智通财经网·2026-01-08 07:00Core Viewpoint - HSBC Global Investment Research maintains ratings and target prices for major tech companies while highlighting challenges and opportunities in the AI industry chain by 2026 [1] Company Ratings and Target Prices - Ratings for major tech companies are as follows: Nvidia (Buy, $320), Google (Buy, $370), Amazon (Buy, $300), Meta (Buy, $905), Microsoft (Buy, $667), Oracle (Buy, $364), Apple (Hold, $250), and CoreWeave (Reduce, $44) [1] Key Trends for 2026 - Strong demand is leading to a persistent cloud computing capacity shortage, with major players like Amazon, Microsoft, and Google acknowledging this issue [2] - Multiple bottlenecks exist in industry development, particularly in power supply and chip capacity, which are expected to constrain revenue growth in the short term [2] - Capital expenditures are on a continuous upward trend, with a projected 44% year-over-year increase in global cloud computing capital expenditures in 2026 [3] - The rise of ASICs is noted, with Nvidia GPUs remaining the preferred choice for large-scale cloud computing firms, while ASICs are expected to gain market share [3] - The competitive landscape for advanced large models is anticipated to shift towards an oligopoly dominated by a few major players, with open-source models closing the gap with top proprietary models [3] - AI technology is expected to further penetrate consumer markets, particularly in smartphones and new hardware products, with data center infrastructure remaining the core driver of growth [4]