Xin Lang Cai Jing·2025-08-03 23:37Group 1 - The core viewpoint of the article highlights that the total capital expenditure of the four major North American internet companies is projected to reach $95.8 billion in Q2 2025, representing a year-on-year increase of 64%, indicating a sustained high growth trend [1] - Google and Meta have raised their guidance for the current year, while Amazon indicated that its Q2 capital expenditure could represent the quarterly capital expenditure level for the second half of the year [1] - Microsoft expects its capital expenditure for the next quarter (Q1 FY2026) to exceed $30 billion, corresponding to a year-on-year growth of over 50% [1] Group 2 - 2025 is anticipated to be a significant year for the penetration of liquid cooling in NVIDIA's AI chip market, with a notable increase in single-chip power consumption expected to drive market growth [1] - The adoption of liquid cooling in ASIC cabinet solutions and the introduction of super-node solutions by domestic manufacturers are expected to accelerate the penetration of liquid cooling in both the ASIC market and the domestic market, further expanding market opportunities [1] - The ongoing development of AI continues to drive strong demand for computing power, with a recommendation to focus on the computing power industry chain, including both North American and domestic chains [1]