CITIC Securities: capital expenditure in North American CSP in the second quarter grew by 64%, continues to recommend the liquid cooling sector.

CITIC Securities Research Report pointed out that in 2025 Q2, the total capital expenditure of the four major Internet companies in North America reached 95.8 billion US dollars, a year-on-year increase of 64%, maintaining a high growth momentum and optimistic outlook for the following quarters and the whole year. Google and Meta have raised their guidance for this year, while Amazon has stated that the capital expenditure in the second quarter can represent the level of capital expenditure in the second half of the year, and Microsoft expects capital expenditure to exceed 30 billion US dollars in the next quarter. 2025 is a year when NVIDIA's AI chip liquid cooling technology sees a significant improvement, and with the increasing power consumption of single chips, the liquid cooling market is expected to grow significantly in the future. With the gradual adoption of liquid cooling in ASIC cabinet solutions and the introduction of domestic manufacturers' super node solutions, the penetration of liquid cooling in the ASIC market and the domestic market is expected to quickly increase, further opening up market space. It is recommended to pay attention to the liquid cooling sector. The development of AI is still advancing steadily, with strong demand for computing power, and the recommendation to continue focusing on the computing power industry chain, including North American chains and domestic chains.