转发：Morgan Stanley report, AI applications are transitioning

According to a Morgan Stanley report, AI applications are transitioning from the conceptual stage to the practical impact stage, with 24% of adopting companies realizing quantifiable benefits by Q3 2025. Compared to the dot-com bubble of 1999, leading companies today exhibit a free cash flow yield of 3.5% (versus only 1.2% in 2000), and their valuations, adjusted for profit margins, are 35% lower, demonstrating that current high valuations are supported by fundamentals.