CITIC Securities: Advances in AI technology drive terminal prosperity, with significant potential for AIDC demand

Zhitong
2025.02.13 07:55
portai
I'm PortAI, I can summarize articles.

China Merchants Securities released a research report stating that DeepSeek has suspended API service recharges due to tight server resources. The short-term supply-demand imbalance has led to resource constraints, but in the long term, the improvement in AI efficiency will drive the popularization of end applications. Low-cost models will help expand the domestic computing power industry chain. Overseas AI capital expenditures are strong, with companies like Meta and Amazon exceeding expectations in their 2024 financial reports. Trump plans to invest $500 billion in AI infrastructure, and France will also invest €109 billion. Risk warnings include AI terminal demand falling short of expectations

According to the Zhitong Finance APP, China Merchants Securities released a research report stating that recently, due to tight server resources, DeepSeek officially announced the suspension of API service recharge. The current tight server resources of DeepSeek are the result of a short-term supply-demand imbalance. In the long term, the improvement of AI efficiency will inevitably promote the broader application of terminals. The "efficiency improvement → cost reduction → application popularization → demand surge → resource tension" cycle, reminiscent of the Jevons Paradox, may be replayed in the AI industry. In addition, low-cost models represented by DeepSeek are expected to enhance the adaptability of the domestic computing power industry chain and promote the accelerated expansion of domestic computing power platforms.

The failure to expand capacity in a timely manner is the main reason for the tight server resources. This time, due to the impending end of preferential pricing (until February 8, 2025), the concentrated recharge by users further exacerbated the server load. DeepSeek has significantly reduced training and inference costs through algorithm optimization (such as mixed expert models, reinforcement learning, etc.), but the failure of hardware expansion to match the surge in user numbers has caused tight server resources, forcing it to suspend API service recharges.

Overseas AI-related capital expenditure determination is strong. Recently, overseas CSP companies such as Meta and Amazon have successively released their 2024 financial reports, with Q4 capital expenditure exceeding market expectations. In fiscal year 2025, the capital expenditure plans of various companies have significantly increased, with the main investment direction being AI-related infrastructure construction. In addition, Trump announced The Stargate Project, planning to invest $500 billion in AI infrastructure in the United States. Besides the U.S., France also plans to invest €109 billion in artificial intelligence projects in the coming years. Overall, there is a strong determination and clear direction from overseas governments and mainstream enterprises for investment in AI-related projects.

Risk Warning: AI terminal demand may fall short of expectations, corporate capital expenditure may not meet expectations, and trade barriers may intensify

Source: Zhitong The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.