傅里叶的猫·2025-12-24 15:01Core Viewpoint - The article focuses on the capital expenditure outlook of the four major cloud service providers in the U.S. (Amazon, Microsoft, Google, and Meta) in relation to the AI industry, predicting record-high spending in 2025 and continued growth into 2026 [2][3]. Group 1: 2025 Capital Expenditure Outlook - The capital expenditure for data centers by the four major cloud service providers is expected to grow by 65% year-on-year in 2025, up from a previous estimate of 57% [6][7]. - The absolute increase in capital expenditure for 2025 is projected to exceed $115 billion, surpassing the previous estimate of over $100 billion, marking the highest level in the past decade [6][7]. - Each provider is expected to contribute over $20 billion to this increase, with Meta and Google leading with growth rates above 75%, while Microsoft and Amazon follow with growth rates above 50% [7][12]. Group 2: 2026 Capital Expenditure Outlook - The growth trend in capital expenditure is expected to continue into 2026, with an anticipated increase of over $150 billion, significantly higher than the previous estimate of over $80 billion [11][17]. - The growth rate for 2026 is projected to be above 50%, although this is a slowdown compared to 2025's forecasted growth [17][18]. - Each provider's absolute expenditure increase in 2026 is expected to be no less than $30 billion, with Meta and Google maintaining a growth rate above 60%, while Amazon and Microsoft are expected to have growth rates above 40% [18][21].