摩根士丹利：美国人工智能算力_对我们报告的反馈

Investment Rating - The report indicates a rising bullish sentiment in merchant power, nuclear, and natural gas sectors, while interest in clean energy remains low, presenting an investment opportunity [6][9]. Core Insights - There is a significant increase in investor interest in data center power contracts, particularly in midstream/upstream energy, merchant power, and nuclear stocks, while carbon capture and renewables are currently less favored [5][9]. - The demand for power from data centers is projected to increase significantly, with estimates showing a steady upward progression in power demand over the next few years [11][12]. - The report highlights strategic drivers behind hyperscaler contracts with nuclear power plants, emphasizing political and environmental considerations [21][22]. Summary by Sections Data Center Power Demand - The report outlines a detailed methodology for projecting data center power demand, showing a consistent increase in estimates since early 2024 [11][12]. - The demand for AI compute is expected to grow rapidly, driven by advancements in AI capabilities and the need for more powerful models [13][16]. Investment Opportunities - The report identifies potential investment opportunities in gas turbine stocks due to ongoing gas-fired data center power deals, despite concerns about future demand [5][9]. - There is a noted lack of interest in clean energy stocks, which could signal a buying opportunity for investors [6][9]. Government Support and Infrastructure - Potential government actions to support power grid improvements may benefit large data center projects and natural gas-fired data centers [23]. - The report discusses how US trade negotiations could impact the growth of data center capacity, with minimal risks related to chip access but moderate risks concerning critical minerals supply [36]. AI Supercomputers and Infrastructure - The report references a study indicating that leading AI supercomputers' power requirements and costs are expected to double every 13 months, with significant implications for data center development [24][30]. - The US is projected to lead in AI supercomputer performance, which will drive further demand for data center capacity [34].