Group 1 - The core viewpoint is that global AI capital expenditure is expected to continue growing, with technology companies projected to invest nearly $400 billion annually by 2025, raising concerns about whether these investments will lead to idle assets [1][2] - OpenAI and AMD's recent partnership highlights the ongoing surge in AI capital expenditure, which is anticipated to reach a total of $7 trillion by 2030, marking one of the largest industrial investments in history [1] - In Q2 2025, the real GDP growth in the U.S. is estimated at around 1.5%, with capital expenditure related to data centers accounting for approximately 35%, potentially rising to over 50% in the second half of the year [1] Group 2 - The surge in AI-related capital expenditure has sparked debates about its sustainability and the risk of forming a bubble, with optimism stemming from demand from high-profit, low-debt market leaders [2] - Initial signs indicate that global adoption of AI may accelerate due to established fixed assets and low marginal deployment costs [2] - Concerns remain regarding the small proportion of AI-related revenue compared to capital expenditure, leading to worries about investments becoming idle assets, alongside potential risks such as rising electricity prices and workforce displacement [2]
保德信：AI资本支出热潮持续升温 市场对相关投资回报仍存疑虑
Zhi Tong Cai Jing·2025-10-09 02:34