富国银行将其对美国AI基建公司的看法从“负面”上调至“中性”，称半导体股的急剧抛售改善了该板块的风险回报状况，尽管对AI支出放缓的担忧依然存在。
该券商表示，半导体股已从6月高点下跌约38%，估值倍数大幅压缩，使得AI相关盈利增长预期放缓的大部分影响已反映在股价中。
Wells Fargo upgraded its view on US AI infrastructure companies to "neutral" from "negative", saying a sharp selloff in semiconductor stocks has improved the sector's risk-reward profile even as concerns persist about a slowdown in AI spending.
“风险回报合理，”富国银行分析师Ohsung Kwon带领的团队在周一的研报中写道。根据该券商测算，当前半导体股的估值隐含每股收益同比增长约8%。
上周美国中期选举中民主党获胜，包括在反对新建数据中心声浪日益高涨的州份，引发了对更严格监管可能拖慢AI基建扩张的担忧。由此引发的抹杀抹去了标普500指数（.SPX）成分股约3万亿美元的市值。
The brokerage said semiconductor shares have fallen about 38% from their June highs, while valuation multiples have compressed significantly, leaving much of the expected moderation in AI-related earnings growth already reflected in stock prices.
不过，该券商称，风险在于2028年资本支出见顶和供应增加可能导致每股收益下行，这尚未被定价。富国银行估计，AI相关资本支出在过去一年为标普500指数盈利增长贡献了约8个百分点。
“预计这种顺风将持续到2027年，”分析师称，但随着支出增长放缓和折旧成本上升，这一顺风将在2028年基本消失。
"Risk-reward is reasonable," said Wells Fargo analysts led by Ohsung Kwon in a note on Monday Current valuations of semiconductor stocks imply earnings growth of roughly 8% year-over-year, according to the brokerage Democratic victories in last week's US midterm elections, including in states where opposition to new data centers has been growing, fueled concerns that tighter regulation could slow the AI infras buildout The resulting selloff erased about $3 trillion in market value from S&P 500 (.SPX) companies However, the brokerage said the risk is a potential EPS downturn on peak capex and additional supply in 2028, which is not priced in Wells Fargo estimates AI-related capital spending added about eight percentage points to S&P 500 earnings growth over the past year "The tailwind is expected to continue in 2027," the analysts said, but is set to largely disappear in 2028 as spending growth slows and depreciation costs rise