Apollo: AI computing power shortage worsens, chips, electricity, and data centers become new "strategic resources"

Apollo Asset Management pointed out in its latest report that the AI industry is shifting from "model competition" to "computing power competition." As reasoning models and intelligent agents continue to expand, the computing requirements for individual tasks are significantly increasing: intelligent agents repeatedly plan, retrieve, invoke tools, and verify results, with their token consumption reaching 100 to 1000 times that of traditional chatbot requests. The report believes that this current shortage is not limited to a single link, but rather that GPUs, advanced processes, storage, power, and grid access are all under pressure at the same time. Apollo states that the scarcity of computing power is reassessing asset value, and the real competitive barrier will be whether enterprises can advance secure chips, storage, power, and data center resources.