William Blair：2025年生成式AI的经济影响及投资者机遇研究报告（英文版）

No Sign of AI Capex Letting Up. We expect sizable GenAI-related capex to persist through the end of the decade as model intelligence is still rapidly improving and well-capitalized hyperscalers are engaged in an AI “arms race.” 2. Test-Time Compute Is Next Frontier in AI Scaling. New vectors of AI model improvement beyond pretraining should continue to support scaling “laws” and drive the need for everincreasing computing power. In particular, test-time compute (used in reasoning models like