Alphabet(US:GOOGL) Huaxin Securities·2026-02-10 01:24Investment Rating - The report maintains a "Buy" rating for several companies in the AI computing sector, including Inspur Information, Tianfu Communication, and Cambricon Technologies [7]. Core Insights - Google's capital expenditure is expected to double by 2026, reaching between $175 billion and $185 billion, driven by surging demand for AI computing power [3]. - SpaceX's acquisition of xAI aims to create a space-based data center, potentially deploying up to one million satellites for AI model training [4]. - The report highlights a significant increase in capital expenditures among major tech companies, with a projected total of approximately $650 billion by 2026 [43]. Weekly Market Analysis - The AI computing sector experienced a decline, with the communication network equipment and devices segment dropping by 10.69% [17]. - The overall performance of the electronic and communication sectors was negative, with declines of 5.23% and 6.95%, respectively [12][14]. - The report notes that the digital chip design and other computer equipment sectors have the highest valuation levels among AI computing-related segments [17]. Company Focus and Earnings Forecast - Inspur Information (000977.SZ) is projected to have an EPS of 2.44 in 2026, with a PE ratio of 24.36, rated as "Buy" [7]. - Tianfu Communication (300394.SZ) is expected to achieve an EPS of 4.18 in 2026, also rated as "Buy" [7]. - Cambricon Technologies (688256.SH) is forecasted to have an EPS of 8.05 in 2026, with a "Buy" rating [7]. Industry Dynamics - Siemens' acquisition of Canopus AI aims to enhance semiconductor manufacturing through AI-driven measurement and detection software [41]. - AMD's stock fell by 17.31% due to a significant expected decline in AI chip revenue from the Chinese market [42]. - The report emphasizes the ongoing competition in AI infrastructure, with major tech firms ramping up capital expenditures to secure a leading position in the AI market [43].