人工智能基础设施股票回调中的机会 The Opportunity in the AI Infrastructure Stock Pullback

• AI infrastructure stocks have declined as investors question unprecedented AI spending and potential returns.
  由于投资者对前所未有的人工智能支出和潜在回报提出质疑，人工智能基础设施类股票下跌。
• Despite concerns, demand for AI compute is likely to exceed supply for years, supporting continued investment across the AI ecosystem.
  尽管存在担忧，但未来几年人工智能计算的需求可能会超过供给，这将支撑人工智能生态系统的持续投资。
• More efficient AI models, including advances from Chinese developers, may lower costs and drive greater overall demand.
  更高效的人工智能模型，包括中国开发者的成果，可能会降低成本并推动更大的整体需求。
• Power availability, labor shortages and data center permitting could slow deployment but not derail AI infrastructure expansion.
  电力供应、劳动力短缺和数据中心许可可能会减缓部署速度，但不会阻碍人工智能基础设施的扩张。
• Morgan Stanley Research sees opportunities across AI infrastructure bottlenecks, compute manufacturing, energy security, leading Chinese AI companies and hyperscalers.
  摩根士丹利研究部认为，人工智能基础设施瓶颈、计算制造、能源安全、中国领先的人工智能公司和超大规模数据中心等领域都存在机遇。

Shares of companies involved in the infrastructure for artificial intelligence—from semiconductor manufacturers to large language model (LLM) developers—declined by an average of nearly 7% in the month through July 24.
参与人工智能基础设施建设的公司（从半导体制造商到大型语言模型 (LLM) 开发商）的股价在截至 7 月 24 日的一个月内平均下跌了近 7%。

The pullback reflects growing investor concerns about the scale of AI spending and whether those investments will generate sufficient returns.
此次回调反映出投资者越来越担心人工智能领域的支出规模以及这些投资是否会产生足够的回报。

Morgan Stanley Research attributes the recent decline to short-term investors positioning rather than deteriorating fundamentals and expects demand for AI compute to significantly outpace supply for years to come. AI capabilities should continue improving at a non-linear pace, increasing the long-term value of the infrastructure supporting the technology.
摩根士丹利研究部认为，近期人工智能计算能力的下降是由于短期投资者仓位调整而非基本面恶化所致，并预计未来几年人工智能计算能力的需求将显著超过供应。人工智能能力将持续以非线性速度提升，从而增加支撑该技术的基础设施的长期价值。

"AI infrastructure will, over time, become an 'intelligence superhighway' that provides significant net benefits to economies around the world," says Stephen Byrd, Morgan Stanley's Global Head of Thematic and Sustainability Research. "Bottom line: we're bullish on the 'intelligence superhighway,' but see key speed bumps ahead."
摩根士丹利全球主题及可持续发展研究主管斯蒂芬·伯德表示：“随着时间的推移，人工智能基础设施将成为一条‘智能高速公路’，为全球经济带来显著的净收益。总而言之，我们看好‘智能高速公路’，但也预见到未来会面临一些关键障碍。”