高盛：AI投资浪潮仍将主导标普500二季度财报季，但投资者开始关心投资回报率

高盛：AI投资浪潮仍将主导标普500二季度财报季，但投资者开始关心投资回报率

2026-06-30 11:15View Original

据高盛策略师 Ben Snider 观点，AI 投资浪潮仍将主导标普 500 二季度财报季，标普 500 成分股二季度盈利预计同比增长约 22%。

其中，英伟达和美光可能贡献约 40% 的整体盈利增量，AI 基础设施相关股票贡献接近六成。这表明尽管近期 AI 相关股票出现轮动和分化，AI 仍是美股盈利增长的重要来源之一。

过去一年标普 500 上涨接近 20%，主要由盈利增长推动，而非估值继续扩张。不过，市场关注点正转向 AI 投资回报率。

投资者已基本接受微软、亚马逊、Alphabet、Meta 等公司将持续进行大规模资本开支，接下来更关注这些投入能否转化为收入、利润率和现金流。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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