Morgan Stanley 预测 2027 年超大规模厂商与 neocloud AI 支出达 1.58 万亿美元

Rohan Paul· @rohanpaul_ai · X·2026-10-20 14:17· 1 小时前AI 评分63

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Morgan Stanley 将数据中心租赁计入 capex 后，预测 2027 年超大规模厂商和 neocloud 的 AI 支出为 1.58 万亿美元。

正文 · 原文

Morgan Stanley puts 2027’s hyperscaler and neocloud AI spending at $1.58T after counting data-center leases as capex.

Hyperscalers hold over $1.1T in leases that haven’t begun, which work like debt-funded purchases but never appear as capex.

About 65% of the 2027 total, roughly $1.03T, lands in S&P 500 revenue, and Nvidia takes about $690B of it, or 44% of the entire budget.

That leaves roughly $340B for the other 499 index members, while about $550B flows outside the index to Korean memory makers, Taiwanese ODMs and private companies.

With 2027 the projected peak cash shortfall, GPU-rental neoclouds funding builds through project debt and convertibles are the most exposed to financing costs.

来源：Rohan Paul · x.com