智通财经网·2025-09-23 00:41Core Viewpoint - The report from CITIC Securities reaffirms a positive outlook on the NV chain's prosperity and the innovation iteration of domestic AI, highlighting continuous advancements in demand from overseas companies like Oracle and ongoing technological innovations such as OCS [1] Group 1: North America Market Insights - CITIC Securities adjusts the 2025 capital expenditure forecast for the four major CSPs in North America to $383.6 billion, a 52% increase year-on-year from 2024, with an expected 2026 capital expenditure of $461.3 billion, a 20% increase from 2025 [1] - The firm believes that the continuous upward revision of capital expenditure by North American internet companies will sustain the prosperity of the NVIDIA supply chain, with core suppliers like Hon Hai Precision Industry expected to achieve rapid growth in performance over the coming years [1] Group 2: Domestic Market Developments - According to Alibaba and Tencent's Q2 2025 earnings calls, domestic internet companies are expected to continue investing in AI infrastructure, with projected capital expenditures exceeding 500 billion yuan in 2026, where AI servers are anticipated to account for over half of this investment [2] - The domestic AI server market is expected to reach 420 billion yuan and the AI computing chip market is projected to reach 350 billion yuan by 2026, with next-generation domestic chips expected to rapidly enhance software ecosystems and interconnectivity [2] Group 3: Technological Innovations - Oracle anticipates its cloud infrastructure revenue to reach $18 billion in FY2026, a 77% year-on-year increase, with projections for FY2027 to FY2030 reaching $32 billion, $73 billion, $114 billion, and $144 billion respectively [3] - OCS technology is expected to provide high bandwidth, low latency, and low-cost network solutions, with its adoption anticipated to replace traditional switching technologies in AI clusters, creating significant market opportunities [3] Group 4: Domestic AI Computing Innovations - Huawei has unveiled its Ascend AI chip development roadmap, indicating rapid improvements in hardware microarchitecture, low-precision performance, and interconnect bandwidth, which are expected to enhance product competitiveness and potentially replace overseas chips in certain scenarios [4] - The domestic AI computing market is projected to grow continuously due to increasing demand from downstream internet and government enterprises, with domestic chip market share expected to rise as competitiveness improves [4]