{"id":46209,"date":"2026-05-04T12:59:38","date_gmt":"2026-05-04T12:59:38","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9%e4%b8%8e%e9%ab%98%e7%9b%9b%e9%a2%84%e6%b5%8b%ef%bc%8c%e5%88%b02027%e5%b9%b4ai%e6%94%af%e5%87%ba%e5%b0%86%e8%be%be1-1%e4%b8%87%e4%ba%bf%e7%be%8e%e5%85%83\/"},"modified":"2026-05-04T12:59:38","modified_gmt":"2026-05-04T12:59:38","slug":"%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9%e4%b8%8e%e9%ab%98%e7%9b%9b%e9%a2%84%e6%b5%8b%ef%bc%8c%e5%88%b02027%e5%b9%b4ai%e6%94%af%e5%87%ba%e5%b0%86%e8%be%be1-1%e4%b8%87%e4%ba%bf%e7%be%8e%e5%85%83","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9%e4%b8%8e%e9%ab%98%e7%9b%9b%e9%a2%84%e6%b5%8b%ef%bc%8c%e5%88%b02027%e5%b9%b4ai%e6%94%af%e5%87%ba%e5%b0%86%e8%be%be1-1%e4%b8%87%e4%ba%bf%e7%be%8e%e5%85%83\/","title":{"rendered":"\u6469\u6839\u58eb\u4e39\u5229\u4e0e\u9ad8\u76db\u9884\u6d4b\uff0c\u52302027\u5e74AI\u652f\u51fa\u5c06\u8fbe1.1\u4e07\u4ebf\u7f8e\u5143\uff0c\u5e02\u573a\u7ade\u4e89\u8fdb\u4e00\u6b65\u52a0\u5267"},"content":{"rendered":"<p>AI\u57fa\u7840\u8bbe\u65bd\u652f\u51fa\u9884\u8ba1\u52302027\u5e74\u5c06\u8fbe\u7ea61.1\u4e07\u4ebf\u7f8e\u5143\u3002\u6469\u6839\u58eb\u4e39\u5229\u4f30\u8ba1\uff0c\u7f8e\u56fd\u201c\u8d85\u5927\u89c4\u6a21\u4e91\u670d\u52a1\u5546\u201d\uff08hyperscalers\uff0c\u6307\u62e5\u6709\u8d85\u5927\u578b\u6570\u636e\u4e2d\u5fc3\u3001\u63d0\u4f9b\u4e91\u670d\u52a1\u7684\u5de8\u5934\uff0c\u5982Google\u3001\u5fae\u8f6f\u3001\u4e9a\u9a6c\u900a\u7b49\uff09\u4ec5\u57282026\u5e74\u5c31\u4f1a\u6295\u5165\u8d85\u8fc78000\u4ebf\u7f8e\u5143\u7684\u8d44\u672c\u5f00\u652f\uff08capex\uff0c\u5373\u7528\u4e8e\u8d2d\u4e70\u6216\u5efa\u8bbe\u957f\u671f\u8d44\u4ea7\u7684\u652f\u51fa\uff0c\u5982\u6570\u636e\u4e2d\u5fc3\u3001\u670d\u52a1\u5668\u3001\u7f51\u7edc\u4e0e\u571f\u5730\u5382\u623f\uff09\u3002<\/p>\n<p>\u8fd98000\u4ebf\u7f8e\u5143\u636e\u79f0\u5927\u81f4\u76f8\u5f53\u4e8e\u6807\u666e500\u6307\u6570\u4e2d\u201c\u975e\u79d1\u6280\u201d\u516c\u53f8\u7fa4\u4f53\u5728\u524d\u4e00\u5e74\u5408\u8ba1\u7684\u8d44\u672c\u5f00\u652f\u3002\u8be5\u6570\u5b57\u9884\u8ba1\u63a5\u8fd12025\u5e74\u7684\u4e24\u500d\uff0c\u5e76\u8fbe\u52302024\u5e74\u7684\u4e09\u500d\u3002<\/p>\n<h3>\u8d44\u672c\u5f00\u652f\u4e0d\u53ea\u662f\u4ef7\u683c\uff0c\u800c\u662f\u6570\u91cf<\/h3>\n<p>\u6210\u672c\u4e0a\u5347\u6709\u4e00\u5b9a\u5f71\u54cd\uff0c\u4f46\u4e3b\u8981\u539f\u56e0\u662f\u82af\u7247\u3001\u7528\u7535\u3001\u5185\u5b58\u4e0e\u7b97\u529b\uff08compute\uff0c\u5373\u8ba1\u7b97\u8d44\u6e90\/\u8ba1\u7b97\u80fd\u529b\uff09\u7684\u91c7\u8d2d\u6570\u91cf\u589e\u52a0\u3002\u8fc7\u53bb\u56db\u5e74\uff0c\u82af\u7247\u3001\u5185\u5b58\u4e0e\u201c\u96c6\u7fa4\u8ba1\u7b97\u201d\uff08clustered