看看AI烧钱有多猛
《经济学人》报道，五大科技巨头今年将在AI基础设施上投入约8000亿美元，但利润表几乎未体现这些投资，因为折旧在资产建成后才开始。现金流表则直接显示资金已流出。这些公司的资本支出可能占其收入的40%，超过石油行业的页岩繁荣期和电信行业的互联网泡沫时期。
The Economist: Top 5 big labs will spend a huge $8…
The Economist: Top 5 big labs will spend a huge $800 Bn this year real cash on AI infrastructure.
But their profit statements hardly notice these investments, since depreciation begins only after the assets are built, and then happens slowly.
When a company buys AI servers, GPUs, buildings, power systems, and networking equipment, accounting treats those as assets, not normal expenses.
So the profit statement does not show the full $800B hit right away.
But the cashflow statement shows the truth more directly: the money has already left the company.
The scary part is the scale: these firms may spend around 40% of their revenue on capital expenditure this year.
That is bigger than the oil industry’s shale-boom spending and bigger than telecom spending during the dotcom bubble.
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economist .com/business/2026/05/13/big-tech-is-sacrificing-its-cashflows-to-prop-up-the-ai-boom