# SemiAnalysis 分析 AI 周期中谁在获利

- 来源：SemiAnalysis (@SemiAnalysis_)
- 发布时间：2026-07-14 22:02
- AIHOT 分数：35
- AIHOT 链接：https://aihot.virxact.com/items/cmrkqc41b001wbi5q7qsf2u44
- 原文链接：https://x.com/SemiAnalysis_/status/2077031014396756438

## AI 摘要

我们最近的 AI 价值捕获文章试图回答在资金配置者电话中被问得最多的问题：既然基础设施的简单交易已被定价，这个周期中究竟谁在保留利润？(1/4)🧵

## 正文

Our recent AI Value Capture piece tries to answer the question we get asked more than any other in calls with allocators： who is actually keeping the margin in this cycle， now that the easy infrastructure trade has been priced in？ （1/4）🧵