Morgan Stanley says AI inference economics can deliver 58% to 90% data center margins

sudoraohacker · x · 2026-07-28

Morgan Stanley argues that inference economics are highly attractive and that demand for compute should outstrip supply for years.

The bank says AI capex has strong ROI as model usage grows.
Its token-economics model suggests both large and more efficient LLMs can generate strong returns on AI infrastructure.
The attached chart estimates data center net margins from token sales at roughly 58% to 90%, depending on GPU generation.
That framing puts AI inference, not just training, at the center of the current compute boom.

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