[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"aihot-art-98542":3},{"itemId":4,"vertical":5,"category":6,"source":7,"score":8,"title":9,"summary":10,"analysis":11,"url":12,"coverUrl":13,"direction":13,"marketSignal":13,"publishedAt":14},"98542","ai","行业动态","IT之家",58,"特斯拉AI投入激增，现金流或两年来首次净流出","特斯拉AI投入激增，预计将出现两年多来首次季度现金流净流出。","特斯拉 AI 投入激增，预计将出现两年多来首次季度现金流净流出，投资者关注回报前景。\n· 特斯拉资本支出预计今年达 250 亿美元，超过核心业务单季现金流。\n· 市场预计第二季度自由现金流为负 33 亿美元。\n· 马斯克将重心转向 Robotaxi、Optimus 人形机器人等“物理 AI”，但进展慢于预期。\n· Robotaxi 服务仅覆盖得州四城，Cybercab 尚未投入运营。\n· 汽车业务复苏（交付量创同期新高）部分缓解压力，但毛利率预计下滑。\n看点：特斯拉的 AI 豪赌正考验市场耐心，短期财务压力与长期愿景之间的平衡成为关键。","https:\u002F\u002Fwww.ithome.com\u002F0\u002F979\u002F769.htm",null,"2026-07-21 21:03:56"]