0704 GMT - Malaysia's AI investment story could extend beyond data centers, with semiconductor equipment, automation and advanced manufacturing emerging as the next phase of the country's AI opportunity, Kenny Yee, head of research at Rakuten Trade says in a note. The shift is already visible in recent investments, as companies like Vitrox reported sharply higher earnings amid stronger AI-related semiconductor demand, he says. Aixtron is investing 200 million ringgit in a manufacturing and engineering center focused on advanced semiconductor-layer deposition technology, while MKS has opened a factory to support wafer-fabrication equipment demand, he notes. Investors could increasingly look beyond data-center operators toward whoever supplies the technology and equipment behind them. Risks include weaker AI capital spending, semiconductor cyclicality, customer concentration and trade restrictions, he adds.