计算机行业点评报告：微软（MSFT.O）：追加40亿美元投建AI数据中心，AI算力投入持续上修

Investment Rating - The report maintains a "Recommended" investment rating for the industry [10] Core Insights - Microsoft is leading the AI data center construction wave, with significant investments in building large-scale AI data centers, including a recent announcement of an additional $4 billion investment for a second AI data center in Wisconsin [5][8] - The Fairwater AI data center in Wisconsin, with an investment of $3.3 billion, is nearing completion and is designed to support large-scale AI models and applications [5][6] - The report highlights the increasing capital expenditures in the AI computing sector, with Microsoft's Q2 2025 capital expenditure reaching $24.2 billion, a 27% year-on-year increase, indicating a strong outlook for AI computing investments [7][8] Summary by Sections Industry Performance - The computer industry has shown varied performance over different time frames, with a 1-month decline of 1.9%, a 3-month increase of 19.5%, and a 12-month increase of 75% [1] Investment Highlights - Microsoft has extensive experience in constructing large-scale data centers, which positions it favorably in the AI computing infrastructure sector [5][6] - Other leading companies in the overseas market are also increasing their capital expenditures for computing, indicating a clear mid-term visibility for global computing investments [7][8] Company Focus and Earnings Forecast - The report provides earnings forecasts for Microsoft, Google, and Nvidia, with Microsoft expected to have an EPS of $11.86 in 2024, increasing to $15.75 by 2026 [10]