摩根士丹利这张图把AI基建拆成七层，告诉你除了英伟达，冷却和电力公司也在赚大钱。
摩根士丹利将AI基础设施供应链分为所有者/运营商和七层物理组件，涵盖从半导体到电力冷却的全链条。上层包括Meta、Alphabet、Amazon、Microsoft等超大规模企业，以及CoreWeave、Nebius等新型云服务商。下层七层分别为半导体生产（Nvidia、AMD、TSMC、ASML等）、处理器、服务器组件（Yageo、Murata）、服务器、网络（Nvidia、Arista、Cisco）、内部电源冷却（Vertiv、CoolIT、Siemens）及电源供应。报告指出价值不再仅集中于GPU层，冷却和电力基础设施成为关键投资机会。
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阅读原文： x.com/MilkRoadAI/sta… Milk Road AI @MilkRoadAI Morgan Stanley just mapped out the entire AI infrastructure supply chain, and it reveals who actually gets paid at every layer of the trillion dollar buildout (Save this). This heatmap breaks the AI infrastructure value chain into two dimensions those who owns and operates the data centers at the top and what physical and technical components get built underneath to make those data centers function. At the top sit the owners/operators, the hyperscalers like Meta, Alphabet, Amazon and Microsoft, alongside data center REITs, private equity giants like Blackstone and Brookfield, enterprises and neoclouds including CoreWeave and Nebius. These are the companies writing the massive capex checks that fund everything below them. Below that sits the actual build out, split into seven layers, semi production, processors, server components, servers, network, internal power/cooling and power supply. Semiconductor production is dominated by names your audience already knows well, Nvidia and AMD for GPUs, TSMC adjacent foundries, ASML and Applied Materials for capital equipment, and Micron and SK Hynix under memory/storage. But the less obvious money is in the physical infrastructure layers most retail investors never look at. Server components include passive parts from Yageo and Murata, thermal solutions from Sanyo Denki, and PCB substrates from companies like Unimicron. Network infrastructure includes InfiniBand and Ethernet gear from Nvidia and Arista, plus optical/DCI routing from Cisco and Ciena. Internal power and cooling is arguably the most underappreciated category here. It includes liquid cooling specialists like Vertiv and CoolIT, power electronics from Siemens and Eaton, and uninterruptible power supply makers like ABB and Legrand, all companies solving the literal heat and electricity problem created by cramming more GPUs into less space. So who benefits from all of this? Everyone in every box benefits in some way but the real insight is that value doesn't concentrate at just the GPU layer anymore. The hyperscalers at the top are distributing capex across seven distinct physical layers which means the picks and shovels opportunity set has expanded well beyond Nvidia into cooling, grid infrastructure, and power generation. Milk Road Pro is tracking each one of these layers, come join us for just a dollar using the link below! 🔗 View Quoted Tweet 💬 1 🔄 0 ❤️ 0 👀 128 📊 1 ⚡