Core Viewpoint - Concerns over oversupply in the U.S. data center market have pressured the U.S. stock market, particularly impacting the computing power industry, with significant declines in major tech stocks like Nvidia [2][3] Group 1: Market Impact - As of March 26, the Nasdaq Composite fell by 2.04%, and the Philadelphia Semiconductor Index dropped approximately 3.3%, with Nvidia's stock declining over 5.7%, resulting in a market value loss of $169.1 billion (approximately 1229.1 billion RMB) [2] - The investment bank TD Cowen reported that while data center demand is still showing year-on-year growth, Microsoft has canceled or postponed more data center leases than initially expected [2][3] Group 2: Data Center Supply and Demand - Microsoft has canceled or postponed approximately 2 gigawatts of data center leases in the U.S. and Europe over the past six months, indicating an oversupply relative to current demand forecasts [3] - Despite the cancellations, major tech companies continue to invest heavily in AI infrastructure, with Microsoft planning to invest $80 billion (approximately 585.6 billion RMB) in AI data centers for the fiscal year ending June 2025 [3] Group 3: Capital Expenditure Trends - In 2024, the capital expenditures of major U.S. tech companies are projected to reach record highs, with Microsoft, Amazon, Google, and Meta expected to spend $75.6 billion, $77.7 billion, $52.5 billion, and $37.3 billion respectively, reflecting year-on-year growth rates of 83%, 62%, 63%, and 35% [5] - The total capital expenditure for these four companies in 2024 is estimated at $243.1 billion (approximately 1.8 trillion RMB), representing a 63% increase year-on-year [5] Group 4: Strategic Adjustments - Microsoft is reassessing its data center leasing and construction plans after a period of rapid expansion to support AI training needs, indicating a potential oversupply or idle capacity in certain regions [6] - The company's strategic shift may also be influenced by its partnership with OpenAI, as OpenAI may increasingly rely on self-built or third-party collaborations for its computing needs, leading Microsoft to adjust its data center expansion plans [6]