[Morgan Stanley Quantifies Generative AI Investment Returns, Maintains Overweight Ratings for Companies like Microsoft]
According to Trend Research, Morgan Stanley has released a report quantifying the incremental return on invested capital (ROIC) for generative AI investments. Among them, the ROIC for GPU leasing businesses of hyperscale cloud service providers is approximately 31%, the ROIC for proprietary infrastructure model API businesses is approximately 46%, and the ROIC for third-party computing power API businesses is approximately 25%. Under baseline assumptions, a single 1-gigawatt data center is configured with approximately 410,000 NVIDIA GB300 GPUs, with a utilization rate of 75% and an hourly rental price of $8.5. The combined capital expenditure of the three major cloud giants is expected to exceed $1.4 trillion. Morgan Stanley maintains overweight ratings for Microsoft, Amazon, Meta, and Google.
