高盛：2025赋能人工智能（AI）时代研究报告（英文版）（26页）.pdf

1、Contents3A Letter from Dan Dees5A Historic Paradigm Shift:AI Ushers In a New Era for Computing10The Power Imperative:Generational Opportunities and Challenges17DataCenterDiplomacy:ANewToolforGeopoliticalInfluence19Meeting the Moment with Capital Solutions24Investment Banking Leadership and Contribut

2、ors3 POWERING THE AI ERAA LETTER FROM DAN DEESEconomic progress is rarely linearthroughout history,its been punctuated by technology-driven inflections.The inexorable forces of finance and technology have shaped our world for centuriesdismantling barriers and forging new industries.In 19th century A

3、merica,railroads catalyzed commercial activity by unlocking new markets,spawning industries like mail-order retail,and enabling Midwestern farmers to transport crops overseas.A century later,the internet ushered in a digital economy:lowering the cost of hosting and transmitting data,linking global m

4、arkets,and giving rise to e-commerce.Today,we stand at the dawn of another defining era,driven by artificial intelligenceand the proliferation of foundation models begetting new industries altogether.But while innovation sparks these new eras,capital and infrastructure are necessary to power them.St

5、eam engines marked a historic invention,but thousands of miles of track ultimately unlocked their economic potential.During the dot-com era,$800B+1 invested in critical internet infrastructure like fiber-optic cables,broadband,and servers enabled a digital economy through faster and cheaper transmis

6、sion of information.In turn,financial markets evolved to meet these unprecedented demands.Investment banks first emerged during the railway age to mobilize global sources of capital.In the dot-com era,a combination of venture capital funds,active IPO and M&A markets,and broadening credit markets unl