There are multiple origins, definition and meanings for the Ay:
1. Turkic the most popular name-giving component which actually means - "the Moon (born under the happy moon)".
2. Old English name-forming - "I am".
3. Armenian name-giving (հայ) [Hay] in a figurative sense - "Armenian (Hayastan - Armenian country)".
4. Hebrew (חי) [ḥay] name-forming which actually means - "alive".
5. Yakut (fq) name-forming semantics - "creating".
May also refer to Ay (feminine name-giving).