{"id":605111,"date":"2025-11-20T17:35:26","date_gmt":"2025-11-21T01:35:26","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/11\/is-nvidia-in-an-ai-bubble-jensen-huang-and-michael-burry-clash-over-the-chip-giants-future\/"},"modified":"2025-11-20T17:35:58","modified_gmt":"2025-11-21T01:35:58","slug":"%e8%8b%b1%e5%81%89%e9%81%94%e6%98%af%e4%b8%8d%e6%98%afai%e6%b3%a1%e6%b2%ab%ef%bc%9a%e9%bb%83%e4%bb%81%e5%8b%b3%e8%88%87%e5%a4%a7%e7%a9%ba%e9%a0%adburry%e6%bf%80","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/11\/%e8%8b%b1%e5%81%89%e9%81%94%e6%98%af%e4%b8%8d%e6%98%afai%e6%b3%a1%e6%b2%ab%ef%bc%9a%e9%bb%83%e4%bb%81%e5%8b%b3%e8%88%87%e5%a4%a7%e7%a9%ba%e9%a0%adburry%e6%bf%80\/","title":{"rendered":"\u82f1\u5049\u9054\u662f\u4e0d\u662f\u201cAI\u6ce1\u6cab\u201d\uff1a\u9ec3\u4ec1\u52f3\u8207\u201c\u5927\u7a7a\u982d\u201dBurry\u6fc0\u70c8\u4ea4\u92d2"},"content":{"rendered":"

\u5168\u7403\u5e02\u503c\u51a0\u8ecd\u82f1\u5049\u9054\uff08NVDA\uff09<\/a>\u6700\u65b0\u4ea4\u51fa\u4e00\u4efd\u9a5a\u8c54\u7684\u696d\u7e3e\u5831\u544a\uff1a\u4e00\u6708\u7576\u5b63\u7684\u71df\u6536\u6307\u5f15\u9ad8\u9054\u7d04650\u5104\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u5e02\u5834\u9810\u671f30\u5104\u7f8e\u5143\uff0c\u4e14\u672a\u4f86AI\u9a45\u52d5\u6536\u5165\u898f\u6a21\u53ef\u80fd\u7a81\u78345000\u5104\u7f8e\u5143\u3002\u7136\u800c\uff0c\u8cc7\u672c\u5e02\u5834\u53cd\u61c9\u537b\u8010\u4eba\u5c0b\u5473\u2014\u2014\u80a1\u50f9\u5728\u9031\u56db\u65e9\u76e4\u6c96\u9ad85%\u5f8c\u5927\u5e45\u56de\u843d\uff0c\u6700\u7d42\u6536\u8dcc\u8fd13.2%\u3002<\/p>\n

\u9019\u4e00\u5e02\u5834\u8868\u73fe\uff0c\u6298\u5c04\u51fa\u6295\u8cc7\u8005\u5c0dAI\u7522\u696d\u53ef\u6301\u7e8c\u6027\u7684\u6df1\u523b\u5206\u6b67\u3002\u800c\u570d\u7e5e\u201c\u82f1\u5049\u9054\u662f\u5426\u8eab\u8655AI\u6ce1\u6cab\u201d\u9019\u4e00\u6838\u5fc3\u554f\u984c\uff0c\u516c\u53f8\u638c\u9580\u4eba\u9ec3\u4ec1\u52f3\u8207\u8457\u540d\u201c\u5927\u7a7a\u982d\u201dMichael Burry\u5c55\u958b\u4e86\u4e00\u5834\u9694\u7a7a\u8ad6\u6230\u3002<\/p>\n

\u9ec3\u4ec1\u52f3\uff1aAI\u9769\u547d\u65b9\u8208\u672a\u827e\uff0c\u4e09\u5927\u8f49\u578b\u652f\u6490\u9577\u671f\u9700\u6c42<\/h2>\n

