Xin Lang Cai Jing·2026-02-13 00:36Core Viewpoint - The overall operating conditions of North American tech giants continue to exceed market expectations, with accelerated growth in cloud business revenue and significant upward adjustments in capital expenditure guidance for 2026 driven by tight supply-demand dynamics and rising storage chip prices [1] Group 1: Capital Expenditure Forecasts - The forecast for the capital expenditure (CAPEX) of the four major Cloud Service Providers (CSPs) for 2026 has been adjusted to a year-on-year increase of 58% [1] - The AI CAPEX is projected to increase by 117% year-on-year for 2026 [1] Group 2: Investor Sentiment and Market Dynamics - Investor anxiety regarding the return on investment (ROI) from substantial AI expenditures is rising, making the efficiency of AI commercialization a critical focus for the sustainability of future market trends [1] - The favorable macroeconomic environment, strong micro supply chain data, and the fear of missing out (FOMO) among tech giants regarding AI strategies are expected to drive AI CAPEX as a key investment theme in the first half of 2026 [1] Group 3: Strategic Recommendations - The company suggests adhering to a "watch and see" approach while closely monitoring core variables such as U.S. macroeconomic expectations, guidance from tech giants, advancements in the AI industry, and financing developments of key companies in the primary market over the next six months [1]