PitchBook年二季度AI公共报表和估值指南（英）

EMERGING TECH RESEARCHAI Public Comp Sheet and Valuation GuideQ220252Q2 2025 AI PUBLIC COMP SHEET AND VALUATION GUIDEPitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysispbinstitutionalresearch@pitchbook.comPublished on August 13, 2025Dimitri Zabelin Senior Research Analyst, AI and Cybersecruity dimitri.zabelin@pitchbook.comKey takeawaysStock returnsPublic markets continue to favor scaled AI infrastructure providers. AI-driven momentum continued to shape public markets in Q2. The S&P 500 rose 10% and the Nasdaq 17%. AI core conglomerates, core pure-plays, and semiconductors returned 22%, 25%, and 27%, respectively, above the S&P 500. Outperformance was concentrated in AI datacenter chips, AI software infrastructure, and cloud hyperscalers. Markets continue to reward companies that control AI infrastructure and demonstrate monetization, signaling a shift from hype to performance-based evaluation.Hyperscalers lead AI core conglomerates. CoreWeave posted a 210% return, by far the top performer, driven by investor enthusiasm around neocloud infrastructure and surging demand for non-hyperscaler access to GPU clusters. Though clearly an outlier, upside was broad-based among large-cap hyperscalers.Oracle rose 54%, supported by growing AI workloads on its cloud platform and a strengthened partnership with NVIDIA. Microsoft (up 30%) and Meta (up 26%) benefited from expanding deployment of AI copilots and productivity tools tied to generative AI adoption.Amazon rose 14%, lagging peers despite Amazon Web Service’s foundational role in AI infrastructure. Alphabet and IBM each returned 12%, reflecting more cautious investor sentiment due to competitive pressure and margin concerns. Asia-based conglomerates underperformed but had limited index impact. The cohort’s 14% median return reflects investor preference for firms with compute control and monetization strategies.AI semiconductors outperform amid persistent infrastructure demand. AI semiconductor companies outperformed all other subsectors, returning a mean of 37% and a median of 39%. Investors favored companies enabling model training and inference, particularly in accelerators, memory, and interconnect.Disclaimer: Any -0 values are negative values that have been rounded up to 0.PitchBook clients can access the full Excel data pack for this report via the Details tab in the document viewer.ContentsKey takeaways2Stock returns5Revenue6EBITDA8Note: This report was previously referred to as the AI & ML Public Comp Sheet and Valuation Guide.3Q2 2025 AI PUBLIC COMP SHEET AND VALUATION GUIDEBroadcom (up 64%), SK hynix (up 60%), and Arm (up 51%) led. Broadcom benefited from surging demand for customer datacenter AI processors. SK hynix gained on high-bandwidth memory demand and pricing, and Arm saw licensing momentum in AI-optimize