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\u90a3\u9ebc\uff0c\u7576\u4e0b\u7684AI\u6295\u8cc7\u662f\u5426\u5df2\u7d93\u986f\u5f97\u904e\u65bc\u72c2\u71b1? \u9084\u662f\u5982\u8a31\u591a\u652f\u6301\u8005\u6240\u8a00\uff0c\u300c\u9019\u4e00\u6b21\u662f\u771f\u7684\u300d\uff08This time is real\uff09? \u300c\u9019\u4e00\u6b21\u662f\u5426\u662f\u771f\u7684\u300d\uff0c\u6700\u7d42\u4ecd\u53d6\u6c7a\u65bcAI\u80fd\u5426\u5e36\u4f86\u6301\u7e8c\u7684\u751f\u7522\u7387\u63d0\u5347\u8207\u7d93\u6fdf\u50f9\u503c\u5275\u9020\u3002\u6642\u9593\u7d42\u5c07\u7d66\u51fa\u6700\u7d42\u7684\u5224\u8a5e\u3002\u7136\u800c\uff0c\u5728\u6b64\u4e4b\u524d\uff0c\u6211\u5011\u4ecd\u53ef\u4ee5\u56de\u5230\u6280\u8853\u672c\u8eab\u7684\u7279\u5fb5\u51fa\u767c\uff0c\u53bb\u5be9\u8996\u7576\u524d\u9019\u6ce2AI\u6295\u8cc7\u6d6a\u6f6e\uff0c\u4e26\u7406\u89e3\u70ba\u4f55\u300c\u904e\u5ea6\u6295\u8cc7\u300d\u5728\u67d0\u7a2e\u610f\u7fa9\u4e0a\u6070\u6070\u662f\u4f01\u696d\u7406\u6027\u9078\u64c7\u4e0b\u7684\u5747\u8861\u7d50\u679c\u3002 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\u9032\u4e00\u6b65\u4f86\u770b\uff0c\u5373\u4fbf\u67d0\u4e9bAI\u76f8\u95dc\u6295\u8cc7\u5728\u77ed\u671f\u5167\u4f3c\u4e4e\u96e3\u4ee5\u88ab\u5b8c\u5168\u6d88\u5316\u2014\u2014\u4f8b\u5982\u5feb\u901f\u64f4\u5f35\u7684\u7b97\u529b\u6295\u5165\u3001\u66f4\u9ad8\u6548\u7684\u7b97\u6cd5\u7814\u767c\uff0c\u6216\u5927\u898f\u6a21\u7684\u6578\u64da\u4e2d\u5fc3\u5efa\u8a2d\u2014\u2014\u9019\u4e9b\u6295\u5165\u5728\u9577\u671f\u7dad\u5ea6\u4e0a\u4f9d\u7136\u860a\u542b\u8457\u91cd\u8981\u7684\u5be6\u8e10\u9078\u9805\u50f9\u503c\uff08real options\uff09\u3002\u5b83\u5011\u70ba\u4f01\u696d\u672a\u4f86\u5728\u6280\u8853\u5275\u65b0\u3001\u7522\u54c1\u8fed\u4ee3\u548c\u7522\u696d\u4f48\u5c40\u4e0a\u63d0\u4f9b\u4e86\u9748\u6d3b\u6027\u548c\u5148\u767c\u512a\u52e2\u3002 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\u9019\u7a2e\u570b\u5bb6\u5c64\u9762\u7684\u4e0d\u5e73\u8861\uff0c\u4f7fAI\u4e0d\u50c5\u662f\u6280\u8853\u6216\u5546\u696d\u8b70\u984c\uff0c\u66f4\u6210\u70ba\u6230\u7565\u8cc7\u6e90\u7684\u7af6\u722d\u7126\u9ede\u3002\u5404\u570b\u653f\u5e9c\u7d1b\u7d1b\u5c07AI\u4e0a\u5347\u81f3\u570b\u5bb6\u6230\u7565\u9ad