博通 CEO 陈福阳：资本或成 AI 最大瓶颈
Broadcom CEO Hock Tan says capital, not chips, memory or power, may become AI’s biggest constraint.
博通 CEO 陈福阳（Hock Tan）认为，资本而非芯片、内存或电力，可能成为 AI 最大的制约因素；数据中心和芯片需多年才能回本，债券收益率上升又推高融资成本。Intel CEO 陈立武（Lip-Bu Tan）同样将“资本与资本成本”列为一线挑战，并称人们终将要求看到 ROI。陈福阳表示算力需求超过供给，这一局面可能持续到 2029 年，甚至 2030 年。
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Broadcom CEO Hock Tan says capital, not chips, memory or power, may become AI’s biggest constraint.
inancing is harder to fix, because data centers and chips get paid for years before they earn anything, and higher bond yields raise that cost.
Intel CEO Lip-Bu Tan named the same pressure, calling “capital and the cost of capital” the front-line challenge and saying people will eventually want to see ROI.
Neither sees demand cooling soon, and Hock Tan said compute demand outstrips supply and could stay that way through 2029, possibly into 2030.