英伟达卷入2500亿美元“循环融资”风波

知名评论员：“让我想起了电信泡沫”

削减支出

苹果重夺全球市值第一

市场普遍认为，苹果的成功主要归因于其在人工智能浪潮中采取的克制资本开支策略。相对于Alphabet、微软、亚马逊以及Meta等竞争对手动辄千亿美元的AI投入而言，苹果显得异常“冷静”，并未自建大规模的AI基础设施。

过去四个财季苹果资本支出逐季下降其在2025财年第三季度为34.62亿美元在2025财年第四季度降至32.42亿美元在2026财年第一季度降至23.73亿美元而第二季度进一步降至19.71亿美元

“曾经因在AI上投入不多而受批评的苹果，如今却得以避开了一些资本开支的陷阱。”Freedom Capital Markets首席市场策略师Jay Woods评论道。

Capital expenditures attract considerable attention these days with some individuals even becoming overly focused on them. In the past more spending was considered preferable whereas now the preference has reversed to favour less expenditure. Jason Lemire the chief investment officer of Bold Wealth Partners states that we have observed equity issuance negative cash flow and rising debt. All of these factors contribute added risk to the outlook.

Microsoft, which once commanded an unparalleled spotlight thanks to its deep integration with OpenAI, has seen its stock price fall by 17.73 percent. Google, by contrast, has climbed 3.57 percent. Apple, relying on a cautious approach to capital expenditures, has posted a 24 percent gain since the start of the year and now leads the major technology companies. As a result, its cumulative market capitalization has expanded by approximately 9683 billion dollars.

AI资本支出成绩单即将发布：

微软亚马逊拼云计算，Meta拼广告

本周四和周五，微软、Meta、苹果和亚马逊将相继发布财报，市场将重点关注各家高额AI资本开支的回报兑现情况。

Currently, market expectations for Microsoft remain consistent at earnings per share of 4.22 dollars, with its capital expenditure plan for the full year 2026 reaching 190 billion dollars and the pressure from these large investments gradually becoming apparent. For the Azure cloud business, which accounts for the company's massive spending, management guidance indicates that revenue growth in this business will be maintained in the range of 39% to 40%. Whether the cloud business growth rate can be sustained directly determines the reasonableness of the large AI investment, and if the growth rate falls short of expectations, corporate cash flow balance will quickly come under pressure.

Amazon expects the market to forecast earnings per share of 1.82 dollars. The capital expenditure logic of Amazon is consistent with Microsoft but on a larger scale, and the planned capital expenditures of nearly 2000 billion dollars have led to only 12 billion dollars in free cash flow for the company in the past twelve months. Whether the growth rate of the cloud business can be sustained is the key to verifying the value of its infrastructure expansion.

With Meta differing from Microsoft and Amazon, Meta lacks its own cloud operations to undertake compute investments, so the return on its AI expenditures requires complete reliance on internal business fulfilment. This earnings report centres on whether AI can significantly drive advertising revenue, and if the results fall short of expectations, Meta will become the enterprise with the weakest valuation support among the four major enterprises.

苹果则几乎不在这场AI资本支出的故事主线内，其资本开支规模仅为自身经营性现金创收规模的零头，公司每个季度依旧能够产生巨额自由现金流。

SK Hynix and the other two memory manufacturers will release their earnings reports in quick succession.

长鑫科技或搅动存储格局

随着科技巨头的AI发展持续推动内存需求，全球主要内存制造商的盈利状况正受到业界广泛关注。本周，三大内存制造商——SK海力士、三星电子和日本铠侠——也将陆续公布最新季度财报。

图片来源：每经媒资库

SK Hynix plans to announce its second quarter earnings report early on July 29 local time. In the current backdrop of rising prices for DRAM and NAND flash memory collectively, Korean brokerage firms forecast that SK Hynix second quarter revenue will reach 841 billion South Korean won while operating profit will reach 641 billion South Korean won. As a contrast the operating profit from the previous quarter stood at 376 billion South Korean won. This means SK Hynix half year profit will surpass 1000 billion South Korean won which exceeds the profit from its entire previous year by 170 billion South Korean won.

SK Hynix能否在下半年稳步推进产能扩张，同时持续维持超高增速和超高营利率，将会是投资者最为关注的问题。

LSEG汇总的市场预期显示，三星电子第二季度营业利润为86万亿韩元，部分券商预测甚至高达90万亿韩元，这意味着营业利润率最高可达51%。三星电子能否赢得HBM市场的领先地位成为关注焦点。

Kioxia previously expected that the company would achieve second-quarter revenue of 1.75 trillion yen and operating profit of 1.298 trillion yen in the year, which would double from the previous quarter.

但长鑫科技的强势登场也给全球存储芯片市场带来了新的变数。

7月27日上市首日，长鑫科技股价飙升466%，成为中国市值最高的上市公司之一，市值达到3.14万亿元。市场随即开始担心，公司是否会利用募集资金加快产能扩张和技术升级。

受此影响，美光科技股价当日收盘下跌2.25%，盘中一度跌幅高达7%，闪迪股价大跌11%，韩国SK海力士的美国存托凭证也下滑了7.47%。市场担忧，长鑫科技可能会削弱现有存储三巨头——三星、SK海力士和美光——的定价能力。

作为全球第四大DRAM（动态随机存取存储器）生产商，长鑫科技虽然目前无法获得阿斯麦最先进的极紫外光刻技术，也无法生产用于AI服务器的高带宽内存芯片，但它正在填补一个关键的市场空白。

Radio Free Mobile founder Richard Windsor pointed out that as the storage giants shift more of their capacity to the more profitable HBM, the ordinary DRAM supply for consumer electronics faces a shortage, which precisely creates an opportunity for ChangXin Memory.

Currently, the global storage chip market is in a super cycle driven by artificial intelligence, with prices continuing to rise. According to data from Bank of America Global Research, the price of DDR5 memory reached a new high of $47 per unit in early July, while the price of DDR4 also remained at a high of around $30, far exceeding the 2017 peak of about $10. The price of server DRAM modules even broke through the $1,000 mark.

In the upcoming earnings call, investors will closely monitor how Samsung Electronics and SK Hynix evaluate the impact of ChangXin Memory Technologies listing, including their projections for future memory prices and strategies for addressing the emerging competitor.

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来源：“超级财报周”前，芯片股集体大跌！英伟达“自产自销”？其卷入2500亿美元“循环融资”风波，股价暴跌，知名评论员发出警告 | 每日经济新闻