人工智能：2025年值得关注的五大趋势 Artificial Intelligence - Five Trends to Watch in 2025

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ArtificialIntelligence:FiveTrendstoWatchin2025

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Date:November27,2024

Topic:ArtificialIntelligence,Thematic

Artificialintelligence(AI)isbeginningtodrivesubstantialtop-linegrowthfortechnologycompaniesbeyondthesemiconductorsector,creatingpotentialinvestmentopportunitiesacrossanexpandingAIecosystem.Sofar,keybeneficiarieshaveincludedcloud

computing,digitaladvertising,technologyconsulting,anddatacenterinfrastructureproviders.

Thescaleofthisexpansionisevidentinrecentmarketdevelopments:Forexample,inlessthantwoyearssincelaunch,MicrosoftexpectsitsAIbusinesstoscaleto$10billioninannualrevenues.1Google’sCloudunitwitnessedgrowthaccelerationduetoAI

adoption.2Inads,MetacreditsrecentAIinvestmentsforenhancedtargeting.3

ThismomentumsuggeststhatthesecondaryeffectsoftheAIrevolutionarealreadymaterializingandarepoisedtobenefitabroad

rangeofindustryparticipants.Asevidenceofmonetizationmounts,weanticipatemoreenterprisestorampupcapitalexpendituresandcommitmentstowardsAIinfrastructure,addingfueltotheongoingAIarmsrace.Asthemonetizationandinvestmentflywheel

strengthens,thethemecouldcontinuetobeviewedfavorablybyinvestorsin2025.

KeyTakeaways

—Increasedmonetizationofenterprises’AIinvestments,includingthedevelopmentofproprietarylargelanguagemodels

(LLMs),iscreatingopportunitiesforawidearrayofcompaniesintheAIecosystem,suchasdatacenters,consultants,adplatforms,cloudcomputingcompanies,andcybersecurityfirms.

—AsAImovestotheedge,smartphonesandotherconnecteddevicescouldbepositionedforastrongupgradecycle,potentiallybenefittingawiderangeofcomponentsuppliersandvendors.

—DealactivityandmergersandacquisitionsM&Aarelikelytopickupin2025,ascompaniesacrossthetechsectorlooktocapitalizeontherapidlyevolvingAIlandscape.

Trend1:MonetizationPavesWayforIndustryExpansion

ThegrowingcommercializationofenterpriseAIcreatesopportunitiesacrossthetechecosystem,fromdatacentersandconsultantstocloudprovidersandcybersecurityfirms.

Pure-playAIfirmshavebeensprintingoutofthegate.OpenAI,backedbyMicrosoft,launchedChatGPTinNovember2022and

reached$3.6billioninannualizedrevenueinAugust2024—a125%increasefromthepreviousyear.4Ifthisgrowthtrendholds,

OpenAIisprojectedtofinish2024with$5billioninnetrevenues—astaggering225%increaseyear-over-year(YoY).5Anthropic,

anotherkeyplayerintheAIservicesspace,isalsoseeingsignificantgrowthfollowingthereleaseofitsAIchatbot,Claude,inMarch

2023.Itisontracktogenerate$1billioninrevenuebytheendof2024,upfromjust$100millionlastyear,highlightingtherapidcommercializationoffoundationalgenerativeAImodels.6

TheAIthemeextendswellbeyonddevelopersofLLMs.TherapidadoptionofAIhashadarippleeffect,benefittingavarietyofplayersinthebroaderAIecosystem.ConsultingfirmslikeAccentureandIBMareseeingsubstantialgrowth,withAI-relatedservices

contributingsignificantlytotheirtop-linegrowth.Accenture,forinstance,disclosednearly$3billioningenerativeAIconsultingbookingsinpipelineasofSeptember2024,reflectingstrongclientdemandtogaincompetitiveadvantagesthroughAIimplementation.7

