高盛全球投资银行联席主管金·波斯内特表示，随着资本成本预计将继续上升，更广泛的AI市场内部正出现薄弱环节。波斯内特称，尽管她对AI整体“极度看好”，但投资者正变得更加挑剔。
Areas of weakness are emerging within the broader AI market as the cost of capital is set to continue rising, said Kim Posnett, Goldman Sachs’ global co-head of investment banking. Posnett said that while she’s “hugely bullish” on AI overall, investors are growing more discerning.
波斯内特周二在The Information举办的“科技与金融女性峰会”上对杰西卡·莱辛表示：“你们看到的不是AI情绪的变化，我认为从投资者角度来看，你们看到的是AI交易中的重新定位和差异化。”她指出，如果利率长期维持高位，AI项目将无法带来预期回报。“虽然AI本身不是泡沫，但我认为其中可能会有泡沫。”
“What you’re seeing is not a change in AI sentiment, and from an investor standpoint, I think you’re seeing a repositioning and differentiation across the AI trade,” Posnett told Jessica Lessin during The Information’s Women in Tech and Finance Summit Tuesday, noting that AI projects won’t drive expected returns should rates stay elevated for a long period. “While AI itself is not a bubble, I think you can have bubbles within that,” she said.
波斯内特补充说，投资者开始青睐垂直整合的公司，这些公司生产前沿模型、软件和AI芯片。高盛在本周宣布的一些最大AI公司的重大交易中扮演主导角色，包括SpaceX的GPU融资、Meta的股票发售以及Anthropic计划中的首次公开募股。
Investors are starting to favor vertically integrated companies that produce frontier models, software and AI chips, Posnett added. Goldman is playing leading roles in major deals announced this week for some of the biggest AI companies, including SpaceX’s GPU financing, Meta’s stock offering and Anthropic’s planned initial public offering.
当被问及AI生态系统内的循环融资时，波斯内特表示她更多是在“考虑需求”，但也承认英伟达等科技巨头为自己的供应商和客户提供资金存在风险。“他们想要建立更紧密的合作伙伴关系，这是讲得通的，”她说。“我认为这也创造了更大的风险。我认为这两点都是真的。”
Asked about circular financing across the AI ecosystem, Posnett said she’s thinking “more about demand” but acknowledged the risk in tech giants like Nvidia funding their own suppliers and customers. “It makes sense that they want to build closer partnerships with each other,” she said. “And I think it creates greater risk. I think both are true.”