瑞银：中国人工智能-互联网资本支出- 以务实态度投入人工智能投资

Latest company comments largely maintained capex outlook this year As highlighted previously, we believe China internet companies focus on GPU efficiency and utilisation, and thus their capex target has been more demand driven and can adjust in a swift, dynamic manner based on changes in the demand outlook. In the recent Q125 earnings, major US tech leaders, including Microsoft, Google and Meta, have maintained or even increased capex guidance for the year (Figure 2Capex udtsfrom UShyperscal inrectags l), p ...