Gen - AI尚无过剩迹象；2027 年之前人工智能资本支出增长动力充足；价格上涨将成为每股收益（EPS）上调的下一个驱动因素

Global Equity Research International First to Market 25 August 2025 Top Stories Asia Tech Strategy (Gokul Hariharan) No signs of excesses in Gen-AI; enough ammo for AI capex growth into 2027; price hikes next driver for EPS upgrades? In the last week, the market has started to worry again about whether AI capex growth is likely to peak out in 2026, given elevated capex and some concerns resurfacing over (1) a lack of ROI from AI deployments and (2) the ability of companies to keep funding AI capex. Coupled ...