Playing the AI Infrastructure Dip: Where to Invest and Where We See Risk

研报英文原文证据摘录

Playing the AI Infrastructure Dip: Where to Invest and Where We See Risk

Global Insight

July 27, 2026 06:30 AM GMT

Morgan Stanley & Co. LLCMGlobal Thematics Stephen C Byrd

Equity Analyst

Playing the AI Infrastructure Stephen.Byrd@morganstanley.comMichelle M. Weaver, CFA +1 212 761-3865

Equity Strategist

Michelle.M.Weaver@morganstanley.com +1 212 296-5254

Dip: Where to Invest and Where Ariana Salvatore

Ariana.Salvatore@morganstanley.com

We See Risk Morgan Stanley Asia (Singapore) Pte.+

Daniel K Blake

Following large moves in AI infrastructure stocks, we revisit key Equity Strategist

Daniel.Blake@morganstanley.com +65 6834-6597

debates and concerns (Chinese models, tokenmaxxing, political

Morgan Stanley & Co. LLC

pushback, "model lockdowns," physical bottlenecks) and ways to Robert S Kad

play the dip. Bottom line: we're bullish on the "Intelligence Equity Analyst

Robert.Kad@morganstanley.com +1 212 761-0065

Superhighway" but see key speed bumps ahead. Joseph Moore

Key Takeaways Joseph.Moore@morganstanley.com +1 212 761-7516 Brian Nowak, CFA

Our highest conviction view: the demand for compute is likely to significantly Equity Analyst

Brian.Nowak@morganstanley.com +1 212 761-3365

exceed supply for many years to come. Adam Wood

We disagree with the "tokenmaxxing" argument that Enterprise limits on token EquityAdam.Wood@morganstanley.comAnalyst +1 212 761-3656

spending will suppress AI revenue – we see the opposite playing out. Adam Jonas, CFA

Chinese LLM advances represent a real competitive threat to frontier model Adam.Jonas@morganstanley.com +1 212 761-1726

developers, but only bolster our "Jevon's Paradox" bullishness on compute Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+

demand. Nikolaj Lippmann