复盘本周美股-映射AI电力/算力出海逻辑辨析（HRSG、液冷、光模块、PCB）

Market Overview - The US stock market showed mixed performance this week, with the Dow Jones index declining by 0.67%, while the Nasdaq and S&P 500 indices increased by 0.48% and 0.1% respectively [3] - The fluctuations in the AI power and computing sectors were significant, driven by key events related to Oracle and OpenAI [4] Key Events Impacting AI Power and Computing - The core event causing volatility was the financing situation involving Oracle and OpenAI, particularly the news that Blue Owl Capital would not fund a $10 billion deal for Oracle's new data center [6][7] - Conversely, OpenAI reportedly secured $100 billion in funding led by a UAE sovereign fund, raising its valuation by $80 billion and alleviating concerns about Oracle's financial stability [8] AI Power Sector Analysis - Key companies in the AI power sector, Bloom Energy (B.E) and GE Vernova (GE.V), experienced declines of 6.49% and 2% respectively over the week, but rebounded significantly on Thursday and Friday, with B.E rising over 10.7% and GE.V over 2.9% [9] - The initial decline was attributed to lowered expectations for AI capital expenditures, leading to a decrease in power demand growth forecasts [9] - The recovery in the latter half of the week was driven by a reversal of negative sentiment regarding AI power sector valuations [10] AI Computing Sector Analysis - The AI computing sector showed a strong performance overall, with key stocks like Nvidia rising over 3.9%, Oracle over 6.6%, and Lumentum over 10% [10] - The initial weakness was linked to increased uncertainty regarding AI capital expenditures, which negatively impacted growth expectations for AI hardware and software [10] - The subsequent recovery was a result of a reversal in negative market sentiment, leading to improved valuation expectations for the AI computing sector [10] AI Power and Computing Export Logic - The article discusses the export logic for AI power and computing, emphasizing the importance of tracking specific data points related to each segment [11][12] - For instance, the HRSG (Heat Recovery Steam Generator) market is highlighted, with a significant supply gap of over 30% in North America, leading to strong price increases [13][14] - The demand for SOFC (Solid Oxide Fuel Cells) is also noted, with major tech companies like Meta and Google showing interest in large-scale orders [15] Industry Information - The liquid cooling market is expected to see optimistic demand growth, with significant orders anticipated from major tech firms [18][19] - The PCB market is experiencing tight supply conditions, leading to price increases, while the optical module market is facing extreme capacity constraints [19]