From chips to the entire power consumption chain, the scope of AI mergers and acquisitions is expanding, and it's very clear where the money is flowing.

Morgan Stanley's Global Technology M&A Head Wally Cheng stated that AI mergers and acquisitions are crossing industries, covering both private and publicly listed companies, with deals not only focusing on chips themselves but also expanding into infrastructure sectors such as networks, storage, and power usage. AI valuation remains very challenging because it requires balancing ideal prospects with execution risks. Evercore's Tammy Kiely added that buyers must assess the value they can create against the cost of missed opportunities.