2025年人工智能趋势报告：AI智能体跨越鸿沟 AI Trends 2025 AI agents crossed the chasm

GenerationalAITrends2025AIAITrends2025AIagentscrossedthechasm1WhatisGenerational?GenerationalAITrends2025AITrends20252GenerationalTableofContentsSection1:MacroeconomicsSection2:PublicMarketsAITrends2025Section3:IndustryDeepAITrends2025Section4:AreweinanAIBubble?Section5:PrivateMarketsSection6:AIStartupBenchmarksSection7:ScalingLaws&ModelsSection8:Products&ProtocolsSection9:AIAgentOpportunitySection10:2026Outlook3GenerationalAIAITrends20254GenerationalRapidadoptionofgenerativeAIGenerationalFoundationmodelsarethefastest-adoptedgeneral-purposetechnology(GPT)inhistory.AGPTreferstoafoundationalinnovationthathasbroadapplicationsacrossindustries,significantlytransforminghowweworkandlive.Injusttwoyears,>50%oftheU.S.populationhasusedagenerativeAIproduct.EachwaveofGPThashistoricallycreatedopportunitiesforcompaniestobuildtransformativeproducts,leadingtotheemergenceoficonicbusinesses.Interestingly,thesewavestendtoproducetwodistinctcohortsofleadingcompanies:●Desktops:Adobe,Blizzard,NVIDIA●Internet:Amazon,Google,Facebook●Smartphones:Uber,Doordash,TiktokAIAITrends2025WorkdayInternetyr12ServiceNowInternetyr10TiktokAirbnbInternetyr13AirbnbInternetyr13DoordashSmartphoneyr6Smartphoneyr6We’rehereatyear3ofGenAIInternetyr12RedditInternetyr11AnthropicAnthropicGenAIyr1Internetyr10OpenAIGenAIyr0OpenAIGenAIyr0GoogleInternetyr4AmazonInternetAmazonInternetyr0Uber,InstagramSmartphoneyr3PCyr14Adobe,Autodesk,EAPCyr555GenerationalAImacroimpactmostlyinjobssofarGenerationalDeepdiveinthefollowingslidesDeepdiveinthefollowingslidescontributionsareoverstatedexposedworkersimpactedcontributionsareoverstatedexposedworkersimpacted +7.5%+7.5%AITrends2025AITrends2025263AIisoftencitedasdrivingmostofUSGDPgrowthin2025—approximately1.0–1.2%of1.6%totalgrowth.However,whenaccountingforimportleakagetoTaiwanandotherchip-manufacturingcountries,domesticimpactissmaller.GDPcontributionofAI-relatedindustrieshashoveredaround8–10%overrecentyears.Whileelevatedfrompre-ChatGPTlevels,itremainsamodestshareofoverallGDP.Themaindriversofconsumerpriceincreasesremainnon-AIrelated:housing,transportation,food,andhealthcare.ThemostAI-relevantCPIcomponentishouseholdenergy,whichrepresentsonly3%oftheindex.Householdenergypricesincreased7.5%sincelate2022,butgivenitssmallweight,aggregateimpactislimited.Thatsaid,regionswithdatacenterconstruction—suchastheDistrictofColumbiaandVirginia—haveseen10–30%year-over-yearincreases.Broadlabordisplacementhasnotmaterialized.However,evidencesuggestsyoungworkersinhighlyautomatablerolesareaffected.Employmentamongyoungworkershasdeclinedpost-ChatGPT,divergingfromhistoricalpatternswhereemploymentriseswithpopulationandgraduationgrowth.AdditionalstudiesshowjobpostingsforAI-exposedrolesaredown12%relativetolessexposedroles.6Source:Authoranalysis,USBureauLaborofStatistics,USBureauo6GenerationalYoungworkersfacesteepestAI-drivenemploymentdeclinesGenerationalPayrolldatashowsthattheimpactofgenerativeAIisnotspreadevenlyacrosstheworkforce.Sincelate2022,employmentfor22-to25-year-oldsinhighlyexposedoccupations—mostnotablysoftwaredevelopmentandcustomerservice—hasfallensharply,evenasoveralljobgrowthcontinues.Bymid-2025,early-careersoftwaredeveloperssawemploymentdropnearly20%fromitspeak,whiletheirolderpeersheldsteadyorgrew.Asimilardivergenceisvisibleincustomerserviceroles