Guotai Junan Securities: With the improvement of model capabilities, the demand for AI infrastructure is rapidly increasing

Zhitong
2025.09.11 08:58

Guosen Securities released a research report stating that under the AI backdrop, the AI Infra layer is facing reconstruction, and clients will reselect cloud/AI platforms. Cloud providers are increasing their layout in AI/Agent platforms to share new markets: Microsoft focuses on B-end infrastructure, being the most comprehensive platform in model support in the market, with a fully integrated toolchain and ecosystem, strong security and stability, and significantly leading cloud revenue growth; Google relies on AI Studio to cater to both B/C-end multi-scenarios, strong in multi-modality but with an immature ecosystem and low market share; Amazon relies on AWS services primarily for small and medium-sized enterprises, focusing on computing power sales and convenient deployment but with a dispersed toolchain. Domestically, ByteDance covers all scenarios, leading in the number of developers and intelligent agents; Alibaba's Bailian focuses on the B-end across all industries, serving over 300,000 enterprise clients, with a rich MCP toolchain and open-source ecosystem. With the improvement of model capabilities and the rapid growth of AI Infra demand, recommended AI cloud platform vendors include Microsoft, Google, Amazon, Alibaba, Tencent Holdings, AI chip manufacturer NVIDIA, and AI Data Infra service providers

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