PitchBook-2025年二季度AI公共报表和估值指南（英）-2025_9页_513kb

Introduction: The Q2 2025 PitchBook AI Public Comp Sheet and Valuation Guide highlights the performance of AI-related public companies, noting a continued favorable influence of AI on public markets despite broader economic challenges.

Market Performance:

• AI-driven momentum shaped public markets, with the S&P 500 rising 10% and Nasdaq up 17% for the quarter.
• AI core conglomerates, pure-plays, semiconductors, and hyperscalers outperformed the S&P 500, signaling a shift from hype to performance-based evaluation.
• Top performers included CoreWeave (210% return) and AI-focused semiconductors like Broadcom and NVIDIA.

Segment Analysis:

• Hyperscalers: Led with strong returns; Amazon lagged slightly due to competitive pressures, while Oracle and Microsoft benefited from AI partnerships and tools.
• Semiconductors: Outperformed other AI subsegments with a mean return of 37% and median of 39%, driven by demand for AI chips and infrastructure.
• AI Pure-Plays and Vertical Conglomerates: Showed robust growth, with companies like Microsoft and Oracle demonstrating monetization capabilities; Asian conglomerates underperformed due to competitive issues.
• Cybersecurity and AI Agents: Focus shifted to securing AI interactions, with acquisitions driving valuation.

Revenue & Growth:

• Revenue growth is expected to decelerate in 2026, except for core conglomerates and autonomous machines.
• AI adoption is in early stages, supporting cyclical recovery; hyperscalers indicate accelerating AI cloud demand.
• Industries like enterprise software and industrial AI are poised for growth as AI becomes embedded in workflows.

Valuations:

• EV/revenue multiples increased modestly, remaining below pre-pandemic peaks except for semiconductors.
• AI semiconductors are near all-time highs due to their foundational role; EBITDA margins held steady, with vertical pure-plays seeing higher multiples.
• Uncertainties like tariffs and inflation constrain broader valuation growth but do not deter investment in performance-based AI infrastructure.

Outlook: AI's integration into enterprise systems is accelerating, with performance-based evaluations driving growth in key sectors. Geopolitical and macro factors may lead to volatility, but long-term prospects remain strong.