GEP：2025年人工智能竞赛不仅仅是技术优势报告（英文版）

In early 2024, Microsoft quietly shelved plans for two massive AI data center projects. Analysts speculated that this wasn’t about slowing demand — it was about constraints. Power shortages, supply chain bottlenecks and skyrocketing chip costs were forcing the tech giant to rethink its AI expansion strategy. Meanwhile, Nvidia’s GPUs were selling at a premium, with cloud providers struggling to secure enough hardware to meet demand. Around the same time, Microsoft unveiled its in-house AI