摩根士丹利：关于人工智能热潮的思考

Investment Rating - The industry investment rating is "In-Line" [7] Core Insights - Market sentiment towards AI is perceived to be ahead of fundamentals, with a notable enthusiasm following the recent elections, despite a lack of detailed plans [1] - The new government's focus on AI is expected to positively impact the industry, with plans for W100 trillion in AI investments highlighted during the election [3] - The government is anticipated to support AI-related investments through shared resources and subsidies, which could enhance competitiveness for participating companies [4] Summary by Sections AI Market Sentiment - AI-related stocks experienced significant gains, with Naver rising by 20% and other internet stocks also showing strong performance, indicating a "buy first, ask questions later" sentiment [2] Government Initiatives - The government's push for AI aims to improve Korea's competitiveness in the sector, with a focus on developing 'sovereign AI' to provide low-cost or free access to advanced AI services for citizens [3][5] Investment Opportunities - There is a growing demand for AI infrastructure, particularly data centers, which are expected to benefit from government policies facilitating large-scale projects [6] - Companies like KT, SKT, and LGU are identified as major players in the data center space, poised to capitalize on AI opportunities [6] Company Ratings - The report includes specific ratings for various companies within the sector, with notable mentions such as: - Coupang Inc: Overweight - Kakao Corp: Overweight - NCSOFT Corp: Overweight - SK Telecom: Overweight - Naver Corp: Equal-weight [64]