【互联网传媒】美股AI算力需求火热，如何看待下游AI应用产业趋势？——海外AI行业跟踪报告（付天姿）

Core Viewpoint - The AI sector in the US stock market has shown strong performance since Q2 2025, with a significant valuation recovery for key AI application companies, indicating a renewed market optimism driven by AI [3]. Group 1: AI Market Trends - The recent AI computing market surge is supported by long-term industry trends, highlighting a multidimensional market demand for global AI applications [4]. - The potential space for long-tail computing demand exceeds market expectations, with lightweight AI models gaining market favor [4]. - The software industry remains stable with limited marginal improvements, as the proportion of companies exceeding revenue expectations is at a historical high, but AI has not yet significantly contributed to revenue growth [4]. Group 2: Growth Drivers of AI Computing - The decline in costs is driving rapid growth in API calls for large models, validating the Jevons Paradox, where lower prices lead to increased demand for AI applications [5]. - Demand for consumer-side AI applications is shifting towards areas with high token consumption, supporting the growth of AI computing needs [5]. - Customized AI agents are emerging as the primary application scenario for B2B AI, with significant commercial value being realized as cloud vendors and SaaS companies prioritize agent development [5].