3 6 Ke·2025-11-06 00:40Core Insights - North America's four major cloud service providers (CSPs) are expected to see CAPEX growth of 61% and 27% year-on-year in 2025 and 2026 respectively, while AI CAPEX is projected to grow by 94% and 59% in the same years [1] - There is a lack of visibility regarding growth in 2027, raising concerns about the sustainability of current investment trends [1] - Market disruptions are increasing due to the authenticity of OpenAI's demand, order fulfillment capabilities, cyclical financing in the industry, and the currently fragile ROI of AI investments [1] Industry Trends - The favorable macroeconomic environment, combined with strong micro supply chain data and the FOMO (Fear of Missing Out) mentality among tech giants regarding AI strategies, suggests that the narrative around AI CAPEX in the US stock market is likely to continue in the short term [1] - However, the unpredictability of AI technology and macroeconomic expectations poses a risk for a potential reversal in market optimism [1]