资深科技行业分析师丹·艾夫斯认为，人工智能所引发的行业变革目前仍处于初期阶段，未来其影响力将在经济层面广泛扩散，而不会出现过度集中的情况。作为约克维尔艾夫斯公司的合伙人，艾夫斯于周二对近50家科技公司发布了研究报告，他本人对该行业的态度“极为乐观”，并列出了自己最看好的五只股票。
Veteran technology analyst Dan Ives thinks it's early days for the transformation triggered by artificial intelligence, and that it's going to broaden out economically rather than grow more concentrated. Ives, partner at Yorkville Ives , initiated coverage on nearly 50 tech companies on Tuesday, describing his stance on the sector as "very bullish" and highlighting his top five equity plays.
“尽管存在人工智能安全性隐患、美国政界对监管的呼声以及地缘政治的不确定性，投资者们依然低估了未来几年这一规模高达4万亿美元的投资浪潮的广度与深度，”艾夫斯及其团队在报告中写道。“我们认为，人工智能革命带来的后续效应才刚刚开始在整个科技行业显现。”
"Investors are still underestimating the scale and scope of this $4 trillion dollar spending wave over the next few years despite AI safety concerns, regulatory calls from the Beltway, and geopolitical jitters," Ives and colleagues wrote. "We believe the second/third/fourth derivatives of the AI Revolution are just starting to play out across the tech landscape."
“在我看来，这场变革目前正处于9局比赛中的第3局，而目前已确定的投资规模正是这一判断的有力佐证，”他说道。艾夫斯最看好的五只股票依次为英伟达、微软、帕兰蒂尔、苹果以及克劳德斯特里克。此外，他还推荐了一些知名度较低但增长潜力更大的公司。
"We believe this is the 3rd inning of a 9-inning game, and the scale of what is now committed is the evidence," he said. Ives' top five are Nvidia , Microsoft , Palantir , Apple and CrowdStrike , but his calls extend to some lesser-known names with higher projected upside, as well.
艾夫斯强调，所谓“代理型人工智能”——即能够模拟用户行为、为企业与消费者执行各类任务的软件程序——将显著提升市场对网络安全预算的需求。随着这类程序的功能日益完善且具备更强的自主行动能力，网络安全的重要性也将愈发凸显。“代理型人工智能的普及速度远远超过了预算增长速度；如今，前沿人工智能技术已深度融入安全体系之中。我们预计，未来三年内网络安全支出在企业IT预算中的占比将从目前的约5%升至10%左右，”艾夫斯指出。
CRWD YTD mountain CRWD ytd One of his main themes is that agentic AI – little pieces of software that act as users and carry out tasks for businesses and consumers – will amplify demand for cybersecurity budgets as agents become more capable and increasingly programmed to take initiative. "Agentic AI has expanded the attack surface faster than budgets, and the frontier labs have moved inside the security stack, which we expect to lift security from roughly 5% of IT budgets toward 10% the next 3 years," Ives said.
在人工智能硬件领域，英伟达与微软是艾夫斯最为看好的两家企业，他给予这两家公司“跑赢大盘”的投资评级。他预计英伟达股价将上涨25%，达到每股300美元；同时认为微软股价也有望上涨16%，升至每股615美元。
AI capital equipment builders Ives' top AI equipment builders are chipmaking behemoth Nvidia and Microsoft , with outperform ratings on both. He's got a price target of $300 on Nvidia, implying upside of 25% from Tuesday's close. He also sees Microsoft climbing 16% to $615.
艾夫斯指出，对于英伟达的产品而言，“需求正从大型超大规模云服务商向各国的人工智能计划、新兴云服务商、企业以及模型开发公司扩散，这些机构都在积极构建专属的人工智能基础设施。”谈及微软时，艾夫斯提到该公司的未交付订单及待履行合同义务持续增加，客户群体也日益多元化。“微软尚未履行的商业合同金额已达6780亿美元；订单来源的广泛性尤为令人振奋——剔除OpenAI相关订单后，未交付订单额仍增长了25%，且所有环比增长均来自那些并非前沿模型开发公司的客户。”
For Nvidia's products, "demand is broadening beyond the largest hyperscalers as sovereign AI programs, neoclouds, enterprises, and model developers build dedicated AI infrastructure," Ives said. On Microsoft, Ives noted that the company's backlogs and outstanding contractual obligations are growing while also broadening out in terms of its customer base. "Commercial [remaining performance obligations] reached $678 billion, and the breadth of the backlog was particularly encouraging, as RPO grew 25% excluding OpenAI and all sequential growth came from customers outside the frontier-model companies," he said.
在网络安全与软件领域，艾夫斯最看好的两家公司是帕兰蒂尔科技与CrowdStrike：他给予帕兰蒂尔科技250美元的目标价，意味着该股有30%的上涨空间；对CrowdStrike则给出了335美元的目标价，预示其股价有望实现20%的增长。
MSFT YTD mountain MSFT ytd. Cybersecurity and software Top picks in cybersecurity and software are Palantir Technologies with a $250 price target and implied upside of 30%, and CrowdStrike — which the analyst assigned a $335 price target signaling a gain of 20%.
周三，艾夫斯在接受CNBC采访时称，尽管Anthropic与OpenAI等前沿人工智能模型开发公司屡屡引发备受瞩目的安全漏洞事件，但它们正逐渐将自己定位为网络安全企业。这种跨界行为虽然对传统网络安全行业构成了威胁，却也同步带动了市场对相关产品的需求。“这些前沿实验室的举动实际上为整个网络安全行业开创了黄金发展期，”他说道，“我认为，网络安全类股票目前仍处于大规模增长周期的起步阶段。”
Frontier AI model companies Anthropic and OpenAI are increasingly positioning themselves as cybersecurity companies, Ives told CNBC on Wednesday, even as they're perpetrating high-profile security breaches. While that encroachment is threatening traditionally established names in the cybersecurity sector, it's also boosting demand for their products at the same time. "The frontier labs have essentially created a golden age for cybersecurity companies by doing this," he said. "Cybersecurity stocks are, I believe, still in the early days of just a massive growth cycle."
至于知名度稍低的标的，艾夫斯给予云设备供应商Boost Run 24美元的目标价，这意味着该股有望上涨约58%。他在报告中写道：“该公司2026年第二季度的业绩首次切实印证了：此前处于收缩状态的需求正逐步转化为实际的业务规模。”此外，艾夫斯还预计Serve Robotics的股价将上涨67%，达到8美元水平；他认为这家运用人行道机器人开展配送服务的商业运输企业“堪称自主‘最后一公里’配送领域的先行者”。
Lesser-known names Ives has a price target of $24 on cloud equipment provider Boost Run , suggesting upside for the stock of about 58%. "[Second quarter 2026] results provided the first meaningful evidence that this contracted demand is beginning to convert into reported scale," he wrote of the company. Ives also sees Serve Robotics surging 67% to $8. He thinks of the commercial transportation company that uses sidewalk robots "as an early leader in autonomous last-mile delivery."