8\u5ea6\uff0c\u6295\u5165\u5de8\u984d\u8cc7\u91d1\u5efa\u8a2d\u7b97\u529b\u57fa\u790e\u8a2d\u65bd\u3001\u63a8\u52d5\u82af\u7247\u81ea\u4e3b\u5316\u3001\u5f37\u5316\u6578\u64da\u5b89\u5168\u6cbb\u7406\u3002\u570b\u5bb6\u4e4b\u9593\u7684\u6280\u8853\u7af6\u8cfd\u8207\u4f01\u696d\u9593\u7684\u5e02\u5834\u7af6\u722d\u76f8\u4e92\u758a\u52a0\uff0c\u5171\u540c\u63a8\u52d5\u4e86\u5168\u7403\u7bc4\u570d\u5167\u7684AI\u6295\u8cc7\u6d6a\u6f6e\u3002 \u718a\u7430\u6559\u6388 \u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u91d1\u878d\u5b78\u526f\u6559\u6388 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u4e8c\u6708\u4e8c\u5341\u4e94\u65e5\u8f09\u65bc\u300aFT\u4e2d\u6587\u7db2\u300b\u660e\u5fb7\u5546\u8ad6\u5c08\u6b04\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/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=\"2025-12-29T09:10:18+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"AI\u6295\u8cc7\u6ce1\u6cab\uff1f - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u8fd1\u5e74\u4f86\uff0c\u95dc\u65bc\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u7684\u8a0e\u8ad6\u6301\u7e8c\u4f54\u64da\u5404\u5927\u5a92\u9ad4\u7684\u982d\u689d\u3002\u7121\u8ad6\u662f\u5728\u6280\u8853\u7a81\u7834\u3001\u502b\u7406\u722d\u8b70\uff0c\u9084\u662f\u5728\u7522\u696d\u61c9\u7528\u5c64\u9762\uff0cAI\u90fd\u6210\u70ba\u5168\u7403\u95dc\u6ce8\u7684\u7126\u9ede\u3002\u4ee5\u7f8e\u570b\u70ba\u4ee3\u8868\uff0c\u5404\u5927\u79d1\u6280\u516c\u53f8\u4e5f\u7d1b\u7d1b\u52a0\u5927\u6295\u5165\uff0c\u7a4d\u6975\u4f48\u5c40AI\u76f8\u95dc\u9818\u57df\u3002\u79d1\u6280\u5de8\u982d\uff08Meta, Alphabet\uff0c\u5fae\u8edf\uff0c\u4e9e\u99ac\u905c\u548c\u7532\u9aa8\u6587\uff09\u57282025\u5e74\u7684\u76f8\u95dc\u6295\u8cc7\uff08\u5982\u8cfc\u8cb7\u82af\u7247\uff0c\u5efa\u9020\u6578\u64da\u4e2d\u5fc3\u548c\u76f8\u61c9\u7684\u4f9b\u96fb\u8a2d\u65bd\uff09\u9810\u8a08\u9ad8\u90543900\u5104\u7f8e\u5143\uff0c\u8f03\u53bb\u5e74\u589e\u957774%\u3002\u9019\u4e00\u589e\u9577\u4e5f\u7e7c\u7e8c\u7dad\u6301\u4e86\u8fd1\u4e9b\u5e74\u4f86\u7684\u589e\u9577\u8da8\u52e2\u3002\u64da\u54c8\u4f5b\u5927\u5b78\u7684\u7d93\u6fdf\u5b78\u5bb6\u4f30\u8a08\uff0c 