Has AI created a "bubble"? Will power shortages hinder AI development... A special interview with Chen Lan, Partner at Deloitte China.

Every reporter｜Zhang Huaishui Every editor｜Huang Bowen

On March 24, the world’s attention once again converged in Boao, Hainan.

On that morning, the Boao Forum for Asia released two flagship reports for the 2026 annual meeting, namely the “2026 Annual Report on the Asian Economic Outlook and Integration Process” (hereinafter referred to as the “Report”) and the “2026 Annual Report on Sustainable Development in Asia and the World.”

The “Report” pointed out that as the global focus of artificial intelligence (AI) development shifts from Europe and the United States to Asia, Asian economies are transforming from AI followers to leaders based on their large digital populations, rich application scenarios, and systematic policy promotion, thereby reshaping the global AI innovation order.

With the global surge in AI enthusiasm, is there already an investment “bubble” in the AI industry? Against the backdrop of rising global electricity prices, will AI development face serious obstacles? In response to these questions, a reporter from the “Daily Economic News” interviewed Chen Lan, the research partner at Deloitte China, on-site at the annual meeting.

Ms. Chen Lan is one of the main interpreters of the flagship report for the Boao Forum for Asia 2026 annual meeting, with more than twenty years of experience in research related to new retail and the digital economy. She has been responsible for and participated in commissioned projects and deliveries from national ministries such as the Ministry of Industry and Information Technology and the Ministry of Commerce.

Boao Forum for Asia 2026 Annual Meeting Image Source: Provided by the organizer

Current AI applications continue to create substantial value

According to the latest data released by the National Bureau of Statistics, driven by technological innovation and commercial application, the artificial intelligence industry is continuously growing. It is expected that by the end of the “14th Five-Year Plan,” China’s AI-related industry scale will exceed 10 trillion yuan, moving towards broader growth potential.

According to statistics from relevant research institutions, the global artificial intelligence market is expected to reach $757.58 billion by 2025, a year-on-year increase of 18.7%. As the world’s second-largest economy, China’s AI industry is showing explosive growth driven by the synergy of policy support, market demand, and technological iteration.

At the same time, some foreign scholars have recently predicted the bursting of the AI bubble, believing that “if the AI boom collapses, the impact will be less than that of the internet bubble but widespread.” So, has a bubble really emerged in the AI field? In an interview with the “Daily Economic News,” Chen Lan stated that although AI companies are generally highly valued at present, the practical application of AI technology has indeed improved efficiency and reduced costs. For example, Deloitte has tripled its audit efficiency using AI Agents, significantly enhancing data processing and risk identification efficiency, while reducing the labor costs of a large amount of repetitive work.

Chen Lan believes that bubbles typically occur when capital investment far exceeds the ability to implement technology and when revenue expectations are long-term disconnected. However, the current application of AI continues to create substantial value, so it cannot be simply concluded that a bubble exists.

The “Report” pointed out that AI development in Asia exhibits structural characteristics of “coexisting tiers, differentiated paths, and large cooperation potential.” Among the leading representatives, China has formed a mature full-chain capability and large-scale implementation ability, while Japan and South Korea focus on high-end manufacturing and industrial automation; Singapore plays a governance demonstration and platform hub role as an application demonstration model; and emerging economies such as India and Indonesia, which are in the potential cultivation stage, leverage market potential and application scenarios as breakthroughs.

AI technology applications have shifted from point-driven to systematic integration

Huatai Securities’ research report pointed out that amidst the conflict between the U.S. and Iran, global oil prices have surged, driving up overseas coal prices. Based on expectations, the price center for 5500 kcal thermal coal in China’s northern ports is expected to rise to around 750 yuan/ton by 2026.

According to Huatai Securities’ calculations, if the price of 5500 kcal thermal coal at the port rises by 50 yuan/ton (including tax), the wholesale electricity price on the supply side will increase by 2.9%, corresponding to an industrial electricity price increase of 2.0% to 2.2%.

Will the rise in global electricity prices hinder AI development? Chen Lan told a reporter from the “Daily Economic News” that the shift of the global AI development focus from Europe and the United States to Asia is primarily due to factors such as talent, industrial policy, and application demand, rather than the power supply itself. Indeed, power shortages will pose challenges for large-scale computing power deployment, and stable power supply is particularly important for AI infrastructure.

“Currently, many countries are restarting nuclear power generation or developing new energy to ensure the stable operation of computing power and data centers in the face of energy shortages. However, AI development relies more on computing power optimization, data governance, and industrial policy rather than a single issue of power supply,” Chen Lan said.

In addition, focusing on China’s artificial intelligence development, this year’s government work report first proposed “creating a new form of intelligent economy.” From “artificial intelligence +” to “creating a new form of intelligent economy,” what new signals are being released behind this?

In an interview with the “Daily Economic News,” Chen Lan said that the transition from the previously proposed “artificial intelligence +” to this year’s government work report’s first mention of “intelligent economy” reflects an upgrade in the policy level’s positioning of AI. “Artificial intelligence +” emphasizes the empowerment of AI technology for a single industry or business scenario, while “intelligent economy” is a systematic concept that emphasizes driving industrial upgrades, business innovation, and social service optimization with AI at its core.

“This releases an important signal that artificial intelligence is moving from the stage of technological breakthroughs to the stage of large-scale application. The application of technology has shifted from point-driven to systematic integration, and in the future, there will be more policies and resources supporting the construction of the intelligent economy, rather than just promoting AI technology itself. This also means that artificial intelligence will be more deeply integrated into enterprise production, operation, and service systems,” Chen Lan said.

Cover image source: Event organizer