Ge Long Hui A P P·2025-08-13 02:08Core Insights - Morgan Stanley's report indicates that global cloud capital expenditures (Capex) are expected to reach historical highs in the coming years [1] Group 1: Capital Expenditure Projections - Global Capex for the top 11 hyperscale cloud providers is projected to increase to $445 billion by 2025, representing a year-over-year growth rate of 56%, which is 12 percentage points higher than previous estimates [1] - Preliminary consensus forecasts for 2026 suggest Capex could reach $518 billion, but Morgan Stanley anticipates it may rise to $582 billion, reflecting a 31% year-over-year increase [1] Group 2: Major Cloud Providers - The combined Capex of Amazon, Alphabet, Meta Platforms, and Microsoft is expected to reach $359 billion in 2025, marking a 57% year-over-year growth, and further increase to $454 billion in 2026, with a 26% growth rate [1] - These four companies are projected to contribute 77% of the global Capex increase in 2025 [1] Group 3: Revenue and Capex Ratio - The ratio of cloud Capex to revenue is expected to hit a historical high, reaching 18.4% in 2025 and surpassing 20% in 2026 [1]