[Morgan Stanley: AI M&A Wave Exhibits 'Full Spectrum' Development Trend] BlockBeats News, May 21, Morgan Stanley's Global Head of Technology M&A, Wally Cheng, 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 remarked: 'I believe transaction 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 between 'imaginative unicorns with rainbow-like prospects' and the risks of actual execution. Evercore's Senior Managing Director of Technology Investment Banking, Tammy Kiely, shared a similar perspective. She stated that potential acquirers must evaluate the potential value they can create while weighing the cost of missed opportunities.