AI基建浪潮点燃绿电需求猛增之势 大摩勾勒出“可再生能源超级周期”

Core Viewpoint - Morgan Stanley highlights an unprecedented expansion cycle in AI data centers, emphasizing the integration of renewable energy supply and infrastructure, as exemplified by Alphabet's acquisition of Intersect Power, which focuses on securing clean energy before attracting major clients [1][6]. Group 1: Investment Opportunities - Morgan Stanley sets mid-term investment targets for data centers at $20 billion and $40 billion, indicating strong capital expenditure in this sector [1]. - The stock market shows a significant increase in the iShares Global Clean Energy ETF, with a 47% rise in 2025, driven by strong performances from companies like Bloom Energy and First Solar [2]. - Morgan Stanley identifies structural growth opportunities in renewable energy infrastructure, suggesting that high-quality, cash-flow-visible assets are now attractive for investment [6][7]. Group 2: Market Dynamics - The demand for clean energy is expected to surge due to the increasing power needs of AI training and inference systems, alongside global climate change pressures [3]. - The report notes that the demand for renewable energy is being driven by the AI data center's electricity needs, which are projected to grow significantly [11]. - Morgan Stanley emphasizes that the modernization of the grid, energy storage, and co-location models will be critical breakthroughs for renewable energy systems [6]. Group 3: Company Strategies - Google plans to mobilize $20 billion for renewable energy investments by 2030 and aims to invest approximately $40 billion in Texas for new AI data center campuses [6]. - Companies like Amazon and Microsoft are also pursuing similar renewable energy investment strategies to meet their clean power requirements [6]. - Morgan Stanley recommends overweight positions in leading renewable energy infrastructure stocks such as Brookfield Renewable and Clearway Energy, which are expected to benefit from the growing demand for clean energy [9][7]. Group 4: Cost Competitiveness - The International Renewable Energy Agency (IRENA) reports that the majority of new renewable projects in 2024 will be cheaper than fossil fuel alternatives, making renewables the preferred choice for expanding AI-related power needs [12]. - The cost of solar and wind energy continues to decline, positioning these sources as primary options for meeting the electricity demands of AI data centers [12]. - UBS analysts note that the demand for utility-scale solar projects in the U.S. is outpacing supply, driven by the construction of AI data centers aiming for 100% clean energy [12].