2025\u5e74\u4e0a\u534a\u5e74\uff0c\u7f8e\u570bGDP\u589e\u9577\u4e2d\u6709\u9ad8\u905492%\u5c07\u4f86\u81eaAI\u6295\u8cc7\u5e36\u52d5\u3002 \u5e02\u5834\u5c0dAI\u7684\u71b1\u60c5\u6301\u7e8c\u9ad8\u6f32\uff0c\u63a8\u52d5\u7f8e\u570b\u80a1\u5e02\u5c62\u5275\u65b0\u9ad8\u3002AI\u6982\u5ff5\u76f8\u95dc\u4f01\u696d\u5e02\u503c\u98c6\u5347\uff0c\u79d1\u6280\u80a1\u6210\u70ba\u5e36\u52d5\u5e02\u5834\u4e0a\u6f32\u7684\u4e3b\u8981\u529b\u91cf\u3002\u7136\u800c\uff0c\u5728\u9019\u80a1\u6295\u8cc7\u71b1\u6f6e\u7684\u53e6\u4e00\u9762\uff0c\u4e5f\u4e0d\u65b7\u6709\u8b39\u614e\u7684\u8072\u97f3\u50b3\u51fa\u3002\u4e0d\u5c11\u5206\u6790\u5e2b\u63d0\u9192\u6295\u8cc7\u8005\uff0c\u61c9\u7576\u8b66\u60d5\u6f5b\u5728\u7684\u300cAI\u6ce1\u6cab\u300d\u3002\u4ed6\u5011\u6307\u51fa\uff0c\u9019\u7a2e\u60c5\u5f62\u5728\u6b77\u53f2\u4e0a\u4e26\u4e0d\u7f55\u898b\u2014\u2014\u5f9e19\u4e16\u7d00\u7684\u7f8e\u570b\u9435\u8def\u5efa\u8a2d\u6ce1\u6cab\uff0c\u52302000\u5e74\u7684\u4e92\u806f\u7db2\u6ce1\u6cab\uff0c\u5e02\u5834\u66fe\u591a\u6b21\u56e0\u5c0d\u65b0\u6280\u8853\u7684\u904e\u5ea6\u6a02\u89c0\u9810\u671f\u800c\u9677\u5165\u975e\u7406\u6027\u7e41\u69ae\u3002\u78ba\u5be6\uff0c\u96d6\u7136\u5927\u91cf\u8cc7\u672c\u6b63\u6e67\u5165AI\u9818\u57df\uff0c\u4f46\u5176\u4e2d\u76f8\u7576\u4e00\u90e8\u5206\u6295\u8cc7\u5c1a\u672a\u5e36\u4f86\u5be6\u8cea\u6027\u6216\u53ef\u898b\u7684\u5546\u696d\u56de\u5831\u3002\u4f8b\u5982\uff0cMeta\u767c\u4f48\u8ca1\u5831\u62ab\u9732\u5176\u6295\u5165\u5de8\u8cc7\u4f48\u5c40AI\u904b\u7b97\u80fd\u529b\u3001\u6578\u64da\u4e2d\u5fc3\u548c\u4eba\u624d\u62db\u52df\u5f8c\u80a1\u50f9\u61c9\u8072\u4e0b\u8dcc\uff0c\u90e8\u5206\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u5c0d\u65bc\u5927\u91cfAI\u6295\u8cc7\u7684\u7591\u616e\u3002 \u90a3\u9ebc\uff0c\u7576\u4e0b\u7684AI\u6295\u8cc7\u662f\u5426\u5df2\u7d93\u986f\u5f97\u904e\u65bc\u72c2\u71b1? \u9084\u662f\u5982\u8a31\u591a\u652f\u6301\u8005\u6240\u8a00\uff0c\u300c\u9019\u4e00\u6b21\u662f\u771f\u7684\u300d\uff08This time is