华福证券：北美云厂资本开支再次上修 AI景气度强化

Core Viewpoint - The report from Huafu Securities highlights that major North American cloud providers, including Google, Microsoft, Meta, and Amazon, have disclosed their Q2 financial results, showing significant year-on-year increases in capital expenditures, reinforcing the ongoing trend in the AI industry driven by rising inference demand [1][2][3]. Group 1: Q2 Capital Expenditures - Google reported Q2 capital expenditures of $22.4 billion, a year-on-year increase of 70% [2] - Microsoft reported $24.2 billion in capital expenditures, up 27% year-on-year [2] - Meta's capital expenditures reached $17 billion, reflecting a 101% increase year-on-year [2] - Amazon's capital expenditures were $32.2 billion, showing an 83% year-on-year growth [2] Group 2: Future Capital Expenditure Guidance - Google has raised its 2025 full-year capital expenditure forecast from $75 billion to $85 billion, citing strong demand for cloud products and services [2] - Microsoft expects its next quarter capital expenditures to exceed $30 billion, indicating a quarter-on-quarter growth of over 24% [2] - Meta adjusted its 2025 capital expenditure range from $64-72 billion to $66-72 billion, maintaining high growth expectations for 2026 [2] - Amazon indicated that its Q2 capital expenditures represent the level for the second half of the year [2] Group 3: AI Industry Trends - The competition and iteration in large models continue, with capital expenditures for computing power expected to remain high [3] - The demand for inference has significantly increased, with total computing power demand projected to grow further [4] - Data from Volcano Engine indicates that the daily token usage for the Doubao large model has surged to over 16.4 trillion, a 137-fold increase compared to last year [4] - Google's monthly token processing volume reached 980 trillion, doubling from April's figures, indicating strong growth momentum [4] Group 4: Investment Recommendations - The AI industry trend is expected to continue strengthening, with capital expenditures likely to rise [5] - PCB is identified as a crucial segment in the AI hardware supply chain, with high demand for NVIDIA GPUs and self-developed ASICs from cloud providers [5] - Companies to watch include Huadian Co., Shenghong Technology, Shennan Circuit, and others in the PCB and server manufacturing sectors [5]