AI支出持续飙升，投资者何时才能获得回报？

The latest quarterly results from America’s technology giants delivered almost everything investors once demanded: rising revenue, expanding cloud businesses, strong demand for artificial intelligence and confident forecasts. Yet the market’s response was unusually divided. Some companies were rewarded handsomely, while others watched billions of dollars disappear from their valuations after announcing another increase in spending. The distinction was not simply between good and bad earnings. Investors appeared to judge whether each company could connect its enormous infrastructure bill to visible revenue. Spending was welcomed when new data centers were supported by cloud contracts, backlogs and paying customers. It was punished when the return remained distant or difficult to measure. …