【英文】投行全球战略投资报告：人工智能（34页）

英文研究报告 2024年11月04日 07:06 管理员

Increasingly, these powerful returns have been accounted for by a small group of dominant companies, mainly in the US. These, too, have not reflected ‘irrational exuberance’: their earnings growth has dwarfed that of the broader market, justifying their performance (Exhibit 2). The drivers of this success have reflected their ability to leverage software and cloud computing and to fuel high profitability generated by extraordinary demand growth in the period since 2010. But their more recent surge in performance since 2022 owes much to the hopes and aspirations around AI. Despite continued powerful earnings growth, valuations have been rising, led by an increasingly narrow group of ‘hyper-scalers’. The question for investors is whether this is becoming a bubble and, even if it is not, whether the risks of such high concentration are creating a dangerous trap for investors, or possibly an opportunity to diversify into potential beneficiaries of these technologies through cheaper companies outside of the dominant few.