# “AI空头”思考：云大厂“ROIC下滑”、大模型“难有护城河”、OpenAI是“AI时代WeWork”、Muse背后“人肉电池” - 华尔街见闻

*Источник: 华尔街见闻*
*Дата: 2026-09-28*
*Язык: zh*

<a href="https://news.google.com/rss/articles/CBMiU0FVX3lxTE91M0JuSzlxUnVHLTJtMjVkLWxzSFhUQzlreXNnRDBOZkROWDlsRkxGSnR4bjhLNkJSdVZyNnBDbGxjdzVQalh5ME41cTI2NkpLSlM0?oc=5" target="_blank">“AI空头”思考：云大厂“ROIC下滑”、大模型“难有护城河”、OpenAI是“AI时代WeWork”、Muse背后“人肉电池”</a>&nbsp;&nbsp;<font color="#6f6f6f">华尔街见闻</font>

[Оригинал](https://wallstreetcn.com/articles/3782626)