[Morgan Stanley Vishal Khanduja: Global AI data center investment is expected to reach US$5 trillion, and bond financing costs are facing rising pressure] On October 16, Vishal Khanduja, managing director of Morgan Stanley Investment Management and head of the broad market fixed income team, said at the Global Wealth Management Forum·2026 Shanghai Suhewan Conference that based on baseline scenario estimates, global AI data center-related investment is expected to reach US$5 trillion by 2030. Estimates of AI-related capital spending in 2027 have nearly doubled from about $700 billion in 2025 to about $1.4 trillion. Khanduja revealed that the team also calculated the off-balance sheet financing, leasing and other future payment commitments of large data center operators, with the relevant amount being approximately US$3.4 trillion. He pointed out that the demand for funds will be huge in the next three to five years, debt financing costs are rising, and the strength of corporate balance sheets will become an important factor affecting financing capabilities. (Reporter Wu Yuqi)