.AITrends2025AITrends20257Source:Authoranalysis,Anthropic,Stanford7AIagentsare>20timescheaperforbasicGenerationaltasksand>3xcheaperforadvancedtasksThelowcostofAItoolscomparedtohumanlabormakesthemaneasychoiceformany.Thisdrivesadoption,reshapingindustriesandhowworkisdone.Acommonruleisthatforcompaniestoadoptanewproduct,itmustbe10xbetteror10xcheaper.LeadingAIproductscanalreadydobasicknowledgeworktasksforover20xcheaperwithmoreadvancedworkatover3xchapear.AITrends2025AITrends2025>40x>35x>25x>3x>25x>3x8Source:Authoranalysis,USBureauLaborofStatisticsannualwages,companywebsites.Freelancerwageassumes2,080hours/yeasoftwareassumes12,000resolutions/year/agent8GenerationalAIagentsproductworkbetterthanGenerationalprofessionalsw/14yearsofexperienceAIqualitynowmatchesprofessionalhumanoutputformanytasks.Thismattersbecausecompanieswon'tadoptAIthatproducesinferiorwork,regardlessofcostsavings.TheGDPValbenchmarktestswhetherAIcancreatecompleteprofessionaldeliverables—like3Dengineeringmodels,financialanalyses,andcustomerserviceresponses—thatmatchworkfromexpertswith14yearsofexperience.GPT-5.2matchesorbeatshumanexperts70.9%ofthetimeacrossthesetasks,showingAIcanreplaceratherthanjustassisthumanworkersforspecificworkoutputs.AIAITrends20259AIagentscanworkfasterandlongerGenerationalthanmosthumansAIcannowautonomouslycompletetasksthattakehumanprofessionals30minuteswith80%reliability—thesuccessrateexpectedofprofessionalworkers.TheMETRbenchmarkmeasurestasklengthbyhowlonghumanexpertsneedtocompletesoftwareengineeringwork,thentestswhetherAIcanfinishautonomously.LeadingmodelslikeClaudeOpus4.5handle30-minutetasksreliably,comparedtonear-zerocapabilityjust2-3yearsago.AIAITrends202510Source:METRAIAITrends2025GenerationalGenerationalSection2:PublicMarketsGenerationalAIisdrivingthestockmarketGenerationalTheAIboomkickedoffinJanuary2023,afterpeoplehadsometimeovertheholidaystoprocessChatGPT’slaunchinlateNovember2022.Sincethen,AIhasfueledstockmarketgains,withtheNASDAQandS&P500returning124%and89%,respectively.Meanwhile,theAIIndex—acollectionof100AI-exposedstocks—hassoaredby182%.CheckoutthelatestindexvaluesatGenerationalAIIndex.AIAITrends2025PowerlawofAIstockmarketGenerationalTheAIIndextracks100stockswithsignificantexposuretotheAIindustry,bothpositiveandnegative.WhileAIhasgenerallydrivenstrongreturns,somesectors,likeEdTech,havebeendisruptedbytoolslikeChatGPT,whichofferfree"all-in-one"educationalsolutions.Returnshavealsobeenheavilyconcentratedinafewcompanieswithincertainindustries,reflectingthepower-lawdynamicsoftenseeninventurecapital.Section3takesacloserlookattheindustriesthathavebenefittedthemost.AITrends2025AITrends2025Semiconductors412%InternetServices296%Hardware287%Utilities&PowerGeneration260%ApplicationSoftware200%Banks172%E-commerce169%Automotive164%Biotechnology&Pharmaceuticals115%InfrastructureSoftware106%AssetManagement&InvestmentServices57%RenewableEnergy40%DataCenter34%Consulting&ITServicesMedicalDevices&ServicesOil&GasEquipment&Services-6%EdTech-59%182%Willdemandcontinue?GenerationalTheAIboomisdrivenbytwovariables:thebestmodelcommandsamassivemarketopportunity—potentiallytrillionsofdollars—andscalinglawsstillhold,meaningbiggermodelsdeliverbetterperformance.Thisputsmodelbuildersinamarathontobuildthebestfrontiermodel.BothGrok3andGrok4werereleasedin2025,costing$220millionand$480millionrespectively—justtotrain.ReportssuggestxAIwasspending$13billionpermonth.OpenAI,Anthropic,andGooglemodelslikelycostevenmore.ThisraceiswhatdriveschipfoundriesandpowerutilitiestoplantheirCAPEX.ANTHRANTHROP\CProbablybyProbablyby2027,[players’]ambitionstobuildhundredbilliondollarclusters.AndIthinkallofthatactuallywillhappen.