\u9762\u5c0d\u6108\u6f14\u6108\u70c8\u7684\u201cAI\u6ce1\u6cab\u8ad6\u201d\uff0c\u82f1\u5049\u9054\u9996\u5e2d\u57f7\u884c\u5b98\u9ec3\u4ec1\u52f3\u5728\u8ca1\u5831\u96fb\u8a71\u6703\u4e0a\u7d66\u51fa\u4e86\u5805\u5b9a\u56de\u61c9\u3002<\/p>\n

\u201c\u95dc\u65bcAI\u6ce1\u6cab\u7684\u8a0e\u8ad6\u5f88\u591a\uff0c\u201d\u9ec3\u4ec1\u52f3\u5766\u8a00\uff0c\u201c\u4f46\u5f9e\u6211\u5011\u7684\u8996\u89d2\uff0c\u6211\u5011\u770b\u5230\u7684\u662f\u622a\u7136\u4e0d\u540c\u7684\u666f\u8c61\u3002\u201d\u4ed6\u63cf\u7e6a\u4e86\u6b63\u5728\u540c\u6b65\u767c\u751f\u7684\u4e09\u5927\u6280\u8853\u8f49\u578b\uff1a\u5f9e\u50b3\u7d71CPU\u5411GPU\u8a08\u7b97\u7684\u6230\u7565\u8f49\u79fb\uff0c\u751f\u6210\u5f0fAI\u7684\u7206\u767c\u5f0f\u61c9\u7528\uff0c\u4ee5\u53ca\u667a\u80fdAI\u7cfb\u7d71\u7684\u52a0\u901f\u90e8\u7f72\u3002\u9ec3\u4ec1\u52f3\u5f37\u8abf\uff0c\u9019\u4e9b\u6df1\u523b\u8b8a\u9769\u90fd\u5c07\u6301\u7e8c\u50ac\u751f\u5c0d\u82f1\u5049\u9054\u7522\u54c1\u7684\u65fa\u76db\u9700\u6c42\u3002<\/p>\n

\u9996\u5e2d\u8ca1\u52d9\u5b98Colette Kress\u7684\u8868\u8ff0\u66f4\u70ba\u6a02\u89c0\uff0c\u5979\u6697\u793a\u516c\u53f8\u5f88\u53ef\u80fd\u7a81\u7834\u6b64\u524d\u516c\u4f48\u7684\u672a\u4f86\u5b63\u5ea65000\u5104\u7f8e\u5143\u6536\u5165\u9810\u671f\uff0c\u201c\u9019\u500b\u6578\u5b57\u5c07\u7e7c\u7e8c\u589e\u9577\u201d\u3002<\/p>\n

\u201c\u5927\u7a7a\u982d\u201dBurry\u56db\u7bad\u9f4a\u767c\uff0c\u76f4\u6307\u7e41\u69ae\u8868\u50cf\u4e0b\u7684\u96b1\u6182<\/h2>\n

\u5c31\u5728\u82f1\u5049\u9054\u767c\u4f48\u8ca1\u5831\u4e4b\u969b\uff0c\u56e0\u7cbe\u51c6\u9810\u6e2c\u6b21\u8cb8\u5371\u6a5f\u800c\u805e\u540d\u65bc\u4e16\u7684\u6295\u8cc7\u8005Michael Burry\u5728\u793e\u4ea4\u5e73\u81faX\u4e0a\u9023\u767c\u6578\u6587\uff0c\u5c0d\u82f1\u5049\u9054\u53ca\u6574\u500bAI\u71b1\u6f6e\u63d0\u51fa\u5c16\u92b3\u8cea\u7591\u3002<\/p>\n

