内容来源：https://techcrunch.com/2025/09/26/whats-behind-the-massive-ai-data-center-headlines/

内容总结：

本周，硅谷在人工智能基础设施领域的巨额投资引发了广泛关注。英伟达宣布将向OpenAI投资高达1000亿美元；随后，OpenAI表示将与甲骨文和软银合作，再建设五个“星际之门”级AI数据中心，未来几年新增供电容量达吉瓦级别；而甲骨文为筹措资金，已发行了180亿美元债券。

单笔交易的规模已令人惊叹，但综合来看，硅谷正倾尽全力为OpenAI提供支撑，以训练和运营未来版本的ChatGPT。

与此同时，OpenAI本周展示了其对算力需求巨大的新功能“Pulse”。该功能可在夜间运行，为用户生成个性化的晨间简报，体验类似无广告、无其他用户内容的新闻推送。目前，由于算力资源有限，此功能仅向每月支付200美元的专业版用户开放。公司明确表示，若有更多数据中心支持，将向免费用户广泛推出此类功能。

然而，一个核心问题随之浮现：为支持OpenAI而投入的数千亿美元，仅为了实现了“Pulse”这类功能是否值得？尽管功能新颖，但其回报能否匹配天量投资，仍需市场检验。

此外，相关讨论还涉及TikTok的所有权风波及影响科技巨头的政策变动，展现出当前AI领域高投入与实用化探索并存的复杂图景。

中文翻译：

本周硅谷关于人工智能基础设施的巨额投资新闻铺天盖地。英伟达宣布将向OpenAI投入高达1000亿美元资金，随后OpenAI表示将与甲骨文和软银合作再建五座"星际之门"AI数据中心，未来数年新增供电容量达数千兆瓦。之后又爆出甲骨文发行180亿美元债券为这些数据中心融资的消息。

单笔交易的规模已令人瞠目，但综合来看更可窥见硅谷正倾尽全力为OpenAI提供支撑，以训练和运营未来版本的ChatGPT。在本期《Equity》播客中，安东尼·哈与我（马克斯·泽夫）将超越新闻标题，深入解析这些AI基础设施交易背后的真相。

恰逢其时，OpenAI本周也向世人展示了其耗能巨大的新功能——若能获得更多AI数据中心支持，这项功能将得以更广泛推广。该公司推出名为"Pulse"的ChatGPT新特性，可连夜生成个性化晨间简报。体验类似新闻应用或社交信息流——那种你清晨醒来第一时间查看的内容——但暂未包含其他用户帖子或广告。

Pulse属于OpenAI新型产品矩阵，即使用户未启动ChatGPT应用也能独立运作。公司希望推广更多此类功能并向免费用户开放，但受限于现有服务器数量。OpenAI表示由于算力不足，目前仅能向月付200美元的专业版用户提供Pulse。

科技界真正需要思考的是：像Pulse这样的功能是否值得投入数千亿美元建设AI数据中心来支撑？这项功能固然炫酷，但成本实在高昂。

欢迎观看完整节目，深入了解重塑硅谷的AI基础设施巨额投资、TikTok的所有权拉锯战，以及影响科技巨头的政策变革。

英文来源：

Silicon Valley flooded the news this week with headlines about wild AI infrastructure investments.
Nvidia said it would invest up to $100 billion in OpenAI. Then OpenAI said it would build out five more Stargate AI data centers with Oracle and Softbank, adding gigawatts of new capacity online in the coming years. And it was later revealed that Oracle sold $18 billion in bonds to pay for these data centers.
On their own, each deal is dizzying in scale. But in aggregate, we see how Silicon Valley is moving heaven and Earth to give OpenAI enough power to train and serve future versions of ChatGPT.
This week on Equity, Anthony Ha and I (Max Zeff) go beyond the headlines to break down what’s really going on in these AI infrastructure deals.
Rather conveniently, OpenAI also gave the world a glimpse this week of a power-intensive feature it could serve more broadly if it had access to more AI data centers.
The company launched Pulse — a new feature in ChatGPT that works overnight to deliver personalized morning briefings for users. The experience feels similar to a news app or a social feed — something you check first thing in the morning — but doesn’t have posts from other users or ads (yet).
Pulse is part of a new class of OpenAI products that works independently, even when users aren’t in the ChatGPT app. The company would like to deliver a lot more of these features, and roll them out to free users, but they’re limited by the number of computer servers available to them. OpenAI said it can only offer Pulse to its $200-a-month Pro subscribers right now due to capacity constraints.
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The real question is whether features like Pulse are worth the hundreds of billions of dollars being invested in AI data centers to support OpenAI. The feature looks cool and all, but that’s a tall order.
Watch the full episode to hear more about the massive AI infrastructure investments reshaping Silicon Valley, TikTok’s ownership saga, and the policy changes affecting tech’s biggest players.