计算机行业海外云厂商专题报告：北美云厂商CapEx持续高增，预期指引乐观

Investment Rating - The report maintains a rating of "Buy" for the industry [1] Core Insights - North American cloud service providers (CSPs) are experiencing a sustained increase in capital expenditures (CapEx), with a projected total of $51.63 billion in CapEx for Q2 2024, representing a year-on-year growth of 59.0% [5][30] - Major companies such as Microsoft, Google, Amazon, and Meta are expected to continue their high levels of investment in cloud and AI infrastructure, indicating strong future growth potential [5][30] Summary by Sections 1. North American Cloud Providers CapEx Growth - Microsoft expects its FY25 CapEx to exceed FY24, focusing on cloud and AI infrastructure [5] - Google anticipates maintaining high CapEx levels throughout the year, driven by AI-related revenues [5] - Amazon plans to increase its CapEx in H2 2024, primarily for AWS infrastructure expansion to meet strong demand for generative and non-generative AI workloads [5] - Meta has raised its 2024 CapEx guidance to between $37-40 billion, with significant increases expected in 2025 to support AI research and product development [5] 2. Investment Recommendations - The report suggests that the capital expenditures of overseas cloud providers serve as a strong forward-looking indicator for the domestic computing power industry, recommending attention to companies benefiting from computing power construction, such as Haiguang Information, Zhongke Shuguang, and others [30]