Elice's huge stock swings show AI's spending boom is getting more investor scrutiny

1. 核心事实剥离

• 事件本质： Elice股价大幅波动所反映的核心并非资本开支已经下降，而是投资者开始重新评估数据中心巨额投入能否转化为可持续利润，关键交易变量是“资本开支—利润兑现缺口”及其对应的风险溢价。〔SRC〕〔SRC:"investors question whether the billions poured into data centers will translat