北美CSP资本开支加速增长 算力产业景气有望持续

Core Viewpoint - North American cloud service providers (CSPs) are experiencing significant growth in capital expenditures, with a positive outlook for future infrastructure investments [1] Capital Expenditure Summary - In Q1 2025, total capital expenditure for the four major North American CSPs reached $77.3 billion, a year-on-year increase of 62% [1] - In Q2, capital expenditure totaled $95.8 billion, reflecting a 64% year-on-year growth [1] - In Q3, the combined capital expenditure amounted to $113.3 billion, marking a 75% year-on-year increase and an 18% quarter-on-quarter growth [1] Industry Outlook - Current capital expenditures by North American CSPs are in a rapid growth phase, with an optimistic outlook for the future [1] - The user penetration rate of AI large models remains low, indicating that the development of these models is still in its early to mid-stages, and the industrialization cycle has just begun [1] - Investment in computing power driven by large models is expected to continue growing, with a high potential ceiling for capital expenditures as revenues from these models increase [1] Market Dynamics - Short-term factors such as rumors of increased orders, Q3 earnings expectations, and improved US-China relations have positively impacted the AI computing power sector [1] - Despite optimistic demand, there may be supply capacity constraints leading to potential market fluctuations, but this does not signify the end of the industry's growth trend [1] - A mid-term perspective suggests continued emphasis on the AI sector, particularly in the computing power chain of both North American and domestic markets [1] Investment Recommendations - The company recommends focusing on the AI computing power sector, including key players in the North American and domestic computing power supply chains [1] - Additionally, attention is advised on the AI application sector, particularly advancements in edge AI, such as IoT module companies [1]