摩根大通：AI需求旺供应慢，非AI产品或持续加价

Core Insights - Strong demand for AI applications is noted, with significant token consumption growth and continued investment willingness from large tech companies [1][2] - Supply chain responses are relatively slow, with cautious investment and shortages in components like memory expected to persist until early 2027 [1][2] - Recovery in demand for non-AI terminal products, such as consumer electronics and automobiles, is slow, with their supply chains being pressured by AI supply chains, leading to price increases that may continue throughout most of next year [1][2]