AI Supply Chain and Energy Security Still Preferred

研报英文原文证据摘录

AI Supply Chain and Energy Security Still Preferred

Idea

July 27, 2026 09:00 PM GMT

Morgan Stanley Asia (Singapore) Pte.+MAsia Thematic Alpha | Asia Pacific Daniel K Blake

Equity Strategist

AI Supply Chain and Energy Daniel.Blake@morganstanley.comKristal Ji +65 6834-6597

Kristal.Ji@morganstanley.com +65 6834-6949

Security Still Preferred Morgan Stanley Asia Limited+

Ehsernta Fu

After the correction since late June, we see the AI supply chain Equity Strategist

Ehsernta.Fu@morganstanley.com +852 3963-3711

as offering better risk/reward. But with retail positioning still an

Morgan Stanley Asia (Singapore) Pte.+

overhang and uncertainty around the Middle East situation, we Jonathan F Garner

recommend pairing longs with value plays in Energy Security Equity Strategist

Jonathan.Garner@morganstanley.com +65 6834-8172

and Renewables.

Our view on the AI debates: Following large moves in AI infrastructure stocks, our

global thematic and sector teams addressed key debates and concerns (Chinese

models, tokenmaxxing, political pushback, "model lockdowns," physical bottlenecks)

in Global Thematics: Playing the AI Infrastructure Dip: Where to Invest and Where

We See Risk (27 Jul 2026). Our highest-conviction view: the demand for compute is

Exhibit 1 : Growth vs. Valuation by Theme –

likely to significantly exceed supply for many years to come. Chinese LLM advances

China's AI Path offers strong prospective

represent a real competitive threat to frontier model developers, but only bolster

growth, while AI infrastructure better valued

our "Jevon's Paradox" bullishness on compute demand. We are fundamentally bullish

after the pullback

on the rate of improvement in AI capabilities, the benefits of AI adoption and 50x

associated capex. 45x Semi Localization

40x