[Morgan Stanley: AI Financing and Energy Financing Are Converging, the Era of 'Electricity + Computing Power' Has Arrived] According to a report by Jinse Finance on June 15, Morgan Stanley's latest research report highlights that as electricity becomes a critical bottleneck for AI expansion, the boundaries between AI financing and energy financing are rapidly blurring. Delays in power equipment delivery, grid connection backlogs, labor shortages, and water resource scarcity are reshaping the logic of data center construction. Morgan Stanley points out that companies with stable computing power resources may gain stronger pricing power.