The wave of AI mergers and acquisitions is indeed spreading, with everything from chips to real estate being re-evaluated.

Morgan Stanley's Global Technology M&A Head Wally Cheng stated that AI mergers and acquisitions are covering all sizes and expanding across multiple industries, with transactions involving both private companies and publicly listed firms. In addition to focusing on AI computing chips, related infrastructure such as networks, storage, power, and real estate also hold significant value. AI valuation remains very challenging, requiring a balance between imagination and execution risk. Evercore's Tammy Kiely also emphasized that potential buyers need to assess the value they can create and weigh the cost of missed opportunities.