Jefferies 的 Chris Wood：AI 将带来“大规模资本毁灭”
Jefferies’ Chris Wood Sees ‘Massive Capital Destruction’ in AI
Jefferies 全球股票策略主管 Chris Wood 在报告中判断，AI 热潮最可能的长期结果是美国出现“大规模资本毁灭”，市场份额将流向更便宜的中国开源模型。他称市场最初的关注点是中国模型的低价及其对大语言模型的商品化威胁，如今则日益意识到中国在 AI 上已成为美国的技术同级对手。
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Jefferies’ Chris Wood Sees ‘Massive Capital Destruction’ in AI
The Jefferies Financial Group headquarters in New York.
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By Faseeh Mangi
October 9, 2026 at 9:33 AM UTC
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The most likely long-term outcome of the AI boom will be massive capital destruction in the US, with market share going to cheaper open-source Chinese models, according to Jefferies Financial Group Inc.
“Initially the focus was on the cheapness of China models and the related commoditisation threat facing large language models,” Chris Wood, global head of equity strategy, wrote in a report on Friday. “But now there is also a growing realisation that China has become a technological peer to the US in AI.”
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