    \n
  1. \u76c8\u5229\u8cea\u91cf\u7591\u96f2<\/strong>\uff1aBurry\u76f4\u6307AI\u5de8\u982d\u901a\u904e\u5ef6\u9577\u8a08\u7b97\u8a2d\u5099\u6298\u820a\u5e74\u9650\u4f86\u7c89\u98fe\u76c8\u5229\u3002\u4ed6\u5f37\u8abf\uff0c\u5ba2\u6236\u4f7f\u7528\u820a\u82af\u7247\u7684\u201c\u7269\u7406\u4f7f\u7528\u7387\u201d\u4e0d\u7b49\u65bc\u201c\u50f9\u503c\u5275\u9020\u201d\uff0c\u4e26\u8b66\u793a\u50c5\u50c5\u56e0\u70ba\u67d0\u7269\u88ab\u4f7f\u7528\uff0c\u4e26\u4e0d\u610f\u5473\u8457\u5b83\u80fd\u76c8\u5229\u3002<\/li>\n
  2. \u9700\u6c42\u771f\u5be6\u6027\u62f7\u554f<\/strong>\uff1a\u4ed6\u5c07\u82f1\u5049\u9054\u8207OpenAI\u3001\u5fae\u8edf\u7b49\u516c\u53f8\u7684\u5de8\u984d\u4ea4\u6613\u5f62\u5bb9\u70ba\u8907\u96dc\u7684\u201c\u7d66\u4e88\u8207\u7372\u53d6\u7684\u4ea4\u6613\u7db2\u201d\uff0c\u4e26\u4e00\u91dd\u898b\u8840\u5730\u6307\u51fa\u771f\u5be6\u7684\u7d42\u7aef\u9700\u6c42\u5c0f\u5f97\u53ef\u7b11\uff0c\u5e7e\u4e4e\u6240\u6709\u5ba2\u6236\u90fd\u7531\u7d93\u92b7\u5546\u63d0\u4f9b\u8cc7\u91d1\u3002<\/li>\n
  3. \u80a1\u6771\u50f9\u503c\u4fb5\u8755<\/strong>\uff1aBurry\u63ed\u9732\uff0c\u5118\u7ba1\u82f1\u5049\u90542018\u5e74\u4f86\u65a5\u8cc71130\u5104\u7f8e\u5143\u56de\u8cfc\u80a1\u7968\uff0c\u4f46\u6d41\u901a\u80a1\u53cd\u589e4700\u842c\u80a1\u3002\u8003\u616e\u80a1\u6b0a\u6fc0\u52f5\u7a00\u91cb\u5f8c\uff0c\u80a1\u6771\u6536\u76ca\u5be6\u5247\u6298\u640d50%\u3002<\/li>\n
  4. \u7522\u696d\u93c8\u900f\u660e\u5ea6<\/strong>\uff1a\u4ed6\u4ee5\u4e00\u53e5\u7280\u5229\u7684\u8cea\u554f\u6536\u5c3e\uff1a\u201cOpenAI\u662f\u95dc\u9375\u6a1e\u7d10\u3002\u6709\u4eba\u80fd\u8aaa\u51fa\u4ed6\u5011\u7684\u5be9\u8a08\u5e2b\u662f\u8ab0\u55ce\uff1f\u201d<\/li>\n<\/ol>\n

    Burry\u65d7\u4e0bScion Asset Management\u7684\u6301\u5009\u6587\u4ef6\u986f\u793a\uff0c\u8a72\u516c\u53f89\u6708\u5e95\u6301\u6709100\u842c\u80a1\u82f1\u5049\u9054\u80a1\u7968\u7684\u770b\u8dcc\u671f\u6b0a\u3002\u4ed6\u5c07\u7576\u524dAI\u6295\u8cc7\u72c2\u6f6e\u8207\u4e92\u806f\u7db2\u6ce1\u6cab\u76f8\u63d0\u4e26\u8ad6\uff0c\u8b66\u544a\u5de8\u982d\u5011\u53ef\u80fd\u91cd\u8e48\u904e\u5ea6\u6295\u8cc7\uff0c\u56de\u5831\u6158\u6de1\u7684\u8986\u8f4d\u3002<\/p>\n

    \u672a\u4f86\u4e4b\u8def\uff1a\u6280\u8853\u512a\u52e2\u8207\u7af6\u722d\u683c\u5c40<\/h2>\n