CloudcomputingandsoftwarecompaniesarealsocapitalizingontheAIwave.ServiceNowreportedstronggenerativeAIbookings

sincelaunching"NowAssist,"withitsChiefFinancialOfficerattributingthelargestnet-newannualcontractvaluecontributionforanynewproductfamilytoAIadoption.8OracleisseeingrobustgrowthinitsInfrastructure-as-a-Service(IaaS)division,largelyattributedtoincreasedAIworkloads.9DatacenterleaderEquinixsecuredsignificantnewcontractsdrivenbyAIinfrastructuredemand.The

company’sxScaleportfolioofhyperscaledatacenterfacilitiesleased20MWofnewcapacityinQ3andnearly90%ofitsoperationalandunder-constructionxScalecapacityhasalreadyleased.10

TheadvertisingsectorisreapingrewardsfromAIadoptionaswell.MetaPlatformsrecentlyreported19%year-over-year(YoY)

quarterlyrevenuegrowth,drivenbya7%riseinadimpressionsand11%growthinaveragepriceperad,boostedbyAIintegration.11AmazonintegratedgenerativeAIbasedproductimagegenerationtools,leadingtonoticeableincreaseinadimpressionsforcertain

campaigns.12Weanticipatecloudcomputing,softwareapplications,andinfrastructurecompaniesthathaveuniquemarketpositioning,robustdistribution,andaccesstoprivilegeddatatobetheprimarybeneficiariesasAIservicesdemandexpands.Theseleaderswill

likelyexperienceacceleratedgrowthin2025astheAImarketmatures.

Trend2:InfrastructureDevelopmentWillBeEssentialtoMeetDemand

TherapidevolutionofAIinfrastructureisunderscoredbygrowinginvestmentsindatacenters,withGPUclusters—networksofserversoptimizedspecificallyforAIworkloads—scalingatanunprecedentedpace.Thisgrowthisfueledbytwokeyfactors:theincreasing

efficiencyandscalabilityofGPUclusters,andtheemergenceofcutting-edgehardwarelikeNvidia'sBlackwellGPU,whichcontinuestopushtheboundariesofperformance.

XAI’s“Colossus,”partofElonMusk’sXplatform,isbeinghailedastheworld’smostpowerfulAItrainingcluster.13Builtinjust122days,ColossusrepresentsamajormilestoneinAIinfrastructurewithabudgetof$3-4billion,andisexpectedtoeventuallydoublein

capacity.14Plansareunderwaytoadd100,000GPUs—splitevenlybetweenNvidiaH100unitsandnext-generationH200chips—tofurtherboostitsprocessingpower.

MetaPlatformsisalsoinvestinginhardwareatanunprecedentedscale.Thefirmrecentlyrevealedtwoversionsofits24,000GPUdatacenter-scalecluster,whichwillsupportitsnext-generationAImodels.15WhileGPUclustersaresmallerthantraditionaldatacenters

today,thegrowingdemandforAIcomputingwillrequiremassiveinfrastructureexpansion.

Majortechnologycompanies-includingMeta,Amazon,Alphabet,andMicrosoft-aredrivingunprecedentedinvestmentinAI

infrastructure.Hyperscalersareprojectedtoinvestover$200billionincapitalexpenditures(CapEx)in2024,withthisfigureanticipatedtoapproach$250billionby2025.AlthoughnotallthisspendingisdirectlytiedtoAI,asignificantandincreasingportionisbeing

allocatedtoAIinfrastructure,reflectingitsgrowingstrategicimportance.16MicrosoftandOpenAIhavediscussedlaunchingasingle5GWdatacenterdedicatedtoAIworkloads,potentiallycostingover$100billion.17

Colocationproviders,definedascompaniesprovidingdata-centerrentalcapacitytolargecompanies,formacriticalpartofthebroaderdatacentermarketandarealsoexpandingtheirAI-focusedinfrastructureofferings.Equinix,aleaderinhyperscaleco-location,has

securednearly$15billiontofundthebuildoutofAIdatacentersintheUS.18Thisexpansionsupportsthedeliveryofinfrastructuretotrainanddeploylarge-scaleprivateAImodelstoEquinix’sclients,whichtendtobeFortune500companiesacrosssectorsbeyondtechnology.

ThegrowthofAIdatacentersin2025isexpectedtodrivedemandforancillaryproducts,includinglow-powerCPUs,memory,storagesystems,networkingcomponents,andcoolingandpowermanagementequipment.Forexample,coolingproductssupplierVertiv

witnessedrevenuegrowthof19%YoYinthethreemonthsofJulytoSeptember2024,raisingguidanceforthenext12months.

