电子11月周报：北美云厂商24Q3资本开支高增长，AI持续高景气度

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - North American cloud providers such as Amazon, Google, Microsoft, and Meta have achieved significant progress in AI applications and infrastructure through high capital expenditures and continuous innovation. The demand for AI applications and infrastructure is driving growth for Amazon AWS and Microsoft Azure, while Google and Meta are actively expanding their cloud service market share by launching new products and AI services to meet diverse enterprise needs. AMD has also shown strong revenue and profit growth in Q3 2024, with its data center business being a major growth driver. The AI industry continues to exhibit high prosperity, and investment opportunities in the AI computing power supply chain are promising [2][6][19] Summary by Sections 1. Capital Expenditure Growth of Major Cloud Providers - The capital expenditures of the four major North American cloud providers in Q3 2024 have shown significant year-on-year growth, with Amazon's capital expenditure increasing by 88%, and Google, Microsoft, and Meta's capital expenditures growing by 62%, 51%, and 36% respectively [9][6] 1.1 Amazon - In Q3 2024, Amazon achieved total revenue of $158.9 billion, a year-on-year increase of 11%, and a net profit of $15.3 billion, up 55% year-on-year. This growth is attributed to stable revenue growth from AWS and strong demand for AI services [11][10] 1.2 Google - Google reported Q3 2024 revenue of $88.3 billion, a 15% year-on-year increase, and a net profit of $26.3 billion, up 34%. The cloud business revenue reached $11.4 billion, growing 35% year-on-year, driven by advancements in AI infrastructure and core products [12][13] 1.3 Microsoft - Microsoft achieved Q3 2024 revenue of $65.6 billion, a 16% year-on-year increase, with a net profit of $24.7 billion, up 11%. The Azure cloud business saw a 34% year-on-year revenue growth, with AI services contributing significantly [14] 1.4 Meta - Meta's Q3 2024 revenue was $40.6 billion, a 19% year-on-year increase, with a net profit of $15.7 billion, up 35%. The company raised its full-year capital expenditure guidance to between $38 billion and $40 billion [16][17] 2. AMD's Performance - AMD reported Q3 2024 revenue of $6.8 billion, an 18% year-on-year increase, and a net profit of $771 million, up 158%. The revenue growth is primarily driven by significant increases in data center and client processor sales [19][21] 2.1 Data Center and Client Business Growth - The data center business became a strong growth engine for AMD, with revenue increasing by 122% year-on-year to $3.55 billion, setting a new quarterly record. The demand for AMD's Instinct series GPUs and EPYC series CPUs continues to drive business growth [21] 3. Investment Recommendations - The report suggests focusing on the AI computing power supply chain and domestic equipment materials supply chain. The rapid development of AI applications and the increasing demand for computing power are expected to drive growth in related sectors [23][24]