[ Morgan Stanley counters the "peak AI capital expenditure theory" and predicts that AI semiconductor capital expenditures will continue to "overtake" in 2028] "Science and Technology Innovation Board Daily" reported on the 11th that Morgan Stanley's Asia-Pacific technology team recently published the latest research report, responding to the market's concerns after its American Internet analyst Brian Nowak predicted in the "Morgan Stanley AI Guidebook" that "the growth rate of CSP capital expenditures in 2028 will drop to 12%." The core conclusion reached by Morgan Stanley through cross-validation of the supply chain is that in 2028, AI semiconductor capital expenditures, especially computing chips, will continue to exceed overall AI capital expenditures; 2.5D packaging production capacity will still increase by 50%, infrastructure expenditures will stabilize, and memory prices will be moderate.