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达子的AI周期观察001|AI行情没结束,但已经不只是GPU了

  • 2026-03-12 12:37:39
达子的AI周期观察001|AI行情没结束,但已经不只是GPU了

达子的AI周期观察001｜AI行情没结束，但已经不只是GPU了

很多人现在看 AI，还是只盯着 GPU。
但如果把 capex、财报、网络、存储、先进封装和中国供应链的数据放在一起看，会发现：


这轮 AI 基础设施扩张，更像是从核心算力爆发，走向系统扩散的中段。


这期内容会重点讲 5 个层面：
• 四大平台公司 capex 还在不在继续往上走
• NVIDIA 和 Broadcom 说明了什么
• 为什么网络已经不是配套，而是关键变量
• 为什么存储不再只是 HBM 单点
• 中国链条从光模块到服务器、PCB、互连芯片，为什么也在同步兑现


价格只是结果，变量决定阶段，不讨论价格涨跌，只观察周期。
完整版深度文章见公众号同名文章#人工智能发展#AI基础设施扩张#GPU算力爆发#AI产业链观察#系统级扩散趋势

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