智通财经网·2025-11-03 00:17Core Viewpoint - North American CSP companies are experiencing accelerated capital expenditures and maintaining a positive outlook on future infrastructure investments, with significant year-over-year growth in capital spending reported for Q3 2025 [1][2]. Capital Expenditure Summary - The total capital expenditure for the four major North American cloud service providers (CSPs) reached $113.3 billion in Q3 2025, marking a 75% year-over-year increase and an 18% quarter-over-quarter increase [2]. - Amazon's capital expenditure for Q3 2025 was $35.095 billion, a 55.15% increase year-over-year, with plans to reach approximately $125 billion for the entire year [5]. - Microsoft's capital expenditure for Q3 2025 was $34.9 billion, reflecting a 74.5% year-over-year increase, with a focus on short-term assets [5]. - Google's capital expenditure for Q3 2025 was $23.953 billion, an 83.39% year-over-year increase, with expectations for total capital spending in 2025 to be between $91 billion and $93 billion [5]. - Meta's capital expenditure for Q3 2025 was $19.37 billion, a 110.5% year-over-year increase, with projected capital spending for 2025 between $70 billion and $72 billion [6]. Industry Outlook - The current capital expenditure phase for North American CSPs is characterized by rapid growth and an optimistic outlook, driven by the early stages of large AI model development and increasing demand for computational power [6]. - Short-term factors such as order rumors, Q3 earnings expectations, and improved US-China relations have positively impacted the AI computing sector, particularly in optical modules [7]. - The industry is advised to continue focusing on the AI computing sector, including both North American and domestic supply chains, as well as AI application advancements [7].