Additionally,GPUclustersareincreasinglyenergyintensive.Currently,datacentersconsumenearly1-1.5%ofglobalelectricityand

areprojectedtoaccountforover5%by2030.19Thistrendispromptinginvestmentsintechnologiessuchasnuclearpowerandenergyproductionlocatedneardatacenterfacilities,alongwiththermalandpowermanagementsolutions.

Trend3:ProprietaryModelsAreExpectedtoUnlockAIApplications

AsAIadoptionadvances,enterprisesareshiftingfromrelyingsolelyongeneral-purposeAImodelstodevelopingproprietaryLLMs.Byleveragingunique,proprietarydatasets,organizationsarecreatinghighlycustomizedAIsolutionstailoredtotheirspecificbusiness

needs.Thesesolutionsaimtoautomateworkflowsmoreeffectivelybyfine-tuningmodelsondomain-specificdata,resultingintoolsthataresignificantlymoreactionableandtask-oriented.

Thistrendisgainingmomentum,withrecentexamplesillustratingitsbroadapplicability:

—InfinancialservicesJPMorganChaseandBloombergarebothdevelopingLLMstrainedontheirownvastinternaldatasetstoimproveoperationalefficiencyanddecision-making,anddeliveruniqueinsights,analysis,andreporting.20,21

—Incybersecurity,companieslikePaloAloNetworksaretrainingtheirownLLMsthatcanassistsecurityprofessionalsbetter

detectandrespondtothreats.22ForfiscalQ42024,PaloAltodisclosedAIrelatedrecurringrevenuesofover$200million,upnearlyfourtimesonaYoYbasis,underscoringthedemandforAI-embeddedsolutions.23

—Indefense,PalantirrecentlysecuredawiderangeofcontractsforitsAI-enabledservices,includingacceleratingdeploymentondefenseandmilitary-specificAImodelsacrossdefenseapplications.24

ThistrendislikelytoaccelerateasthecostofAIinfrastructureisexpectedtocontinuetodecline.Whiletoday’ssystemsareoptimizedfortrainingworkloads,thenextgenerationisexpectedtofocusoninferencing,offeringgreaterefficiencyatafractionofthecurrent

cost.25

Forenterprises,thisevolutionunlockssignificantopportunities,includingpotentialforstreamlinedoperations,lowerexpenses,andnewrevenuestreams.AsorganizationsinvestinAIinanefforttomaintaintheircompetitiveedge,weexpectrobustdemandforsupportingtechnologieslikedatawarehousing,managementsystems,pipelines,andadvancedanalyticsplatforms.

Trend4:AIIsExpectedtoMakeitsWaytoMostEverydayDevices

SmartphonesareattheforefrontoftheAIdevicerevolution,withmajormanufacturerslikeAppleandSamsungintegratingadvancedAIfeaturesintotheirlatestproducts.Apple'sintroductionofAppleIntelligenceenhancestheuserexperiencethroughpersonalizedtools

suchasanupgradedSiri,whichnowleveragesbothproprietarylargelanguagemodelsandOpenAI'sGPT-4.Samsung'sGalaxyAIfocusesonpracticalapplicationslikereal-timelanguagetranslationandadvancedphotoeditingcapabilities.

Withtheglobalsmartphonemarketvaluedatroughly$500billionannually,theseinnovationsareexpectedtosparkasignificant

upgradecycleasusersreplaceolderdevicestoaccessthesenewAI-drivenfeatures.26Thisislikelytobenefitawiderangeof

componentsuppliersandvendorsin2025aswell.Themomentumalsoextendstopersonalcomputers.Bytheendof2025,AI-enabledPCsareprojectedtosellover114millionunits,upmorethan165%YoY.27

TheimpactofintegratingAIondevicesextendsfarbeyondsmartphones,impactingindustriesfromwearablesandmedicaldevicestoindustrialequipmentandhomeautomation.TheindustrialInternetofThings(IoT)market,forexample,isforecasttogrowata

compoundannualgrowthrate(CAGR)of23%,reaching$1.7trillionby2030.28IncorporatingAIchipsetsdirectlyintoindustrial

equipmentofferssubstantialbenefits,suchaslocalprocessinganddatacapture,andenhancedsecuritybyminimizingtheneedto

senddatatothecloudforprocessing.CompanieslikeQualcommarealreadyexperiencingsignificantrevenuegrowthintheirIndustrial&IoTsegments,highlightingtheincreasingdemandforAIacrossdiverseapplications.29