    \u5118\u7ba1\u9762\u81e8\u8cea\u7591\uff0c\u82f1\u5049\u9054\u7684\u6280\u8853\u8b77\u57ce\u6cb3\u4f9d\u7136\u6df1\u539a\u3002\u9ec3\u4ec1\u52f3\u6307\u51fa\uff0cAI\u7cfb\u7d71\u7684\u6975\u7aef\u8907\u96dc\u6027\u4f7f\u5f97\u516c\u53f8\u80fd\u5920\u4fdd\u6301\u5f37\u52e2\u5730\u4f4d\uff0c\u5617\u8a66\u66ff\u4ee3\u65b9\u6848\u5f8c\u56de\u6b78\u7684\u5ba2\u6236\u6bd4\u4ee5\u5f80\u66f4\u591a\u3002\u96d6\u7136AMD\u7b49\u7af6\u722d\u5c0d\u624b\u6b63\u52a0\u901f\u8ffd\u8d95\uff0c\u6578\u64da\u4e2d\u5fc3\u904b\u71df\u5546\u4e5f\u5728\u63a2\u7d22\u81ea\u7814\u82af\u7247\uff0c\u4f46\u9ec3\u4ec1\u52f3\u5224\u65b7\u7576\u524d\u7af6\u722d\u58d3\u529b\u201c\u4ecd\u7136\u8f03\u4f4e\u201d\u3002\u516c\u53f8\u6b63\u7a4d\u6975\u63a8\u52d5AI\u6280\u8853\u5411\u5168\u7403\u5404\u884c\u696d\u6ef2\u900f\uff0c\u5275\u59cb\u4eba\u983b\u7e41\u51fa\u8a2a\u4ee5\u62d3\u5c55\u61c9\u7528\u5834\u666f\u3002<\/p>\n

    \u5728\u9019\u5834\u95dc\u4e4eAI\u7522\u696d\u672a\u4f86\u7684\u95dc\u9375\u8faf\u8ad6\u4e2d\uff0c\u4e00\u65b9\u662f\u5f15\u9818\u6280\u8853\u9769\u547d\u7684\u6a02\u89c0\u6d3e\u9818\u8896\uff0c\u53e6\u4e00\u65b9\u662f\u5584\u65bc\u6d1e\u898b\u6ce1\u6cab\u7684\u50b3\u5947\u7a7a\u982d\u3002\u82f1\u5049\u9054\u7684\u696d\u7e3e\u96d6\u4ecd\u9ad8\u6b4c\u731b\u9032\uff0c\u4f46\u5e02\u5834\u5df2\u4e0d\u53ef\u907f\u514d\u5730\u9032\u5165\u7406\u6027\u5be9\u8996\u968e\u6bb5\u3002\u9019\u5834\u6fc0\u8faf\u4e0d\u50c5\u5c07\u5f71\u97ff\u82f1\u5049\u9054\u7684\u80a1\u50f9\u8d70\u52e2\uff0c\u66f4\u5c07\u70ba\u6574\u500bAI\u6295\u8cc7\u71b1\u6f6e\u7684\u672a\u4f86\u65b9\u5411\u63d0\u4f9b\u91cd\u8981\u53c3\u7167\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u5168\u7403\u5e02\u503c\u51a0\u8ecd\u82f1\u5049\u9054\uff08NVDA\uff09\u6700\u65b0\u4ea4\u51fa\u4e00\u4efd\u9a5a\u8c54\u7684\u696d\u7e3e\u5831\u544a\uff1a\u4e00\u6708\u7576\u5b63\u7684\u71df\u6536\u6307\u5f15\u9ad8\u9054\u7d04650\u5104\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u5e02\u5834\u9810 […]<\/p>\n","protected":false},"author":27,"featured_media":543948,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[675,2174,1677,2138],"class_list":["post-605111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag--zh-hant","tag-2174","tag-technology-zh-hant","tag-2138","sectors-technology-zh-hant","locations-us-zh-hant","exchange-nasdaq-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/605111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=605111"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/605111\/revisions"}],"predecessor-version":[{"id":605114,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/605111\/revisions\/605114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/543948"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=605111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=605111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=605111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}