Mei Ri Jing Ji Xin Wen·2025-08-04 00:33Group 1 - The core viewpoint of the article highlights that the total capital expenditure of the four major internet companies in North America is projected to reach $95.8 billion in Q2 2025, representing a year-on-year growth of 64% [1] - Google and Meta have raised their guidance for the current year, while Amazon indicated that the capital expenditure in Q2 could reflect the level for the second half of the year [1] - Microsoft anticipates that its capital expenditure in the next quarter (Q1 FY2026) will exceed $30 billion, corresponding to a year-on-year growth of over 50% [1] Group 2 - 2025 is expected 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, leading to a substantial growth in the liquid cooling market size [1] - The adoption of liquid cooling in ASIC cabinet solutions and the introduction of domestic manufacturers' super-node solutions 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 is driving strong demand for computing power, and the company continues to recommend focusing on the computing power industry chain, including both North American and domestic chains [1]