计算机：海外云厂商专题报告（二）-当前时点，我们如何看北美云厂商CapEx？

Investment Rating - The report maintains an "Overweight" rating for the North American cloud vendors [2]. Core Insights - In Q3 2024, the total capital expenditure (CapEx) of four North American cloud vendors (Microsoft, Google, Amazon, Meta) reached $57.52 billion, reflecting a year-on-year increase of 60.61% [12][14]. - The CapEx guidance from these companies indicates a positive outlook for future investments, with Microsoft expecting quarterly increases, Google maintaining its Q4 levels, Amazon projecting a rise in 2025 CapEx, and Meta raising its 2024 CapEx forecast to between$ 38-40 billion [12][14][63]. Summary by Sections Section 1: Q3 2024 CapEx Overview - The combined CapEx of Microsoft, Google, Amazon, and Meta for Q3 2024 was $57.52 billion, a 60.61% increase year-on-year [12][14]. - Microsoft’s CapEx for FY25Q1 reached$ 20 billion, with expectations for quarterly increases [17][34]. - Google’s Q3 CapEx was approximately $13 billion, with guidance for Q4 to remain stable [49]. - Amazon's 2024 CapEx guidance is around$ 75 billion, primarily directed towards AWS-related infrastructure [56][63]. - Meta has adjusted its FY24 CapEx lower limit upwards, anticipating significant growth in FY25 CapEx [68][75]. Section 2: AI Empowerment and Business Growth - Microsoft’s AI business is projected to exceed $10 billion in annual revenue by FY25Q2, driven by operational efficiency and new growth [14][21]. - Google’s AI initiatives have improved customer operational efficiency, with a 30% increase in product usage among existing clients [14][39]. - Amazon's AWS AI business is experiencing triple-digit year-on-year growth, with annual revenues reaching billions [58][60]. - Meta's AI efforts are enhancing user retention and monetization rates, with a notable increase in revenue from its Family of Apps [71][73].