TrendForce集邦咨询：预计2026年CSP合计资本支出增至6000亿美元以上

Core Insights - TrendForce has revised the global capital expenditure (CapEx) growth rate for the top eight North American cloud service providers (CSPs) from 61% to 65% for 2025, with expectations of exceeding $600 billion in total CapEx by 2026, reflecting a 40% year-on-year increase driven by AI infrastructure growth [1][3] Group 1: CSPs Capital Expenditure - The eight major CSPs include Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu [3] - Google has raised its 2025 CapEx forecast to $91-93 billion to meet the surging demand for AI data centers and cloud computing [3] - Meta has also increased its 2025 CapEx to $70-72 billion, with significant growth expected in 2026 [3] - Amazon has adjusted its 2025 CapEx estimate to $125 billion, while Microsoft anticipates higher CapEx in 2026 compared to 2025 [3] Group 2: Impact on AI Hardware and Supply Chain - The increase in CapEx by CSPs is expected to boost demand for AI servers, driving growth in upstream supply chains such as GPU/ASIC, memory, and packaging materials, as well as downstream systems like liquid cooling modules and power supplies [3][4] - NVIDIA's integrated solutions are projected to gain stronger growth momentum due to the increased CapEx from CSPs, with expected shipments of GB300 and VR200 models surpassing previous forecasts [4] - Oracle is expected to benefit significantly from North American government projects and cloud AI database leasing services [4] Group 3: Competitive Landscape - NVIDIA plans to launch a new generation of VR200 Rack, while AMD will promote its Helios integrated solution, which includes Venice CPU and MI400 GPU [4] - Meta is set to adopt both NVIDIA's GB/VR Rack and its self-developed ASIC solutions, planning a substantial 65% increase in its 2026 CapEx to $118 billion [5]