Main takeaway: Tech investors are rethinking AI investments despite seeing it as a long-term positive. Jan Frederik Slijkerman says tech firms’ EBITDA should rise, but investors are nervous as higher infrastructure spending raises depreciation, reduces buybacks, slows EPS growth, cuts valuations, and likely lowers free cash flow in the near term.
币界网消息，荷兰国际集团的Jan Frederik Slijkerman在一份报告中指出，科技投资者正在重新评估他们对人工智能的投资，尽管这项技术被视为积极的长期驱动力。他表示，科技公司的收入和利息、税项、折旧、摊销前收益预计将上升，但投资者依然感到紧张。随着基础设施支出导致折旧成本上升和股票回购减少，投资者可能会经历每股收益增长放缓和估值倍数下降。由于对收入增长的积极影响可能需要时间才能显现，预计自由现金流将低于往年，这缩小了以股票回购形式提供大规模股东回报的空间。