在人工智能基础设施军备竞赛中，SpaceXAI最新财报显示，其二季度资本支出飙升至183.7亿美元，其中AI专项投入高达158.3亿美元，已接近微软同期总资本开支的四成，正与亚马逊、Alphabet、Meta等巨头竞相加码，引发市场高度审视。
Alphabet二季度资本支出同比暴涨100%至449.2亿美元，年化逼近1800亿美元；营收增24%至1198亿美元，超预期。谷歌云营收飙升82%至248亿美元，运营利润率近乎翻倍，巨额算力投入正转化为强劲盈利引擎。
高盛最新研报指出，市场低估了AI领域发展需求，预计超大规模数据中心运营商的AI相关资本支出将远超预期。华尔街预估2027年相关支出为9200亿美元，高盛测算达1.1万亿美元，乐观场景下更增至1.4万亿美元。受企业级AI代理普及推动，机构预测2030年全球AI Token消耗量将大幅增长。
大模型推理推动AI基础设施变革，网络架构创新成为释放硬件潜能的关键。智谱、驭驯网络与清华大学在ACM SIGCOMM2025发表ZCube网络架构研究成果，并于2026年5月成功落地GLM-5.1 coding生产环境。基准测试显示，在GPU、软件栈和应用不变的情况下，ZCube架构显著降低交换机与光模块的资本支出。
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