汇丰首席执行官警告称，人工智能热潮并不会让每个数据中心都成为好的投资标的

The chief executive of HSBC cautioned investors that the current artificial intelligence frenzy carries significant infrastructure misallocation risks. Data center campuses, which house the powerful servers supporting cloud computing and generative AI applications, are seeing unprecedented capital inflows. However, the banking executive noted that not every newly constructed data facility will prove to be a financially viable bet. Factors such as access to reliable electrical power grids, cooling efficiency, and geographic location remain critical for long-term profitability. Rapid expansion across the technology sector has strained local utility grids and driven up construction costs for specialized real estate. Investors are being urged to exercise caution and thoroughly evaluate the underlying fundamentals of data center developments. While the AI secular trend remains strong, disciplined capital allocation will ultimately separate successful infrastructure projects from overhyped ventures.