--- title: "AI Agent Value Chain Analysis" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/30748550.md" description: "In early June, Morgan Stanley released a research report on AI Agent, outlining the value chain of AI Agent and analyzing which sectors can occupy high-value ecological niches after AI reconstructs the value chain. The main conclusions are shown in the figure below. Let's take a detailed look at the layers: At the top of the pyramid are Hyperscalers/AI infrastructure, which provide real-time inference computing power to support deep inference agents. Those who sell shovels always make steady profits..." datetime: "2025-06-16T09:06:36.000Z" locales: - [en](https://longbridge.com/en/topics/30748550.md) - [zh-CN](https://longbridge.com/zh-CN/topics/30748550.md) - [zh-HK](https://longbridge.com/zh-HK/topics/30748550.md) author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)" --- # AI Agent Value Chain Analysis In early June, Morgan Stanley released a research report on AI Agents, outlining the value chain of AI Agents and analyzing which sectors could occupy high-value niches after AI reconstructs the value chain. The main conclusions are shown in the figure below. Let's take a detailed look at each layer: At the top of the pyramid are Hyperscalers/AI infrastructure: providing real-time inference computing power to support deep inference agents. The shovel sellers always make steady profits. In this field, there are only three companies: $Microsoft(MSFT.US) $Alphabet(GOOGL.US) $Amazon(AMZN.US) Next are AI Model providers: enhancing agent capabilities by continuously expanding the boundaries of inference and intelligence. This strategic positioning allows them to extend into areas such as agent frameworks, data processing, and integration, eventually evolving into modern application platforms. The leaders in LLMs are OpenAI, Anthropic, Gemini, and Xai. The other three are not yet listed, and the only one available in the secondary market is $Alphabet(GOOGL.US) 3rd Security & Governance: There are significant commercial opportunities in improving the trustworthiness, reliability, accuracy, and security of agent applications. Agent architectures expand the attack surface, including risks such as data theft, supply chain attacks, prompt injection, and open-source contamination. Morgan Stanley recommends these two companies: $Okta(OKTA.US) $CloudFlare(NET.US) But I believe $Palantir Tech(PLTR.US) 's Gotham platform for the military also falls into this category, emphasizing data security. 4th Data Infrastructure: For AI agents to be truly practical, they must have governance permissions to access critical data sources in real time. Data infrastructure providers face two major opportunities: first, upgrading customer data assets and improving data quality to support agent architectures; second, enabling fast, reliable, and accurate information retrieval during runtime. Data infrastructure is a given—it's the foundation. $Palantir Tech(PLTR.US) $Snowflake(SNOW.US) 5th Workflow Automation: When AI agents are embedded into workflow automation systems, they can more fully automate unstructured segments of common business processes. Because these platforms span enterprise core systems, they are naturally suited to act as coordination layers to manage internal and external agents. $ServiceNow(NOW.US) $Palantir Tech(PLTR.US) PLTR's Ontology does exactly this. 6th End-to-End AI Lifecycle Platforms: Agents in these platforms can automate the entire process of AI application development and deployment, including building data pipelines, integrating enterprise data with large models, model training and evaluation, and data visualization. Additionally, these agents can be embedded into external applications to enhance customer interactions and create highly interactive experiences. $Palantir Tech(PLTR.US) On the foundation of Ontology, AIP acts on real-world workflows—this is the value of AIP. Further down, starting with traditional SaaS, including Monitoring/IT tools, the value of these areas is continuously eroded, falling into the category of disruption. After reading this, I am even more convinced of my views on PLTR and Google. Google firmly occupies the two highest-value niches in AI infra and Model, while PLTR provides industry-leading products in Data Infra, Security, Workflow, and E2E platforms. For the AI application sector, I will continue to hold long-term positions in $Palantir Tech(PLTR.US) $Alphabet(GOOGL.US) ### Related Stocks - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [OKTA.US](https://longbridge.com/en/quote/OKTA.US.md) - [NET.US](https://longbridge.com/en/quote/NET.US.md) - [PLTR.US](https://longbridge.com/en/quote/PLTR.US.md) - [SNOW.US](https://longbridge.com/en/quote/SNOW.US.md) - [NOW.US](https://longbridge.com/en/quote/NOW.