Morgan Stanley rebuts the "AI capital expenditure peak" theory, expecting AI semiconductor capital spending to continue "outpacing" by 2028, with 2.5D packaging capacity increasing by another 50%

智通财经APP has learned that the Asia-Pacific technology team at Morgan Stanley recently released its latest research report, "AI Supply Chain: Prelim 2028 AI semis vs. CSP capex growth," responding to market concerns following predictions made by its U.S. Internet analyst Brian Nowak in the "Morgan Stanley AI Guidebook" that CSP capital expenditure growth would slow to 12% by 2028. Morgan Stanley's core conclusion, drawn through supply chain cross-validation, is: In 2028, AI semiconductor capital expenditures, especially for computing chips, will continue to exceed overall AI capital spending; 2.5D packaging capacity will still grow by 50%, infrastructure spending will stabilize, and memory prices will remain moderate.