倍，正迅速逼近ChatGPT的10亿用户。第三方数据显示，2026年上半年ChatGPT在AI助手市场的份额首次跌破50%，而Gemini升至27.7%。Alphabet强调，搜索内置的AI模式同样拥有超10亿用户，并未侵蚀传统搜索，反而带来查询量的增量增长，同时硬件工程进步压低了运营成本。公司季度总营收同比增长24%至1198亿美元，显示AI投资正同时推动收入端加速。
市场焦点迅速转向即将发布财报的微软、Meta和亚马逊。分析师预计，这些公司的资本支出与营收比值将接近甚至超过40%，自由现金流可能显著萎缩。美国资产管理机构Mahoney Asset Management首席执行官指出：“真正的难题在于目前的支出规模——没人确切知道回报何在。”接下来一周的密集财报，将是对AI投资回报承诺的一次关键检验。
| 印度及南亚媒体 | +0.80 | aligned |
|---|---|---|
| 阿拉伯海湾媒体 | −0.70 | critical |
| 以色列媒体 | −0.60 | critical |
| 东南亚媒体 | +0.20 | neutral |
We have delivered a historic quarter, proving our full-stack AI approach works. Gemini is already near a billion users, and our cloud business is booming — the market should take note.
Uses superlative figures and an endorsement from Elon Musk to create an aura of inevitable success, sidestepping any mention of cash burn.
Omits Alphabet's $5.9 billion cash burn and the negative market reaction that wiped billions from its stock.
The tech giants are burning through cash on AI, and the market is finally punishing them. Add war with Iran, and we are looking at a perfect storm.
Uses dramatic market cap loss and geopolitical context to amplify fear, presenting AI spending as reckless gambling.
Leaves out the strong growth in cloud revenue and Gemini's user base that could justify the spending.
The AI arms race is consuming cash and jobs alike. Oracle's mass layoffs show the human cost of this bubble.
Personalizes the cost of AI investment through layoff figures, framing it as a zero-sum trade-off between technology and employment.
Omits the revenue growth and market share gains that Alphabet and others have reported, presenting only the negative side.
Google's Gemini has reached 950 million monthly users. It's a sign of strong adoption.
Sticks to reporting the user number without any analysis, allowing the figure to speak for itself and imply positivity.
Omits any mention of Alphabet's financial strain or market reaction, presenting a one-sided positive update.