China Merchants Securities: AI industry constrained by supply, lack of evidence for concerns about excessive computing power

According to a research report by China Merchants Securities, based on the financial reports of Microsoft and SK Hynix, the AI industry is currently facing supply constraints and has not yet experienced a comprehensive surplus. Large tech companies are increasing their investment in AI infrastructure, leading to an increase in demand for additional supply from customers. However, there is a lack of financial evidence to support concerns about excessive AI computing power in the market. The utilization rate of Microsoft computing power and the order situation of SK Hynix show that the industry contradiction is manifested by insufficient supply of high-performance computing power, advanced storage, and data center support.