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\u8fdb\u4e00\u6b65\u6765\u770b\uff0c\u5373\u4fbf\u67d0\u4e9bAI\u76f8\u5173\u6295\u8d44\u5728\u77ed\u671f\u5185\u4f3c\u4e4e\u96be\u4ee5\u88ab\u5b8c\u5168\u6d88\u5316\u2014\u2014\u4f8b\u5982\u5feb\u901f\u6269\u5f20\u7684\u7b97\u529b\u6295\u5165\u3001\u66f4\u9ad8\u6548\u7684\u7b97\u6cd5\u7814\u53d1\uff0c\u6216\u5927\u89c4\u6a21\u7684\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u2014\u2014\u8fd9\u4e9b\u6295\u5165\u5728\u957f\u671f\u7ef4\u5ea6\u4e0a\u4f9d\u7136\u8574\u542b\u7740\u91cd\u8981\u7684\u5b9e\u8df5\u9009\u9879\u4ef7\u503c\uff08real options\uff09\u3002\u5b83\u4eec\u4e3a\u4f01\u4e1a\u672a\u6765\u5728\u6280\u672f\u521b\u65b0\u3001\u4ea7\u54c1\u8fed\u4ee3\u548c\u4ea7\u4e1a\u5e03\u5c40\u4e0a\u63d0\u4f9b\u4e86\u7075\u6d3b\u6027\u548c\u5148\u53d1\u4f18\u52bf\u3002 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\u8fd9\u79cd\u56fd\u5bb6\u5c42\u9762\u7684\u4e0d\u5e73\u8861\uff0c\u4f7fAI\u4e0d\u4ec5\u662f\u6280\u672f\u6216\u5546\u4e1a\u8bae\u9898\uff0c\u66f4\u6210\u4e3a\u6218\u7565\u8d44\u6e90\u7684\u7ade\u4e89\u7126\u70b9\u3002\u5404\u56fd\u653f\u5e9c\u7eb7\u7eb7\u5c06AI\u4e0a\u5347\u81f3\u56fd\u5bb6\u6218\u7565\u9ad8\u5ea6\uff0c\u6295\u5165\u5de8\u989d\u8d44\u91d1\u5efa\u8bbe\u7b97\u529b\u57fa\u7840\u8bbe\u65bd\u3001\u63a8\u52a8\u82af\u7247\u81ea\u4e3b\u5316\u3001\u5f3a\u5316\u6570\u636e\u5b89\u5168\u6cbb\u7406\u3002\u56fd\u5bb6\u4e4b\u95f4\u7684\u6280\u672f\u7ade\u8d5b\u4e0e\u4f01\u4e1a\u95f4\u7684\u5e02\u573a\u7ade\u4e89\u76f8\u4e92\u53e0\u52a0\uff0c\u5171\u540c\u63a8\u52a8\u4e86\u5168\u7403\u8303\u56f4\u5185\u7684AI\u6295\u8d44\u6d6a\u6f6e\u3002 \u718a\u7430\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u4e8c\u6708\u4e8c\u5341\u4e94\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/ai-investment-bubble\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-12-29T09:04:24+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-12-29T09:11:59+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"AI\u6295\u8d44\u6ce1\u6cab\uff1f - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u8fd1\u5e74\u6765\uff0c\u5173\u4e8e\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u7684\u8ba8\u8bba\u6301\u7eed\u5360\u636e\u5404\u5927\u5a92\u4f53\u7684\u5934\u6761\u3002\u65e0\u8bba\u662f\u5728\u6280\u672f\u7a81\u7834\u3001\u4f26\u7406\u4e89\u8bae\uff0c\u8fd8\u662f\u5728\u4ea7\u4e1a\u5e94\u7528\u5c42\u9762\uff0cAI\u90fd\u6210\u4e3a\u5168\u7403\u5173\u6ce8\u7684\u7126\u70b9\u3002\u4ee5\u7f8e\u56fd\u4e3a\u4ee3\u8868\uff0c\u5404\u5927\u79d1\u6280\u516c\u53f8\u4e5f\u7eb7\u7eb7\u52a0\u5927\u6295\u5165\uff0c\u79ef\u6781\u5e03\u5c40AI\u76f8\u5173\u9886\u57df\u3002\u79d1\u6280\u5de8\u5934\uff08Meta, Alphabet\uff0c\u5fae\u8f6f\uff0c\u4e9a\u9a6c\u900a\u548c\u7532\u9aa8\u6587\uff09\u57282025\u5e74\u7684\u76f8\u5173\u6295\u8d44\uff08\u5982\u8d2d\u4e70\u82af\u7247\uff0c\u5efa\u9020\u6570\u636e\u4e2d\u5fc3\u548c\u76f8\u5e94\u7684\u4f9b\u7535\u8bbe\u65bd\uff09\u9884\u8ba1\u9ad8\u8fbe3900\u4ebf\u7f8e\u5143\uff0c\u8f83\u53bb\u5e74\u589e\u957f74%\u3002\u8fd9\u4e00\u589e\u957f\u4e5f\u7ee7\u7eed\u7ef4\u6301\u4e86\u8fd1\u4e9b\u5e74\u6765\u7684\u589e\u957f\u8d8b\u52bf\u3002\u636e\u54c8\u4f5b\u5927\u5b66\u7684\u7ecf\u6d4e\u5b66\u5bb6\u4f30\u8ba1\uff0c 2025\u5e74\u4e0a\u534a\u5e74\uff0c\u7f8e\u56fdGDP\u589e\u957f\u4e2d\u6709\u9ad8\u8fbe92%\u5c06\u6765\u81eaAI\u6295\u8d44\u5e26\u52a8\u3002 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