AI算力爆发！关注通信ETF（515880）、芯片ETF（512760）

Group 1 - The core viewpoint highlights that AI computing hardware-related stocks are leading the market, driven by strong demand from overseas cloud providers and the trend of domestic substitution in computing infrastructure due to national security concerns [1][3]. Group 2 - Recent financial reports indicate significant growth in cloud computing revenues for major overseas cloud providers, with Amazon AWS, Microsoft Azure, and Google GCP reporting year-on-year revenue increases of 17%, 39%, and 32% respectively in Q2 2025 [2]. - The capital expenditure (CAPEX) for leading cloud providers collectively grew by 64% year-on-year in Q2 2025, with an upward revision of the annual CAPEX guidance [2]. - Projections suggest that the investment in AI servers by the four major cloud providers (Microsoft, Amazon, Google, Meta) will reach $151.3 billion in 2025 (+81%) and $248.3 billion in 2026 (+64%) [2]. Group 3 - The trend of domestic substitution in the computing infrastructure sector is emphasized as a long-term necessity for national security, especially in light of uncertainties surrounding tariffs and trade policies from the current U.S. administration [3]. - The Chinese government is unlikely to allow the AI industry to heavily rely on imported infrastructure, reinforcing the need for domestic alternatives [3]. - Investors are encouraged to consider products like the Communication ETF (515880) and the Entrepreneurship Board AI ETF (159388) to capitalize on the high demand for global AI computing hardware, as well as the Chip ETF (512760) for the domestic substitution trend [3].