又一芯片巨头股价暴跌, 对“AI泡沫”担忧加剧

受博通与甲骨文业绩引发的人工智能泡沫担忧，加之美联储降息后市场对政策的谨慎情绪，以及美国国债收益率的上扬，当地时间12月12日，美股主要指数全线下跌。芯片巨头博通股价收盘下跌11.4%，市值蒸发约2200亿美元。

近期博通备受市场关注，很大程度上源于其与多家头部人工智能模型提供商的合作。例如，OpenAI已与博通签订协议，采用其定制的人工智能芯片设计方案。博通也是谷歌TPU项目的重要合作伙伴，负责TPU芯片的工程实现。受益于大规模数据中心建设带来的定制芯片需求，博通在人工智能芯片市场中所占份额正持续扩大。博通公司首席执行官陈福阳预计，公司2026财年一季度人工智能半导体业务营收将同比翻倍，达到82亿美元。

但是，与不断增长的营 收预期形成对比的是公司的利润率下降。陈福阳表示，由于“人工智能业务占比提高”，其2026年一季度毛利率将低于前三个季度水平。毛利较低的定制化AI处理器销售占比持续攀升，挤压整体获利能力，引发市场对博通业务盈利性可能下滑的担忧。投资者对大型科技公司在AI投资回报方面的担忧正在加剧。

据媒体报道，美国华特迪士尼公司与开放人工智能研究中心（OpenAI）日前宣布达成一项为期三年的合作协议，涵盖内容授权使用、股权投资等。According to media reports, the Walt Disney Co. of the U.S. and the Open Artificial Intelligence Research Center (OpenAI) recently announced a three-year cooperation agreement covering content licensing, equity investment, etc.

根据协议，迪士尼将成为OpenAI旗下生成式人工智能视频平台Sora的首个主要内容授权合作伙伴。According to the agreement, Disney will become the first major content licensing partner of Sora, OpenAI's generative artificial intelligence video platform.迪士尼将向OpenAI投资10亿美元，并获得未来额外购买股权的认股权证。

Disney will make a $1 billion equity investment in OpenAI and obtain warrants for future additional equity purchases.迪士尼还将利用OpenAI的人工智能技术推动其流媒体平台Disney+的新产品开发，并利用ChatGPT等工具提升其运营与创新能力。

Disney will also leverage OpenAI's artificial intelligence technology to drive the development of new products for its streaming platform Disney+, and use tools like ChatGPT to enhance its operational and innovation capabilities.

据外媒报道，美国电动汽车制造商里维安（Rivian Automotive）举行首个“自动驾驶与人工智能日”，并公布了未来推出自动驾驶电动车的计划。According to foreign media reports, the U.S. electric vehicle manufacturer Rivian Automotive held its first "Autonomous Driving and Artificial Intelligence Day" and announced its plans to launch autonomous driving electric vehicles in the future.

该公司称，其已开发出自研芯片、车载计算机以及新的人工智能模型，将使其能够在即将推出的车辆中实现自动驾驶功能。The company said that it has developed its own chips, on-board computers and new artificial intelligence models, which will enable it to achieve autonomous driving functions in the vehicles to be launched soon.

报道指出，在美国电动车销量放缓、竞争加剧背景下，里维安目前正面临向投资者证明增长潜力、扩大客户基础的压力。It is reported that against the backdrop of a slowdown in electric vehicle sales and intensified competition in the U.S., Rivian is currently under pressure to prove its growth potential to investors and expand its customer base.

尽管里维安股价今年累计上涨约25%，但在面临诸多内部与外部挑战的情况下，该股自2021年IPO以来仍下跌逾80%。Although Rivian's share price has risen by approximately 25% this year, it has still dropped by more than 80% since its IPO in 2021, despite facing numerous internal and external challenges.