UBS's Fang Jincong: Market Overprices AI Spending Burden, Underestimates Potential Upside Opportunities
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Fang Jincong, Head of China Internet Research at UBS, pointed out that the current market has overpriced the burden of AI spending while underestimating potential upside opportunities. He believes that hyperscale cloud vendors will invest about one year of core cash flow into infrastructure, while application-driven platforms invest through R&D expenses and are more flexible; valuation discussions should distinguish between temporary investments, recurring participation costs, and permanent business changes. Three structural changes—capital, efficiency, and ecosystem—will shape the landscape of the AI era, benefiting leading internet platforms with ample capital, full-stack capabilities, and mature customer touchpoints.
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人民财讯10月30日电，瑞银中国互联网行业研究主管方锦聪在最新观点中指出，在AI将如何改变信息发现、内容及企业工作流尚不明朗的背景下，超大规模云厂商将相当于约一年核心现金流的资金用于基础设施投资，应用驱动型平台通过研发费用进行投资，更具灵活性。因此，估值讨论应区分临时性投资、经常性参与成本、永久性业务变化，而当前市场过度计价了AI支出负担，却低估了潜在上行机会。他还表示，有三项结构性变化将塑造AI时代的行业格局，分别是资本、效率以及生态系统。这有利于资金充裕、具备全栈能力且拥有成熟客户触点和场景信息的互联网头部平台，同时也为拥有差异化技术或专业化优势的独立实验室留下机会。