Exponential View：2026年人工智能经济现状报告（英文版）

There is a visibility problem in the AI economy. Until now, it has been impossible to deconstruct real customer demand.

The supply side of the AI economy is well-documented. Most semiconductor companies and hyperscalers are public and disclose their activities in some detail. Sell-side analysts have done a great job decomposing their performance.

The demand side, what customers are actually paying for and if the revenues are real, has been obscure.

The largest labs are priva