亚洲最繁忙的财报周将对AI交易进行重大考验，投资者正在寻找证据，证明数十亿美元的投资正在转化为利润，且增长正在蔓延至科技行业之外。
Asia’s busiest earnings week will put the AI trade to a major test as investors look for proof that billions in investment are translating into profits, and that growth is spreading beyond tech.
根据彭博汇编的数据，MSCI亚太指数约1200家成分股公司中，约有550家将于本周发布财报。其中包括AI热潮中的一些最大玩家，如韩国存储芯片巨头SK海力士公司和三星电子株式会社，日本芯片企业优测株式会社和东京电子株式会社，以及中国供应商如新易盛光纤模块股份有限公司。
About 550 of the roughly 1,200 companies in the MSCI Asia Pacific Index are due to report this week, according to data compiled by Bloomberg. That includes some of the biggest names in the AI boom, such as Korean memory giants SK Hynix Inc. and Samsung Electronics Co., Japanese chip firms Advantest Corp. and Tokyo Electron Ltd., and Chinese suppliers like Eoptolink Technology Inc.
近几周AI交易的信心受挫，导致地区基准指数本月下跌逾6%，并重燃了投资者今年一直在纠结的一个问题：盈利是否能证明在AI上投入的巨额资金是合理的。近期芯片股的抛售也推动投资者转向债券，提高了资本支出必须带来回报并保持股票吸引力的赌注。
Confidence in the AI trade has taken a hit in recent weeks, sending the regional benchmark down more than 6% this month and reviving a question investors have wrestled with all year: whether earnings justify the enormous sums being spent on it. The recent chip rout also pushed investors toward bonds, raising the stakes for spending to deliver returns and keep equities attractive.
如果AI交易继续失去动力，投资者将需要在别处寻找增长，从而将关注点转向消费需求和经济的其他部分。
If the AI trade keeps losing momentum, investors will need to look elsewhere for growth, turning attention to consumer demand and other parts of the economy.
在中国，比亚迪股份有限公司、中国国际航空股份有限公司和贵州茅台酒股份有限公司的财报将考验该国疲软的消费者能否提供任何支撑，因为增长仍严重依赖出口。
In China, earnings from BYD Co., Air China Ltd. and Kweichow Moutai Co. will test whether the country’s weak consumer can offer any support as growth remains heavily reliant on exports.