[Morgan Stanley: AI Capital Expenditure of the Big Four Companies to Increase by Over 50%, Credit Quality Becomes a Watershed in Financing] According to a report by Deep Tide TechFlow on October 26, 2026, Morgan Stanley's research report indicates that the capital expenditure of the four hyperscale companies—Alphabet, Amazon, Meta, and Microsoft—is expected to increase by over 50% in 2027, accounting for more than 75% of AI-related capital expenditure. The four companies have an average credit rating of approximately AA and an average market capitalization exceeding $3 trillion. Lower-rated companies and new cloud providers face limited access to capital markets and a significant drop in bond prices. Morgan Stanley predicts that high-rated companies will adjust their bond prices first, while issuance volume will remain stable. Lower-rated companies will rely more on secured asset-grade financing, requiring high-rated semiconductor companies to provide credit enhancement through contractual commitments or backup support. Credit quality, collateral, and financing structure will become a watershed in AI financing. In terms of allocation, focus should be placed on bonds issued by high-rated companies and secured financing from low-rated issuers.