real\uff09? \u300c\u9019\u4e00\u6b21\u662f\u5426\u662f\u771f\u7684\u300d\uff0c\u6700\u7d42\u4ecd\u53d6\u6c7a\u65bcAI\u80fd\u5426\u5e36\u4f86\u6301\u7e8c\u7684\u751f\u7522\u7387\u63d0\u5347\u8207\u7d93\u6fdf\u50f9\u503c\u5275\u9020\u3002\u6642\u9593\u7d42\u5c07\u7d66\u51fa\u6700\u7d42\u7684\u5224\u8a5e\u3002\u7136\u800c\uff0c\u5728\u6b64\u4e4b\u524d\uff0c\u6211\u5011\u4ecd\u53ef\u4ee5\u56de\u5230\u6280\u8853\u672c\u8eab\u7684\u7279\u5fb5\u51fa\u767c\uff0c\u53bb\u5be9\u8996\u7576\u524d\u9019\u6ce2AI\u6295\u8cc7\u6d6a\u6f6e\uff0c\u4e26\u7406\u89e3\u70ba\u4f55\u300c\u904e\u5ea6\u6295\u8cc7\u300d\u5728\u67d0\u7a2e\u610f\u7fa9\u4e0a\u6070\u6070\u662f\u4f01\u696d\u7406\u6027\u9078\u64c7\u4e0b\u7684\u5747\u8861\u7d50\u679c\u3002 \u4f4e\u6548\u7387\u7684\u6295\u8cc7\uff0c\u4ea6\u5373\u504f\u96e2\u6700\u512a\u6c34\u5e73\u7684\u6295\u8cc7\uff0c\u6709\u5169\u7a2e\u8868\u73fe\u5f62\u5f0f\uff1a\u6295\u8cc7\u4e0d\u8db3\u6216\u904e\u5ea6\u6295\u8cc7\u3002\u4e8c\u8005\u96d6\u65b9\u5411\u76f8\u53cd\uff0c\u537b\u540c\u6a23\u5c0e\u81f4\u50f9\u503c\u640d\u5931\u2014\u2014\u524d\u8005\u610f\u5473\u8457\u672c\u53ef\u5275\u9020\u50f9\u503c\u7684\u6295\u8cc7\u6a5f\u6703\u88ab\u932f\u904e\uff0c\u5f8c\u8005\u5247\u662f\u6709\u9650\u8cc7\u672c\u88ab\u904e\u5ea6\u6295\u5165\u3001\u7121\u6cd5\u7522\u751f\u5339\u914d\u56de\u5831\u3002 \u4eba\u5de5\u667a\u80fd\u6280\u8853\u7684\u7279\u6027\uff0c\u4f7f\u5f97\u9019\u7a2e\u6295\u8cc7\u535a\u5f08\u5c24\u70ba\u6fc0\u70c8\u3002AI\u9818\u57df\u5b58\u5728\u986f\u8457\u7684\u300c\u8d0f\u8005\u901a\u5403\u300d\u6548\u61c9\uff1a\u4e00\u65e6\u67d0\u500b\u4f01\u696d\u7387\u5148\u8a13\u7df4\u51fa\u6027\u80fd\u6700\u512a\u7684\u57fa\u790e\u5927\u8a9e\u8a00\u6a21\u578b\uff08LLM\uff09\uff0c\u4fbf\u80fd\u8fc5\u901f\u5438\u5f15\u6700\u5ee3\u6cdb\u7684\u7528\u6236\u7fa4\u9ad4\uff0c\u4e26\u6210\u70ba\u5176\u4ed6\u61c9\u7528\u7684\u6838\u5fc3\u4f9d\u8a17\u5e73\u53f0\uff0c\u5236\u5b9a\u6280\u8853\u6a19\u6e96\u3002\u5728\u5f37\u70c8\u7684\u7db2\u7d61\u6548\u61c9\u9a45\u52d5\u4e0b\uff0c\u9019\u7a2e\u9818\u5148\u512a\u52e2\u6703\u50cf\u6efe\u96ea\u7403\u4e00\u6a23\u4e0d\u65b7\u64f4\u5927\u2014\u2014\u9818\u5148\u8005\u6191\u501f\u66f4\u5145\u88d5\u7684\u6578\u64da\u3001\u66f4\u5f37\u7684\u7b97\u529b\u8207\u66f4\u8c50\u5bcc\u7684\u61c9\u7528\u751f\u614b\uff0c\u9032\u4e00\u6b65\u6295\u5165\uff0c\u5f9e\u800c\u978f\u56fa\u751a\u81f3\u58df\u65b7\u5176\u5e02\u5834\u5730\u4f4d\u3002 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