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) ## Comments (35) - **lyhalfway · 2026-01-02T04:11:32.000Z · 👍 3**: Looking back six months later, Morgan Stanley's AI Agent analysis framework is still quite good. In 2026, we'll continue to watch AI applications. If you're interested in any application companies, you can also see which niche they're in. This determines the ceiling. - **Ivor** (2026-01-26T14:57:57.000Z): Today cloudfare took off✈️(ˆ◡ˆ✿) - **春哥 · 2025-06-25T06:55:12.000Z**: What do you think of Oracle? This company seems to have some future competitiveness. Oracle databases are very stable, and its cloud computing seems decent. However, it has relatively few B2C businesses, so it doesn't look as attractive. - **lyhalfway** (2025-06-25T07:10:10.000Z): Oracle has never focused on the toC market, as the toB service market is already large enough. There are only these four major cloud service providers, with high barriers to entry allowing for sustain - **春哥** (2025-06-25T07:14:21.000Z): Thumbs up👍 - **Neo_zzZ · 2025-06-16T15:24:44.000Z**: At what price do you plan to exit your GOOG long position? - **lyhalfway** (2025-06-16T15:26:10.000Z): At least reach the previous high of 200 - **Neo_zzZ** (2025-06-16T15:28:06.000Z): Thanks! Keep holding long-term 💪 - **mmmmmm1212112** (2026-01-03T06:47:58.000Z): Boss, can Google still be bought now? - **I Will Carry You · 2025-06-16T14:42:46.000Z**: Is Voyager Tech still recommended? Cost basis at 59, still waiting or doing day trading. - **lyhalfway** (2025-06-16T15:27:11.000Z): It was too high on the listing day, so I didn't buy in. Currently, RKLB and ASTS seem more stable than it. - **I Will Carry You** (2025-06-17T04:28:16.000Z): Okay, boss - **相信概率 · 2025-06-16T13:48:44.000Z**: Google is still weak... Only Apple and Tesla are worse than it, can't even beat the market. - **lyhalfway** (2025-06-16T14:28:14.000Z): It may need to wait for the earnings report to prove that the advertising business is not affected by AI before it can take off. Before that, it was just moving slowly. - **满仓pltr长持 · 2025-06-16T12:21:37.000Z**: I recognize every word but don't understand them when combined 😆 - **RH哥哥 · 2025-06-16T10:27:28.000Z · 👍 1**: Anthropic, it seems Amazon holds a significant stake in it, so Amazon also has a presence in this area. By the way, Meta also has its own LLM. - **lyhalfway** (2025-06-16T10:35:26.000Z): Meta's llama has fallen behind. Let's see if the newly acquired Scale AI team can make a difference. Meta has a good track record of acquiring and integrating competing startups, as seen with Instagra - **RH哥哥** (2025-06-16T10:36:47.000Z): I see, learned something new, bro - **lyhalfway** (2025-06-16T10:44:09.000Z): In such a highly capital-intensive and talent-intensive sector, competition is fierce. Without getting directly involved, relying solely on equity investments won't make it work, or you won't reap the - **RH哥哥 · 2025-06-16T10:25:02.000Z**: Brother, is Meta also one of the giants in AI infrastructure? This layer can actually go further up, all the way to NVIDIA😂 - **lyhalfway** (2025-06-16T10:38:07.000Z): NVDA is not part of the AI Agent map. AI infra mainly includes cloud TPUs. Although Meta has its own computing power, it does little toB commercialization, so it can't take the lion's share of industr - **RH哥哥** (2025-06-16T10:41:12.000Z): Oh, yes, it should be Oracle's cloud - **Irenell · 2025-06-16T09:25:07.000Z**: Do you have a position in Google? What price do you recommend to establish a position? - **lyhalfway** (2025-06-16T09:27:17.000Z): I entered the market relatively early, and now it seems that around 170 is a good level to buy on dips. - **Irenell** (2025-06-16T09:29:45.000Z): Hmm, is Voyager Tech still recommended? - **lyhalfway** (2025-06-16T09:30:36.000Z): Not chasing anymore - **hjs557523 · 2025-06-16T09:19:43.000Z · 👍 2**: Support - **空军吃我元气弹 · 2025-06-16T09:11:04.000Z · 👍 1**: Started paying attention to PLTR after reading your analysis. Google has always been a long-term hold. - **lyhalfway** (2025-06-16T09:19:49.000Z): This combination is quite good. PLTR is highly volatile, while Googl is relatively stable.