AI资本开支积压：2026年七大基建商支出或达8630亿美元
📈 Making sense of the AI capex logjam
For the research and modeling behind this analysis, see our 2026 State of the AI Economy Report.
关于本分析背后的研究建模，请参阅我们的《2026年人工智能经济状况报告》。
Based on current guidance, the seven largest AI-infrastructure builders1 expect capital expenditure of $863 billion in 2026 – 88% more than last year. We estimate that roughly two-thirds, some $550 billion, will be AI-related.
根据当前指引，七大人工智能基础设施建设者1预计2026年资本支出将达到8630亿美元，比去年增长88%。我们估计其中约三分之二（约5500亿美元）将与人工智能相关。
That investment does not begin affecting earnings through depreciation as soon as a project starts. While infrastructure is being built or assembled, the attributable costs are capitalized on the balance sheet as construction in progress. Depreciation begins only when the assets are ready for their intended use.
这项投资并不会在项目启动后立即通过折旧影响收益。在基础设施建造或组装期间，相关成本作为在建工程资本化在资产负债表上。只有当资产准备好用于预定用途时，折旧才开始。
Across the four hyperscalers that disclose this balance2, assets not yet in service now total $315 billion3, up from $281 billion one quarter earlier. This represents both capacity still to come online and a reservoir of future depreciation that has not yet reached the income statement.
在披露此余额2的四大超大规模企业中，尚未投入使用的资产总额现为3150亿美元3，高于上一季度的2810亿美元。这既代表了即将上线的产能，也代表了尚未计入损益表的未来折旧储备。
A dollar of capex spent by Meta now waits some 1.7 years before going live, a year more than in FY2024. So, for every dollar it spends today, only about a third will reach service within the year. Others have seen a similar trend, to a smaller extent.
Meta现在每花费1美元资本支出，大约需要1.7年才能投入使用，比2024财年多了一年。因此，它今天每花费1美元，只有约三分之一会在年内投入使用。其他公司也出现了类似趋势，但程度较小。
Read more
阅读更多
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力