摩根士丹利发布行业研报指出，电力、设备、人力、水资源、行政审批等多重条件约束算力扩容，AI 需求持续上行背景下，算力市场或将形成长期结构性供需缺口。其将手握稳定规模化算力产能的市场主体定义为 merchants of compute，即算力供应商。该类企业核心竞争力不局限于自有数据中心与云服务体系，核心壁垒是可稳定交付的稀缺算力资源，行业地位类比能源赛道具备核心产能的发电厂商，供需失衡环境下有望持续强化定价与议价能力。
若 AI 产业资本开支维持高速增长，各类硬性约束持续压制算力新增供给，算力稀缺属性将长期凸显，具备充足稳定算力储备的企业，在全产业链分工中占据更有利的收益分配位置。
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