[Jeffrey: AI's potential reachable market exceeds 25 trillion US dollars, with Microsoft, Amazon, Alphabet, etc. being the first choices] On September 4th, Jefferies issued a report stating that the potential of artificial intelligence has only scratched the surface, estimating the potential market size to exceed 25 trillion US dollars, and evaluated key controversies such as comparisons between AI and previous technology waves, investment returns, adoption barriers, and financing risks. The bank believes that challenges still exist and believes that obstacles can be overcome, but it creates uneven paths for AI adoption. The bank believes that the "SaaS apocalypse" statement is overdone. Software is not dead, only weak software will be eliminated; cutting-edge laboratories are more likely to cooperate with leading suppliers rather than own the full stack. The bank is optimistic about companies that have advantages and can seize the spending opportunities of artificial intelligence in areas such as computing, data, security and applications. The preferred targets include Microsoft, Amazon and Alphabet among the large platforms, while Oracle and CoreWeave can provide direct exposure to restricted artificial intelligence computing. The bank is also optimistic about Snowflake and Dynatrace in the data/observability field, as well as Palo Alto Networks and Okta in the security field. Intuit is a contrarian stock pick for the bank, because compared to its approximately 40 years of data accumulation, deep artificial intelligence talent pool, and applications with strong user stickiness, the market's concerns about artificial intelligence are over-amplified.