Webelievetheseupgradesarecriticalforfurtheroptimizingmanufacturingprocesses,improvingautomation,andreducing

inefficiencies.AsAIcapabilitiesexpandacrossdevices,theycanfundamentallytransformhowconnectedsystemsoperate,makingthemmoreefficient,responsive,andsecure.

Trend5:DealActivityandM&ALikelytoPickUp

AIisdrivingsignificantmergersandacquisitions(M&A)activityacrosstheU.S.techsector.RecentnotableM&A,announcedandcompleted,include:

—HewlettPackardEnterprise’s(HPE)$14.3billionacquisitionofJuniperNetworksaimedatexpandingitsAIinfrastructure

capabilities,particularlyindatacenternetworkingsolutions.30Thedealunderscoreshardware’sincreasinglyfoundationalroleforAI'sfuturegrowth.

—Nvidiahasaccelerateditsacquisitionstrategy,completingfivedealsin2024–itsmostactiveyearinfiveyears.Key

purchasesincludeRun,aGPUorchestrationsoftwareprovider,for$700million,andOctoAI,anenterprise-AIinferencingplatform,for$250million.TheseacquisitionsreflectNvidia'spushintoenterprise-gradeAIsolutions.

MajorcloudprovidersarealsomakingstrategicAIinvestments.Amazoncommittedupto$4billiontoAnthropictoenhanceAWS'sAIcapabilities,whileMicrosoft's$14billioninvestmentinOpenAIcontinuestoshapeitscloudinfrastructurestrategy.31

Thismomentumisexpectedtocontinueinto2025,ascompaniesacrossthetechlandscape,fromhardwaretosoftware,looktocapitalizeontherapidlyevolvingAIspace.ThenewU.S.administrationisalsoexpectedtoremainfriendlytoM&A.32

AsAIusecasesexpandacrossindustries,companiesthatowncriticaldistributionchannels,data,andproprietaryrelationshipsinnichemarketsarebecomingincreasinglyattractiveacquisitiontargets.WithtechvaluationslevelingoffandtheneedforAIsolutions

intensifying,cloudcomputing,inparticular,couldseeasurgeindeal-makingactivityintheyearahead.

TheAIdealmomentumisextendingtopublicmarkets.CerebrasSystems,knownforitsAIinferencingchips,hasfiledforwhatcouldbea$20billionIPO.33CoreWeave,aGPU-as-a-serviceprovider,issimilarlytargeting2025forapotentialpublicoffering.34ThesemovessignalstronginvestorappetiteforAIinfrastructureplays.

Conclusion:TransformativeandReadyforUse

SignificantchangesareunderwayinthetechnologyindustryduetoAI.TherapidgrowthofcompanieslikeOpenAIandAnthropic

highlightshowquicklyAIsolutionsaregainingtraction,withnotablerevenueincreasesreflectingstrongmarketdemand.More

enterprisesareexpectedtoinvestinAIinfrastructuretomeettheirspecificneeds,particularlyascustommodeldevelopmentpicksuppaceandnewrevenueopportunitiesmaterialize.Monetizationisnowevidentacrosstheecosystem-fromcloudcomputinganddatacenterstoAI-enhancedapplications-drivingasurgeinstrategicacquisitionsascompaniesseektostrengthentheircompetitive

positions.Withclearrevenuemomentumandexpandingusecases,webelieveAIremainsacompellinginvestmentthemefor2025.

RelatedETFs

AIQ–GlobalXArtificialIntelligenceandTechnologyETF

SNSR–GlobalXInternetofThingsETF

DTCR–GlobalXDataCenter&DigitalInfrastructureETF

Clickthefundnameabovetoviewcurrentperformanceandholdings.Holdingsaresubjecttochange.Currentandfutureholdingsaresubjecttorisk.

