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https://isimarkets.com/wp-content/uploads/E688AAE5B18F2025-11-072017.21.39.png18961036人工智能热潮始终占据股市新闻头条——与股市类似，部分观察人士担忧美国整体经济是否也过度依赖单一行业，支撑基础过于狭窄。本图表呈现了2022年以来美国的季度经济增长率。今年二季度，美国整体GDP环比增长3.8%，表现亮眼。但若剔除科技投资，增速仅为2.8%。此外，我们还需关注一季度的大幅放缓；剔除科技因素后的GDP收缩幅度更为显著，下降了2.5%。值得注意的是，在剔除科技相关投资后，一季度的低基数效应并未显著推动第二季度GDP改善。点击这里通过CEIC数据平台查看图表分析工业生产时亦可观察到类似现象。如以下图表所示，