智通财经网·2025-11-20 09:00Core Viewpoint - The report from Changcheng Securities indicates that the demand for AI computing power is continuously strong, leading to a significant increase in prices for Flash Wafer and related high-end PCB products, benefiting the entire industry chain [1][2][3]. Group 1: Capital Expenditure Adjustments - Major North American CSPs such as Google, Microsoft, Amazon, and Meta have raised their capital expenditure forecasts for 2025, reflecting an unexpected surge in AI computing power demand [2][3]. - Google has increased its 2025 capital expenditure forecast from $85 billion to $91-93 billion, with a backlog of cloud orders amounting to $155 billion, up 82% year-on-year [3][4]. - Microsoft anticipates a growth rate in capital expenditure for FY26 that will exceed that of FY25, with a remaining performance obligation (RPO) nearing $400 billion, reflecting over 50% growth [4]. - Amazon's AWS backlog has reached $200 billion, with a capital expenditure forecast of $125 billion for 2025, expected to rise further in 2026 [4]. - Meta has also adjusted its 2025 capital expenditure forecast to between $70 billion and $72 billion, anticipating significant growth in computing power demand [4]. Group 2: NAND Flash Price Surge - NAND Flash prices have surged significantly, driven by major manufacturers reducing supply to counteract previous oversupply issues and enhance profitability [5][6]. - Companies like Samsung and Kioxia have lowered their NAND wafer production targets for the year, with Samsung reducing its target from 5.07 million wafers to approximately 4.72 million, a decrease of about 7% [5]. - The demand for NAND is expected to exceed supply significantly, with forecasts indicating that the data center market's bit demand will grow by over 40% year-on-year in 2026 due to increased AI inference capabilities [6].