Lates News

CITIC Securities research report states that we expect the year-on-year CAPEX of the four major cloud computing providers (CSP) in North America to increase by +61%/27% in 2025/2026, and AI CAPEX to increase by +94%/59%, but the growth situation in 2027 still lacks visibility. The authenticity of OpenAI's demand, order fulfillment capability, industry cyclic financing & debt financing, and the current fragility of ROI in the AI industry have led to a significant increase in market divergence and disturbance. We believe that in the current favorable macroeconomic environment, combined with strong micro supply chain data support and the FOMO psychology brought about by the strategic importance of AI, the short-term narrative of AI CAPEX in the US stock market is likely to continue. However, the unpredictability of AI technology and macroeconomic expectations also means that the market's optimistic sentiment could reverse at any time. In terms of investment strategy, we still recommend following a "walk and see" short-term logic and closely monitoring core variables such as US macroeconomic expectations, guidance from tech giants, and progress in the AI industry in the next 6 months.