Investment Rating - The industry investment rating is "Overweight" [1][11] Core Viewpoints - The overseas AI computing power industry is expected to enter a phase of valuation enhancement, with major AI companies increasing capital expenditures significantly [6] - Arista Networks reported a revenue of $2.205 billion for Q2 2025, a year-on-year increase of 30.4%, and raised its full-year revenue guidance to $8.75 billion, up 25% from the previous estimate [3] - Meta and Google have also raised their capital expenditure guidance, indicating a strong commitment to AI development [4][5] Summary by Sections Arista Networks - In Q2 2025, Arista achieved a revenue of $2.205 billion, with a gross margin of 65.2%, and expects Q3 revenue to reach $2.25 billion [3] - The company anticipates that total revenue from AI networks will exceed $15 billion in 2025, driven by demand from cloud and AI giants [3] Meta - Meta's Q2 2025 revenue was $47.5 billion, exceeding expectations, with a projected Q3 revenue range of $47.5 billion to $50.5 billion [4] - The company plans to invest heavily in talent, infrastructure, and data centers to support its AI initiatives [4] Google - Google reported Q2 2025 revenue of $96.4 billion, with its cloud business growing by 31.7% year-on-year [5] - The company raised its 2025 capital expenditure guidance to $85 billion, reflecting a 13% increase from the previous estimate [5] Investment Opportunities - The report highlights several investment opportunities within the AI computing power supply chain, including recommendations for specific companies in various segments such as optical modules, liquid cooling, and optical chips [6]