Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained rating) [1] Core Insights - A review of the capital expenditures and performance of major cloud vendors in Q1 2025 shows that Microsoft, Meta, and Amazon experienced a slowdown in year-over-year capital expenditure growth, while Microsoft saw stable revenue and profit growth driven by AI [2] - Overall cloud revenue growth is slowing, but all vendors continue to see increases in cloud revenue. The return on invested capital (ROIC) for Meta and Amazon has decreased quarter-over-quarter due to the impact of overall revenue and profit trends [2] Summary by Sections 1. Capital Expenditures and Performance Review of Cloud Vendors - In Q1 2025, Microsoft's capital expenditure decreased by 5.3% quarter-over-quarter to $21.4 billion, primarily due to normal fluctuations related to data center leasing delivery times. Future capital expenditures are expected to increase [8][14] - Meta's capital expenditure in Q1 2025 was $13.7 billion, a year-over-year increase of 104%, but slightly below expectations. The company raised its full-year capital expenditure guidance to between $64 billion and $72 billion, reflecting additional investments in data centers to support AI initiatives [20][27] - Google's capital expenditure in Q1 2025 was $17.2 billion, a year-over-year increase of 43.2% and a quarter-over-quarter increase of 20.5%, slightly exceeding market expectations [35][41] - Amazon's capital expenditure in Q1 2025 was $24.3 billion, a year-over-year increase of 63.09%, but a quarter-over-quarter decrease of 7.6%, primarily directed towards AWS to meet AI service demands [48][55] 2. Cloud Revenue and ROIC Situation - Microsoft reported Q1 2025 cloud revenue of $26.7 billion, with Azure and other cloud services growing by 33%, contributing 16% to Azure's revenue growth from AI [70] - Amazon's AWS revenue in Q1 2025 was $29.3 billion, a year-over-year increase of 16.9%, with AI business achieving annualized revenue in the billions and continuing to grow at triple-digit percentages [55][70] - Google's cloud revenue in Q1 2025 was $12.26 billion, a year-over-year increase of 28.06%, driven by GCP growth, including AI infrastructure and generative AI solutions [70] - The ROIC for Microsoft and Google increased quarter-over-quarter, while Meta and Amazon saw declines, reflecting the impact of AI demand on capital expenditures and overall performance [71]

新华财经上海3月27日电近期，市场对于美国数据中心建设过剩的担忧令美股算力产业链承压。截 至26日美股收盘，纳指收跌2.04%，费城半导体指数收跌约3.3%，英伟达收跌超5.7%，领跌"科技七巨 头"，市值一夜蒸发1691亿美元（约合人民币12291亿元）。 美国的投资银行和金融服务公司TD Cowen基于对英伟达GTC大会等近期行业活动的渠道调研分析 称，虽然数据显示数据中心需求仍同比呈现增长势头，但微软取消或延期数据中心租约的数量超出最初 预期。 报告表示，由于计算机集群供应过剩，微软已经退出在美国和欧洲的多个数据中心项目，这些项目 的总耗电量合计达到2吉瓦。 无独有偶，阿里巴巴集团主席蔡崇信在香港举行的汇丰全球投资峰会上称，美国厂商的AI数据中 心建设出现"泡沫"，全球科技巨头数千亿美元的AI投资规模令人担忧，许多项目建设时还没定位明确客 户。 美国数据中心供应过剩？ TD Cowen的分析师表示，微软在过去六个月内取消或推迟了美国和欧洲总计约2吉瓦的数据中心租 约，此举意味着数据中心供应相对于当前需求预测存在过剩。 2025年以来，美国科技巨头对人工智能（AI）基础设施领域的投资仍未见放缓。微软副董事 ...