According to Morgan Stanley's latest estimates, the incremental return on capital from generative AI investments in the AI reasoning era can reach 25% to 50%, which is significantly higher than market expectations, responding to the market's question about the “difficult return” of AI's huge capital expenditure. According to the report, large-scale players such as Amazon, Google, Microsoft, and Meta will continue to benefit as demand for reasoning explodes.

According to Morgan Stanley's latest estimates, the incremental return on capital from generative AI investments in the AI reasoning era can reach 25% to 50%, which is significantly higher than market expectations, responding to the market's question about the “difficult return” of AI's huge capital expenditure. According to the report, large-scale players such as Amazon, Google, Microsoft, and Meta will continue to benefit as demand for reasoning explodes.