–CEODarioAmodeiNowwemustdouble[compute]every6months..,next1000xin4-5years–AminVadhat,GoogleVPofInfrastructureNov2025Wearelookingat[compute]commitmentsofabout$1.4trillionoverthenext8years–CEOSamAltmanAIAITrends2025Trainingcomputehasbeengrowing4.6x/yearsince2022.Costtotrainfrontiermodelshasbeengrowingslightlyslowerat3.4x/yearsince2022duetoprogressinhardwareefficienciesDatacenterinvestmentisscalingexponentially.PlannedfrontierAIdatacentersareprojectedtoexceed$100billionby2027—upfromunder$10billionpre-ChatGPTDemandwillcontinue:thedataGenerationalBothenterpriseandconsumeradoptioncontinuetotrendupwardwithnosignsofslowing.Nearly3xmoreS&P500companiesarenowreportingAI-drivenrevenueorcostimpactscomparedtoearly2023.Meanwhile,overhalfofUSadultshaveusedGenAI—withworkplaceadoptionacceleratingfastest,nearlydoublinginunderayear.AIhasdrivena31%AIhasdrivena31%increaseinROIfromourNorthAmericanmediacampaigns,enablingfasterdecisionmakingandstrongerreal-timemarketresponsiveness.WesawwiththeAItoolabouta46%,47%upliftinengagementthroughthatwelcomejourney,sothatinformedwhatwearenowcallingthewin-backjourney.We'veusedGenAItoimproveourproductcatalog.WithouttheuseofGenAI,thisworkwouldhaverequirednearly100timesthecurrentheadcounttocompleteinthesameamountoftime.AIAITrends2025Source:MorganStanley,FedeDemandwillcontinue:asimpleanalogyGenerationalFrom2022to2025,AIwentthroughits'learningphase'—buildingfoundationmodelsthroughmassivetraininginvestments.Thatworkisdone.Frontiermodelsnowmatchorexceedprofessional-levelperformance:GPT-5.2'soutputispreferredorequivalenttoprofessionalswith14yearsofexperience.Nowwe'reenteringtheworkingphase.Theeconomicparallelisintuitive:humansinvestroughly$350,000over20yearsineducation,thengenerate$2.8millioninlifetimeearningsover40+yearsofwork.AIisfollowingthesamepattern—intensiveupfronttrainingcosts,followedbyvaluegenerationthroughdeployment.AITrends2025Today'smodelsfocusprimarilyonknowledgework—writing,analysis,coding,research.Butthenextfrontierisalreadyvisible:autonomousvehiclesaredeployedonroadstoday,warehouserobotsareoperationalatscale,andhumanoidrobotsareonthehorizon.Likeaprofessionalintheirfirstyearsofwork,AIisintheearlystagesofitsproductivephase—startingwithcognitivetasks,soonexpandingAITrends2025∞Age22-65earnings:$2.8MAge0-22expenses:$350kAge0-22expenses:$350kGenerationalEnergyisthebiggestblockertoscalingGenerationalAItrainingcouldscale10,000xby2030relativetoGPT-4—butinfrastructureconstraintswilldeterminethepace.EpochAIanalyzedfourpotentialbottlenecksandfoundthatpoweristhetightestbyfar:itlimitsscalingto10,000x,whilechipmanufacturingcouldsupport50,000x,dataavailability80,000x,andnetworklatencyupto1,000,000x.Poweristhebindingconstraint.Single-campusdatacenterswillreach1–5GW,whiledistributednetworkscouldaccess2–45GW.Thisrequires$100B+ininfrastructurebuildoutover3–5yearsacrosspowergeneration,transmission,andgridinterconnection.Thesupply-demandimbalanceismostacuteinenergy—expecttightmarketdynamicsacrossthepowervaluechainthrough2030.AIAITrends2025GenerationalEnergyshortageGenerationalThepushforAGImodelsisdrivingunprecedenteddemandforenergy,outpacingtheabilityofutilitiestoexpandcapacity.Ashyperscaledatacentersscaleoperations,theresultingenergygapcouldlimitthegrowthofAIandotherpower-intensiveapplications.WiththeU.S.gridalreadyconstrained,energyshortageswilloutstripchipshortagesasthecriticalbottleneck.AIAITrends2025GartnerTheexplosivegrowthofhyperscaledatacentersforGenAIapplicationsiscreatinganunprecedenteddemandforpower.Thisdemandisoutpacingutilities'abilitytoexpandtheircapacity,leadingtopotentialshortagesthatcouldrestrictthegrowthofAIandotherpower-intensiveapplicationsfrom2026onward–GartnerWestartedtalkingaboutthisovertwoyearsagoattheBerlinInfrastructureConferencewhenItoldtheinvestorworld,we’rerunningoutofpowerinfiveyears.Well,Iwaswrongaboutthat.We’rekindofrunningoutofpowerinthenext18to24months.–DigitalBridgeearningscallApr2024Overthepastfewweeks,we'veseenseveralexamplesofthelengthsthatsomehyperscalerswillgotoreserveenoughpowerfortheirfast-growingcomputerequirements.We'veseenadealtoreactivate3-mileisland[Microsoft];anotherhyperscaler[Google]partneringwithanexistingutilitytodevelopsmallmodularreactors;andthethird[Amazon],executingpowerpurchaseagreementstopurchasenuclearenergyformultipleSMRsthathaveyettobebuilt.Yeteachoftheseplantsisstillyearsawayfrombeginningtogeneratepower,underscoringthevalueoflowercapacityblockstodayandperhapsforthenextseveralyears.–DigitalRealtyearningscallOct2024DatacentersaredesperateforenergyGenerationalAsurveyof149seniordatacenterindustryprofessionalsshowshowtighttheenergymarketis.92%citedutilitycapacityasabarrierand44%facing4+yearwaittimes,theindustryismakingadecisivepivot.Sixintenoperatorsnowplanon-sitepowergenerationastheirprimarycontingency—markingafundamentalshiftinhowAIinfrastructuregetsbuilt.WhenXAIbuiltColossus1,ElonMuskbroughtin35semi-trailer-sizedgasturbinestopowerthedatacenter.TheneedforenergywassogreatthatElonMuskboughtanpowerplantoverseastoshipittotheUStopowerColossus2AITrends2025Whenutilityarrives,utilitybecomesprimeAITrends2025Whenutilityarrives,utilitybecomesprimepowerThedatacenterneverconnectstotheutilityWhenutilityarrives,utilitybecomesbackuppowerBridgetopowerIslandpowerBridgetopowerUtilityquotedlongwaittimeformorepowerUtilityquotedhighcostformorepowerLongleadtimeforon-sitepowergenerationequipmentUtilitypowerhasunpredictableenergyratesUtilitypowerreliabilityisinadequateUtilityhasgivennowrittenpromiseondeliverytimeSitelayoutissues(e.g.,space,can'trundistributionlines)NotrunningintoanychallengesUtilitydoesnotenablesufficientrenewableenergyprocurementNotapplicable/Don'tknowAIAITrends202520GenerationalGenerationalSection3:IndustryDeepDivesHigh-levelAIValueChainGenerationalSemiconductorsDataCenterSoftwareFablesschipdesignersFoundationmodelsDataCenterFablesschipdesignersFoundationmodelsDataCenterOperatorGPUMobilePowersystemsAIAITrends2025UtilityCloudProvidersFoundriesUtilityCloudProvidersFoundriesCuttingedgeSpecialtyCuttingedgeSpecialty/matureElectricityServers&Servers&NetworkingIntegratedDeviceIntegratedDeviceManufacturersCPU/GPUBroad-spectrumConsumerRacks&NetworksGenerationalHigh-levelAIValueChain(Version)GenerationalAIAITrends202522GenerationalAIDataCenterCostGenerationalAIdatacentersarethebackboneoftoday'sAI.BuilttohandletheintensecomputingdemandsofgenerativeAItrainingandinference,theirmaincostdriversarecomputecapacity(GPUs