[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"tag-美股牛市":3},{"tag":4,"articles":9},{"id":5,"name":6,"slug":6,"article_count":7,"description_zh":8,"description_en":8},"76776d7a-096e-4446-a0a3-023a1c624634","美股牛市",0,null,[10],{"id":11,"slug":12,"title":13,"summary":14,"category":15,"image_url":16,"cover_image":16,"language":17,"created_at":18},"143a57a7-549f-4135-92ca-54a77b8ec20e","openai-tianjia-ipo-pao-mo-shi-chang-zh","OpenAI式天价IPO泡沫大于现实，美股牛市还没到终点","我认为OpenAI、Anthropic和SpaceX的天价IPO叙事水分很大，但这不等于美股牛市马上结束。问题在于估值先把很远的利润都定价了，而美股整体仍受大型科技股盈利和流动性支撑。","industry","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780938169089-l2ug.png","zh","2026-06-08T17:02:18.900308+00:00"]