平安基金翟森：AI产业进入应用百花齐放阶段

Core Insights - Global AI capital expenditure is growing at an unprecedented rate, with the AI industry entering a second phase characterized by diverse applications and infrastructure development [1] - By 2026, AI capital expenditure is projected to reach $600 billion, which is still below the historical peaks of previous productivity revolutions [1] - The infrastructure scale for AI is expected to surge to $3 trillion by 2030, with a compound annual growth rate (CAGR) of 31% from 2024 to 2030, marking it as the fastest infrastructure cycle in history [1] Group 1: Investment Focus Areas - North American computing infrastructure is evolving from a focus on GPU to a system that integrates computing, memory, storage, and connectivity, with an emphasis on storage as a core capability [1] - Domestic computing capabilities are catching up, with a focus on the penetration of domestic GPUs/ASICs and the supporting industries such as servers and optical modules [2] - The expansion of the AI application ecosystem is anticipated, particularly with multi-agent systems that can autonomously execute tasks and enhance decision-making density [2] Group 2: Market Dynamics - The penetration rate of domestic AI computing is accelerating, with increasing acceptance of domestic GPUs in sectors like government, finance, and manufacturing [2] - China's AI computing network is entering a scaling phase, with local AI computing centers being established across provinces, providing advantages such as lower latency and localized data [2] - The AI ecosystem in China and the U.S. is developing in parallel, with the U.S. leading in large model research while China shows stronger competitiveness in industry model applications [2]