ERM：2026年化瓶颈为优势：构建具备长期韧性的AI基础设施价值链洞察报告（英文版）

The buildout of ArtificialIntelligence (AI) infrastructure willbe one of the most consequentialindustrial expansions of the comingdecade. However, the factors thatdetermine AI scale are no longerlimited to compute-the processingpower needed to train and run AImodels-but the physical worldthat underpins deployment:energy, water, land, chips, supplychains, permitting, labor, andoperations. This marks a shift inthe AI infrastructure operatingmodel where orchestrating physicalsystems is paramount