Footnotes

1.Axios.(2024,October30).MicrosoftsaysAIisonpacetobea$10billion-a-yearbusiness

2.CNBC.(2024,November02).Google’scloudoutpacesrivalsinthirdquarterasAIbattleheatsup

3.MetaPlatforms.(2024,October30).MetaReportsThirdQuarter2024Results

4.Reuters.(2024,October3).OpenAIcloses$6.6billionfundinghaulwithinvestmentfromMicrosoftandNvidia

5.GlobalXForecasts,withinformationderivedfromReuters.(2024,October3).OpenAIcloses$6.6billionfundinghaulwithinvestmentfromMicrosoftandNvidia,andTanayJaipuria.(2024,September30).OpenAIandAnthropicRevenueBreakdown

6.PYMNTS.(2024,September24).AnthropicRevenueReportedlySettoJumpto$1BillionThisYear

7.Mint.(2024,September27).Accenture’sGenAIbetspayoffwith$3bninbookings

8.Forbes.(2024,March5).ServiceNowIsPoisedtoQuantifyItsGenerativeAIRevenue

9.Reuters.(2024,September10).OraclesharesjumpasAIpushperksupclouddemand

10.Equinix.(2024,October30).EquinixReportsThird-Quarter2024Results.

11.MetaPlatforms.(2024,October30).MetaReportsThirdQuarter2024Results.

12.AmazonAds.(2024,September18).Fromunderthehoodtofrontandcenter—howAIischangingtheadexperience

13.ServeTheHome.(2024,October28).Insidethe100KGPUxAIColossusClusterthatSupermicroHelpedBuildforElonMusk

14.Ibid.

15.DataCenterDynamics.(2024,March12).Metarevealsdetailsoftwonew24kGPUAIclusters

16.Bloomberg.(2024,October31).TechGiantsAreSettoSpend$200BillionThisYearChasingAI

17.ArsTechnica.(2024,September25).OpenAIaskedUStoapproveenergy-guzzling5GWdatacenters,reportsays.

18.Equinix.(2024,October01).EquinixAgreestoFormGreaterThan$15BJVtoExpandHyperscaleDataCentersintheU.S.andSupportGrowingAIandCloudInnovation

19.Mackinsey.(2024,September).GlobalEnergyPerspective2024

20.CIODive.(2024,September11).JPMorganChasetoequip140KworkerswithgenerativeAItool

21.ARXIV.(2023,December21).BloombergGPT:ALargeLanguageModelforFinance

22.CybersecurityDive.(2023,June21).CyberCEOsareall-inongenerativeAI

23.Forbes.(2024,September26).CybersecurityStocksSeeingEarlyAIGains

24.Bloomberg.(2024,September24).PalantirWins$100MillionUSContractforAITargetingTech

25.A16z.(2024,November12).WelcometoLLMflation–LLMinferencecostisgoingdownfast

26.StatistaIntelligence.(n.d.)AccessedonNovember18,2024.GlobalSmartphoneMarket.

27.Gartner.(2024,September25).GartnerForecastsWorldwideShipmentsofAIPCstoAccountfor43%ofAllPCsin2025.

28.GrandviewResearch.(n.d.).IndustrialInternetofThingsMarketTrends,accessedonNovember15,2024.

29.Qualcomm.(2024,November6).QualcommAnnouncesFourthQuarterandFiscal2024Results

30.JuniperNetworks.(2024,September1).HPEtoAcquireJuniperNetworkstoAccelerateAI-DrivenInnovation

31.AmazonBlog.(2024,March27).AmazonandAnthropicdeepentheirsharedcommitmenttoadvancinggenerativeAI.

32.Bloomberg.(2024,November6).M&AWatchersExpectTrumptoFanFlamesofDealmaking.

33.Cerebras.AI.(2024,September30).CerebrasSystemsAnnouncesFilingofRegistrationStatementforProposedInitialPublicOffering.

34.Bloomberg.(2024,October5).CoreWeavePicksMorganStanley,Goldman,JPMorganforIPO

Thismaterialrepresentsanassessmentofthemarketenvironmentataspecificpointintimeandisnotintendedtobeaforecastof

futureevents,oraguaranteeoffutureresults.Thisinformationisnotintendedtobeindividualorpersonalizedinvestmentortaxadvicea