摩根士丹利：AI并购潮呈现“全谱系”发展趋势

Odaily Planet Daily News Morgan Stanley's global head of technology M&A, Wally Cheng, stated that as companies race to fill technological gaps in areas such as chips, electricity, networking, and infrastructure, merger and acquisition deals in the artificial intelligence field are covering various scales and expanding across multiple industries. Cheng said: "I believe transaction activities will cover the full spectrum, including both private companies and public companies." Although semiconductors providing computing power for AI have garnered attention due to their "technological miracle" attributes, the infrastructure surrounding these chips also holds significant value, including networking, storage, electricity, and real estate. Cheng noted that valuation in the AI industry remains "very difficult" as it requires balancing "unicorns with imagination space and rainbow-like prospects" against actual execution risks. Tammy Kiely, Senior Managing Director of Technology Investment Banking at Evercore, echoed a similar view. She stated that potential acquirers must assess the potential value they can create while weighing the cost of missing opportunities. (Jin Shi)