创业板人工智能ETF华夏（159381）连续5日吸金近1.7亿元，科技巨头算力投资继续加码

Group 1 - The A-share market is experiencing a pullback, with sectors such as solar thermal power, short drama games, nuclear fusion, and nuclear power continuing to gain traction, while previously strong AI computing and optical module CPOs are adjusting [1] - The AI index on the ChiNext board, which has the highest weight of optical module CPO concept stocks, fell by 0.71%, with leading stocks like Tianfu Communication and Zhongji Xuchuang leading the decline [1] - Popular ETFs, including the lowest fee ChiNext AI ETF and the largest 5G communication ETF, saw rapid trading volumes exceeding 100 million yuan, attracting significant capital inflows in recent trading days [1] Group 2 - The four major North American cloud providers (Microsoft, Amazon, Meta, Google) reported a 68% year-on-year increase in capital expenditures for Q3 2025, totaling $96.4 billion, with expectations for 2025 capital expenditures to reach $363.3 billion [2] - Each company has provided positive guidance for capital expenditures in 2025 and 2026, with Microsoft expecting growth rates to exceed those of 2025, Amazon forecasting $125 billion for 2025, Meta raising its guidance to $70-72 billion, and Google increasing its guidance to $91-93 billion [2] - The AI large model user penetration rate is still low, indicating that the development of large models is in its early to mid-stages, with significant potential for capital expenditure growth as revenues from large models increase [2]