谷歌与OpenAI上演“AI巅峰对决”! 三大投资主题贯穿这场神仙打架：DCI、光互联与存储

Core Viewpoint - The competition between OpenAI and Google, represented by the launch of GPT-5.2 and Gemini 3, marks a significant moment in the AI landscape, with both companies driving major investment themes in the stock market [1][4]. Investment Themes - Morgan Stanley identifies three major investment themes benefiting from the AI competition: Data Center Interconnect (DCI), Optical Interconnect, and Enterprise High-Performance Storage, which are expected to see increased demand due to the AI training and inference needs of both Google and OpenAI [1][3][5]. - The global AI demand remains strong, with positive expectations for revenue generation from AI leaders like Google, OpenAI, Microsoft, and Amazon in the 2026-2027 period [1][3]. Stock Recommendations - Morgan Stanley has provided a list of stocks rated "overweight" that are expected to benefit from the aforementioned investment themes, including Arista (ANET.US), Cisco (CSCO.US), Coherent (COHR.US), and others [3]. AI Infrastructure and Demand - The launch of Gemini 3 by Google has triggered a new wave of AI applications, leading to increased demand for AI-related infrastructure, including HBM storage systems and enterprise SSDs [4][5]. - The AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, indicating that the current phase is just the beginning [4]. Technological Competition - The competition between OpenAI and Google is characterized by their respective technological approaches: OpenAI's reliance on NVIDIA's AI GPU technology and Google's use of TPU AI technology [2][7]. - Both companies are expanding their AI data center capabilities, which necessitates significant investments in high-performance storage and interconnect technologies [8][9]. Performance Metrics - GPT-5.2 has achieved record performance in various benchmarks, indicating its advanced capabilities in professional work scenarios, which could enhance economic value creation [6]. - The demand for AI infrastructure is expected to continue growing, driven by the need for high-performance storage solutions and interconnect systems [8][10].