compute\uff0c\u6307\u628a\u5927\u91cf\u670d\u52a1\u5668\u8fde\u63a5\u6210\u4e00\u4e2a\u6574\u4f53\u534f\u540c\u8fd0\u7b97\u7684\u65b9\u5f0f\uff09\u636e\u79f0\u63d0\u5347\u5230\u539f\u6765\u76844\u52307\u500d\u80fd\u529b\u3002<\/p>\n<p>Google\u8868\u793a\u5176\u6bcf\u5206\u949f\u5904\u7406160\u4ebf\u4e2a\u201ctoken\u201d\uff08\u6307\u5927\u6a21\u578b\u5904\u7406\u7684\u6700\u5c0f\u6587\u672c\u5355\u4f4d\uff0c\u53ef\u7406\u89e3\u4e3a\u5b57\/\u8bcd\/\u7247\u6bb5\uff09\uff0c\u5b63\u5ea6\u73af\u6bd4\u589e\u957f60%\u3002\u201c\u66f4\u9ad8\u89c4\u6a21\u7684\u6a21\u578b\u8bad\u7ec3\u201d\uff08model training\uff0c\u5373\u7528\u6d77\u91cf\u6570\u636e\u8bad\u7ec3\u5927\u6a21\u578b\u7684\u8fc7\u7a0b\uff09\u9884\u8ba1\u5c06\u68c0\u9a8c\u8fd9\u4e9b\u65b0\u589e\u8d44\u672c\u5f00\u652f\u80fd\u5426\u771f\u6b63\u8f6c\u5316\u4e3a\u53ef\u4e0a\u7ebf\u7684\u7cfb\u7edf\u4e0e\u6536\u5165\u3002<\/p>\n<p>\u8fd9\u8f6e\u5efa\u8bbe\u63a8\u52a8\u4e86\u534a\u5bfc\u4f53\u80a1\u8868\u73b0\uff0c\u540c\u65f6\u4e5f\u63d0\u5347\u4e86\u5bf9\u503a\u52a1\u878d\u8d44\uff08debt funding\uff0c\u5373\u901a\u8fc7\u53d1\u884c\u503a\u5238\u501f\u94b1\uff09\u7684\u9700\u6c42\u3002\u201c\u6295\u8d44\u7ea7\u201d\uff08investment-grade\uff0c\u6307\u4fe1\u7528\u8bc4\u7ea7\u8f83\u9ad8\u3001\u8fdd\u7ea6\u98ce\u9669\u76f8\u5bf9\u8f83\u4f4e\uff09\u7684\u503a\u5238\u53d1\u884c\u91cf\u660e\u663e\u9ad8\u4e8e\u53bb\u5e74\uff0c\u4e14\u66f4\u591a\u501f\u6b3e\u88ab\u5b89\u6392\u4e3a\u66f4\u957f\u671f\u9650\uff08maturity\uff0c\u5373\u5230\u671f\u65f6\u95f4\u66f4\u4e45\uff09\u3002<\/p>\n<p>\u66f4\u9ad8\u8d44\u672c\u5f00\u652f\u53ef\u80fd\u652f\u6491\u8425\u6536\uff0c\u4f46\u4fe1\u7528\u5e02\u573a\u5fc5\u987b\u5438\u6536\u6301\u7eed\u65b0\u589e\u4f9b\u7ed9\uff08\u5373\u4e0d\u65ad\u6709\u65b0\u503a\u53d1\u884c\uff09\uff0c\u8fd9\u53ef\u80fd\u538b\u4f4e\u201c\u5229\u5dee\u201d\uff08spreads\uff0c\u6307\u4f01\u4e1a\u503a\u76f8\u5bf9\u56fd\u503a\u7684\u989d\u5916\u5229\u7387\uff0c\u5229\u5dee\u6269\u5927\u901a\u5e38\u4ee3\u8868\u878d\u8d44\u6210\u672c\u4e0a\u5347\u3001\u5e02\u573a\u98ce\u9669\u504f\u597d\u4e0b\u964d\uff09\u3002\u5982\u679c\u652f\u51fa\u653e\u7f13\uff0c\u5f71\u54cd\u53ef\u80fd\u6269\u6563\u5230\u5404\u7c7b\u98ce\u9669\u8d44\u4ea7\uff08risk assets\uff0c\u5982\u80a1\u7968\u3001\u9ad8\u6536\u76ca\u503a\u7b49\uff09\uff0c\u5305\u62ec\u4fe1\u7528\u5e02\u573a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI\u57fa\u5efa\u72c2\u6f6e\u6765\u88ad\uff1a\u52302027\u5e74\u652f\u51fa\u6599\u8fbe1.1\u4e07\u4ebf\u7f8e\u5143\uff1b\u7f8e\u56fd\u4e91\u5de8\u59342026\u5e74capex\u6216\u78348000\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u9760\u6570\u91cf\u6269\u5f20\uff0c\u63a8\u5347\u82af\u7247\u4e0e\u503a\u5238\u878d\u8d44\uff0c\u5374\u8003\u9a8c\u5229\u5dee\u4e0e\u98ce\u9669\u8d44\u4ea7\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-46209","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/46209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=46209"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/46209\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=46209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=46209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=46209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}