海外TMT行业2023年中期海外龙头，AI算力制高点，应用场景第一线.docxVIP

TMT 2023H2 Investment Strategy on Oversea TMT Industry Overweight（ Overweight （Maintain） The peak of AI computing and The Frontier of AI application AnalystJune.28, 2023 Analyst Hong Jiajun hongjiajun@ SFC：BPL829 SAC：S1010519080002 Peipei QIU qiupeipei@ SAC：S0190521090003 Luyun Zhou zhouluyun@ SAC：S0190522070002 Jiayuan Weng wengjiayuan@ SAC：S0190523060002 Peipei Qiu, Jiayuan Weng, Luyun Zhou are not license holders registered at the Securities and Futures Commission (SFC), and are not allowed to engage in regulated activities in Hong Kong. Assistant Analyst Hongwei Fang fanghongwei@  Key Points ChatGPT triggers the market and investment for AI hardware and applications. Large-scale model training and capability expansion are the current focus of the market. The implementation of the business scenarios will help AI applications quickly form an ecosystem. Currently, text-based AI applications demonstrates better maturity and practicality. ChatGPT, The leading one, has shown impressive performance with a user base and revenue far surpassing other AIGC applications (MAU: 210 million); Image-based AI applications stand out, particularly in the field of image creation. Midjourney becomes the most popular AI image generation application (MAU: 16.33 million); However, video-based AI applications have relatively smaller user bases and lower traffic. Representing the video category is Runway (MAU: 3.23 million).With the launch of the frontier products like Microsoft Copilot, Google Bard, POE, and Adobe Firefly, the AI application scenarios and user base still have a great potential. The demand for computing power in large-scale model training is rapidly increasing, exceeding the available supply. The AI chip market is expected to grow by 42% to reach $21.9 billion in 2023. AMD expects the AI accelerator-related hardware market to grow to $150 billion by 2027.We preliminarily estimate that with the popularity of AI Chatbot, the demand for GPU computing power w