Lyon: The four major concerns of AI seem to have been exaggerated. The planned data center has more than 200 gigawatts of chip supply

The Zhitong Finance App learned that Lyon released a research report saying that the AI industry chain in the global technology sector is once again plagued by concerns about politics, data centers, capital, and Anthropic's listing, but the bank believes that related fears seem to have been exaggerated and analyzed on the four main lines of politics, gigawatt production capacity, capital requirements in trillions, and IPOs.

According to the bank, both parties have concerns about data centers, but most prefer to set up protective fences rather than completely suspend them; the US has about 150 gigawatts of data centers under construction, and about 46 gigawatts outside the US and China, totaling about 200 gigawatts. The market is worried that chips may not be enough. New AI-related demand or about 110 gigawatts from now until 2030, some delays may help balance overly aggressive data center planning with TSM.US (TSM.US) production capacity.

On the financial side, the bank estimates that if it wants to achieve a mid-double digit return on capital, cloud computing revenue may need to rise from about 450 billion US dollars in 2026 to about 3.5 trillion US dollars in 2035, which is equivalent to only shifting about 175 basis points of global GDP; compared to the past peak spending on computerization and telecommunications terminals, which reached about 4.5% of global GDP and 7.2% in total, the “money will run out” statement is considered excessive.

The bank also indicated that Anthropic's IPO was impacting sentiment, but it estimates that Anthropic accounts for about 11% of global (excluding China) tokens, and that OpenAI is about 27%, and that the market seems to have 100% energy to worry about about 10% of players; it also lists more than 100 new AI laboratories and private equity with a total valuation of over 650 billion US dollars, indicating that the industry landscape is still undecided.