China Merchants Securities released a research report saying. Through the financial reports of SK Hynix and Microsoft, we can draw the following conclusion: the AI industry is still facing real supply constraints, and there is no obvious overall excess. Large technology companies are still increasing investment in AI infrastructure, customer demand for additional supplies continues to grow, and the market's concerns about excessive AI computing power lack sufficient evidence at the financial level for the time being. Judging from Microsoft's computing power utilization rate and SK Hynix's order situation, the current industrial conflict is still mainly reflected in insufficient supply of high-performance computing power, advanced storage, and data center support, rather than large amounts of idle equipment, so short-term investment opportunities can still revolve around areas that can ease computing power bottlenecks.

China Merchants Securities released a research report saying. Through the financial reports of SK Hynix and Microsoft, we can draw the following conclusion: the AI industry is still facing real supply constraints, and there is no obvious overall excess. Large technology companies are still increasing investment in AI infrastructure, customer demand for additional supplies continues to grow, and the market's concerns about excessive AI computing power lack sufficient evidence at the financial level for the time being. Judging from Microsoft's computing power utilization rate and SK Hynix's order situation, the current industrial conflict is still mainly reflected in insufficient supply of high-performance computing power, advanced storage, and data center support, rather than large amounts of idle equipment, so short-term investment opportunities can still revolve around areas that can ease computing power bottlenecks.