[Morgan Stanley: AI M&A Wave Shows 'Full Spectrum' Development Trend] Odaily Planet Daily News - Wally Cheng, Global Head of Technology M&A at Morgan Stanley, stated that as companies race to fill technological gaps in areas such as chips, power, networks, and infrastructure, mergers and acquisitions in the AI sector are spanning all scales and extending across multiple industries. Cheng said: 'I believe deal activity will cover the full spectrum, including private companies and public companies.' Although semiconductors, which provide computing power for AI, have garnered significant attention due to their 'technological marvel' attributes, the infrastructure surrounding these chips also holds immense value, including networks, storage, power, and real estate. Cheng noted that valuations in the AI industry remain 'very challenging,' as it requires balancing 'imaginative unicorns with rainbow-like prospects' against the risks of actual execution. Tammy Kiely, Senior Managing Director of Evercore's Technology Investment Banking division, expressed a similar view. She stated that potential acquirers must assess the potential value they can create while weighing the cost of missed opportunities. (Jin10)