摩根士丹利资本支出追踪，数据中心与其他领域对比_ MS Capex Tracker, Data Center vs Everything Else

Investment Rating - The industry view is rated as Attractive [7] Core Insights - The MS Capex Tracker indicates that US next twelve months (NTM) capital expenditure intentions have accelerated to +20% through Q3, up from +10% at the start of the year, primarily driven by Data Center investments [3][4] - The report highlights a significant positive rate of change in capital expenditure, particularly from US Hyperscalers, which aligns with the "Data Center vs Everything Else" theme [3] - There is potential for manufacturing capital expenditure to increase further into 2026 due to improved tariff policies, supporting the $10 trillion reshoring thesis [3][4] - The report identifies key companies well-positioned for growth, including Trane Technologies (TT), Eaton Corporation (ETN), Johnson Controls International (JCI), Vertiv Holdings (VRT), Rockwell Automation (ROK), and Acuity Inc. (AYI) [3] Summary by Relevant Categories Capital Expenditure Trends - NTM capital expenditure leaders include Hyperscalers (+78%), Tech Hardware (+20%), Utilities (+18%), and Aerospace (+12%) [9] - Laggards in capital expenditure include IT (-14%), Chemicals (-9%), Automotive (-7%), Food & Beverage (-6%), Semiconductors (-4%), and Energy (-3%) [9] Rate of Change in Capital Expenditure - The rate of change for NTM capital expenditure shows leaders such as Hyperscalers (+38%) and Tech Hardware (+20%), while laggards include Chemicals (-16%) and IT (-16%) [12]