AI Investment Evaluation Shifts to Efficiency and Profitability as Market Questions Sustainability, July 24

According to a research report from Hana Securities on July 24, the key evaluation metric for global AI investment is shifting from capital expenditure (Capex) to efficiency and profitability. The report noted that with AI infrastructure investments already expanding to hundreds of billions of dollars, market focus will increasingly turn to whether massive investments can translate into actual revenue and cash flow. Recent volatility in AI-related stocks stems from investor skepticism about whether hyperscalers can sustain large-scale AI investment levels.

AI monetization is gaining momentum, according to Exponential View. AI-related revenue, excluding China, has outpaced depreciation costs of currently operating data centers and AI semiconductors for two consecutive quarters. Major tech companies including Microsoft, Alphabet, and Meta are demonstrating revenue generation from AI services: Microsoft cited Azure and Copilot demand driving cloud growth, while Alphabet highlighted AI product and infrastructure demand as a key driver for Google Cloud expansion.