,networking)andelectricity.It'snosurprisethatcompaniesinthesesectorshaveseentheirstockpricessoar.ITEquipment(GPUs,Networking,Storage)–Bulkoftheinvestment.High-endGPUs,networkinggear,andstoragesystemspowerAIworkloads.AITrends2025PowerandCooling–EssentialinfrastructuretopowerupAITrends2025Construction–Buildingthephysicalfacilitytohousealltheequipment.OtherInfra(Security,Monitoring)–Securitysystemsandmonitoringequipmenttosafeguardoperations.Land–Costofacquiringlandforthedatacentersite.OtherSoftCosts(Engineering,Design)–Engineeringanddesignservicestoplanandoptimizethefacility.Electricity–Biggestoperationalcost.Power-hungryGPUsandcoolingsystemsdriveenergybillssky-high.Staffing–Salariesforskilledstaffwhorunandmaintainthedatacenter.Maintenance–UpkeepofITequipmentandfacilitiestoensuresmoothoperations.Networking–Costsforbandwidth,connectivity,andnetworkmanagement.Water/Cooling–Expensesforwaterusageandcoolingoperations.Others–Miscellaneousoperationalexpenseslikeinsurance,taxes,andcompliance.23Source:IDC,Bain,Au23AITrends2025TERADYNEADV人NTESTIn-housechipdesignwithoutsourcedAITrends2025TERADYNEADV人NTESTIn-housechipdesignwithoutsourcedmanufacturingAcomplexsupplychainforeverycomponentofachipandthemachinesthatmakethemVerticallyintegratedchipdevelopmentAMDQualcorSYNOPSS"cdencearmQualcorASMLCannGasesInspectionADV人NTESTKIOX1A24SemiconductorValueChain(Version)GenerationalAIAITrends202525SemiconductorValueChaindescriptionGenerationalThiscategoryincludestheintellectualfoundationofthesemiconductorindustry—ElectronicDesignAutomation(EDA)tools,semiconductorintellectualproperty(IP),andresearchanddevelopmentactivities.Companieshereprovidethesoftware,referencearchitectures,andbuilding-blockdesignsthatchipdesignersusetocreateadvancedsemiconductorproducts.Theyreducecomplexity,acceleratetime-to-market,andenableincreasinglysophisticatedchipdesigns.Thissegmentcoverstheessentialinputs—wafers,chemicals,andgases—thatsemiconductormanufacturersrequiretoproducechips.High-puritymaterialsandspecializedchemicalcompoundsunderpintheentirefabricationprocess.Withoutthesecarefullysourcedandrefinedinputs,itwouldbeimpossibletoachievetheprecisionandqualitystandardsthatmodernchipsdemand.AITrends2025Thiscategoryincludesthemachineryandtoolsusedbyfoundriesandintegrateddevicemanufacturers(IDMs)tofabricatechips.Lithographysystems,etchinganddepositiontools,andinspectionequipmentensurethattransistorfeaturesarepatternedwithnanoscaleprecision.Thesecutting-edgemachinesdefinetheAITrends2025Foundriesspecializeinsemiconductormanufacturing.Theytypicallydonotdesigntheirownchips,focusinginsteadonproducingdevicesforfablesscompanies.Byofferingadvancedprocessnodes,foundriesprovidethemanufacturingmuscleneededtoturnchipdesignsintophysicalproducts.Theyensurethatfablesschipdesignerscanaccessstate-of-the-artfabricationwithoutmaintainingtheirownproductionlines.Thesecompaniescreatechipdesignsin-housebutoutsourcemanufacturing.Theyfocusonarchitecture,functionality,andperformanceratherthanrunningtheirownfabricationfacilities.Byworkingcloselywithfoundries,fablessdesignerscanquicklyscaleproductionandadapttothelatestprocesstechnologieswithoutcapital-intensiveinvestmentsinmanufacturingplants.26AITrends2025AITrends202527SemiconductorValueChaindescriptionGenerationalAfterfabrication,chipsmustbetested,packaged,andmadereadyforintegrationintoend-userdevices.Specializedtestequipmentandpackagingtechniquesensurechipreliability,functionality,anddurability.Theseservicesrepresentthefinalstepoftheproductionprocessbeforechipsreachsystemintegratorsanddevicemanufacturers.IDMscontroltheentirechainfromdesigntofabrication,testing,andpackagingwithinasingleorganization.Theycombinetherolesoffablessdesignersandfoundriesunderoneroof,enablingtighterintegrationandmoredirectcontroloverthesupplychain.Thisverticallyintegratedapproachcanstreamlineinnovation,improvequality,andreducetime-to-market.Eachcategoryinthesemiconductorvaluechainfeedsintothenext.DesigntoolsandIPfueltheworkoffablessdesignersandIDMs,whorelyonrawmaterialsandspecializedequipmenttoturnconceptsintochips.Foundriesconvertthesedesignsintosilicon,whiletestingandpackagingprovidersensureproductreadiness.IDMsbridgeallstagesinternally,whilefablessdesignersandfoundriescollaboratetoachievesimilaroutcomesthroughpartnership.Together,thisinterconnectedsystemsupportsthecomplex,globalprocessofsemiconductorinnovation,production,anddelivery.ElectricityValueChainAITrends2025Fuelsourcesconvertedtoelectricity.Mixofutility-ownedplantsandAITrends2025GenerationalBulktransmissionandlocaldeliverytoendusers.Gridinterconnectionisthecriticalbottleneck.Homes,offices,datacenters,etc.nrgInvenergy28GenerationalElectricityValueChain(Version)GenerationalAIAITrends202529ElectricityValueChaindescriptionGenerationalThiscategoryincludestheextraction,processing,andtransportofcoal,naturalgas,andoilusedtogenerateelectricity.Naturalgasdominatesatapproximately43%ofU.S.electricitygeneration,whilecoalcontinuestodeclineataround16%.Companieshereoperatewells,mines,pipelines,andstoragefacilitiesthatsupplythermalpowerplantswiththefueltheyneed.Theavailabilityandpriceofthesecommoditiesdirectlyinfluenceelectricitycostsandgridreliability.Nuclearfuelbeginswithuraniumminingandproceedsthroughenrichment,wheretheconcentrationoffissileU-235isincreasedfrom0.7%to3-5%foruseinreactors.Enrichmentisastrategicchokepoint—Russiacontrolsroughly40%ofglobalcapacity,creatingsupplychainriskforWesternmarkets.AdvancedreactorsandSMRsrequirehigh-assaylow-enricheduranium(HALEU),whichbarelyexistsoutsideRussianproduction.Theseupstreamconstraintswillshapethepaceofnewnucleardeployment.AIAITrends2025Renewablesconvertnaturalenergyflows—sunlight,wind,water,andgeothermalheat—directlyintoelectricitywithoutaseparatefuelinput.Unlikefossilfuelsandnuclear,the"source"and"generation"stepsareeffectivelycombined;asolarpanelorwindturbineisboththeresourceandthepowerplant.Thissimplicityreducesfuelcostriskbutintroducesintermittency,makinggridintegrationandstoragecritical.Renewablescurrentlyaccountforapproximately20%ofU.S.generationandrepresentthefastest-growingsegment.Thermalpowerplantsburnfossilfuelstoproducesteam,whichdrivesturbinestogenerateelectricity.Naturalgascombined-cycleplantsofferefficiencyandflexibility,whilepeakerplantsproviderapidresponseduringdemandspikes.Coalplants,thoughdeclining,stillcontributebaseloadpowerinsomeregions.Thesefacilitiesareownedbyutilitiesandindependentpowerproducers(IPPs)whosellelectricityintowholesalemarkets.Nuclearpowerplantsusecontrolledfissionreactionstogenerateheat,producingsteamthatdrivesturbines.Largereactors(1,000+MW)formthebackboneoftheexistingfleet,providingreliablebaseloadpowerwithzerocarbonemissions.Smallmodularreactors(SMRs)andmicroreactorsrepresenttheemergingfrontier—factory-built,scalable,andattractivefordatacenterapplications.Hyperscalersaresigningpowerpurchaseagreementsdirectlywithnuclearoperatorstosecurefirm,carbon-freeelectricity.30AIAITrends2025ElectricityValueChaindescriptionGenerationalTransmissionmovesbulkelectricityoverhigh-voltagelinesfrompowerplantstopopulationcenters.IndependentSystemOperators(ISOs)andRegionalTransmissionOrganizations(RTOs)coordinateflowandoperatewholesaleenergymarkets,thoughtheydonotownthephysicalinfrastructure.Transmissionowners—utilities,independentcompanies,andinvestors—maintainthelines,towers,andsubstations.Thissegmentrepresentstheprimarybottleneckintheenergytransition:over2,600GWofgenerationcapacitysitsininterconnectionqueues,withfive-yearaveragewaittimesandonly19%ofprojectsreachingcommercialoperation.Distributiondeliverselectricitythefinalmilefromsubstationstohomes,businesses,andindustrialfacilities.Localutilitiesoperatelower-voltagenetworksoflines,transformers,andsmartmetersthatservetheirregulatedterritories.Electricalequipmentsuppliersprovidetheswitchgear,transformers,andpowermanagementsystemscriticaltoreliability.Fordatacenters,distributioninfrastructureandequipmentavailabilitycandeterminewhetherafacilitygetsenergizedonschedule.Storageabsorbsexcesselectricitywhensupplyexceedsdemandanddischargesitwhenthegridneedspower.Batteries—primarilylithium-iontoday,withlong-durationtechnologiesemerging—dominatenewdeploymentsandenablerenewableintegration.Pumpedhydroremainsthelargestinstalledbasegloballybutfacesgeographicconstraintsfornewdevelopment.Storagesitsbetweengenerationanddistributionwithbidirectionalflow,smoothingtheintermittencyofrenewablesandprovidinggridstabilityservices.Verticallyintegratedutilitiesownandoperateassetsacrosstheentirevaluechain—frompowerplantsthroughtransmissionlinestolocaldistributionnetworks.Theyfunctionasregulatedmonopolieswithintheirserviceterritories,earningguaranteedreturnsinexchangeforreliabilityobligations.Thesecompaniesprovideone-stopaccountabilityforelectricitydeliverybutfacepressuretoaccommodateindependentgenerators,renewabledevelopers,andlargecustomersseekingdirectsupplyarrangements.Eachsegmentoftheelectricityvaluechainfeedsintothenext.Fossilfuelsandnuclearmaterialssupplypowerplants,whilerenewablesgenerateelectricitydirectlyfromnaturalflows.Thermalandnuclearplantsconverttheseinputsintobulkpower,whichtransmissionnetworkscarryacrossregions.Distributionsystemsdeliverelectricitylocally,andstoragebalancessupplyanddemandacrossallstages.Verticallyintegratedutilitiesspanthisentireprocessinternally,whileindependentgenerators,transmissionoperators,andstorageproviderscollaboratetoachievesimilaroutcomesthroughmarketmechanisms.Together,thisinterconnectedsystemkeepselectricityflowingreliablyfromdiversesourcestomillionsofendusers—includingthedatacentersdrivingAIinfrastructuregrowth.AITrends2025AITrends202532DataCenterValueChainLenovoARI与TAARI与TAABg%cronCMetaGenerationalOrgsthatownandmanagelarge-scaledatacenterfacilitiesforcustomersAcomplexsupplychainforeverycomponentofachipandthemachinesthatmakethemGenerationalDataCenterValueChain(Version)GenerationalAIAITrends202533AIAITrends202534DataCenterValueChaindescriptionGenerationalThiscategoryrepresentsthefundamentalbuildingblocksofcomputingsystems—processors(CPU,GPU),networkinginterfaces,andmemorymodules.Thesecomp