无论是中国还是美国，无论是北京、深圳、杭州，还是旧金山、拉斯维加斯，太平洋两岸的云计算巨头们，不约而同地选择了机场用来展示肌 肉 中国云计算市场，一个常被津津乐道的话题是——机场广告。 机场广告是观察经济"高端局"竞争态势的绝佳窗口。它具有受众精准、封闭环境、高停留时间、高消费能力四大特点。最卷的行业在这里短兵相接。谁能 在这里持续发声，谁就在激烈的行业卡位战中占据了有利地形。 2025年，中国机场的广告是云和智能汽车的战场。阿里云、字节跳动旗下云服务火山引擎、百度智能云的广告2025年针锋相对，"AI云市场第一"广告在机 场随处可见（详见《中国云市场，究竟谁是"第一"》）。 我们发现，2025年美国云厂商也在卷机场广告，争夺"谁是AI云第一"的话语权。 谷歌云GCP的广告内容是Gemini Enterprise is a new way to work（Gemini Enterprise开启全新工作模式）；The best of Google AI，now for every business（最 好的谷歌AI，现在提供给所有企业）。 Gemini Enterprise是谷歌云GCP的企业级AI订阅服务平台 ...

Core Insights - The North American AI narrative has evolved over the past three years, with a shift from FOMO-driven capital expenditures (Capex) to a focus on return on investment (ROI) as the market matures [3][5][8] - The total Capex for major cloud and internet companies is projected to reach $554 billion in FY26, representing a year-over-year increase of 38% [3][18] - The top three AI model providers are narrowing the performance gap, with Anthropic focusing on B-end programming and Google’s Gemini gaining market share [3][25][27] Cloud Computing - Capex in cloud computing is expected to continue expanding in 2026, but ROI is anticipated to vary among companies [24][46] - Google Cloud (GCP) and Amazon AWS are expected to accelerate growth driven by demand from Anthropic and Gemini [15][18] - The Capex of major cloud providers is projected to be $554 billion in FY26, with Google showing the healthiest Capex to operating cash flow ratio [18][19] AI Models - The competitive landscape among AI models is diversifying, with a focus on commercial acceleration [24][46] - Anthropic is expected to achieve positive cash flow by 2027, with a revenue forecast of $70 billion by 2028 [34][45] - OpenAI's revenue strategy balances B-end and C-end markets, with a valuation of $500 billion as of October 2025 [39][40] AI Applications - AI applications are witnessing rapid commercialization, particularly in programming and advertising, with expected revenues in the hundreds of billions [51][54] - AI video applications are nearing a commercialization tipping point, supported by increased computational power [54][55] - The enterprise AI sector is expected to accelerate in 2026 as foundational work in data governance and workflow integration is completed [54] AI Computing Power - The focus of competition is shifting towards developing ecosystems, with significant advancements in hardware and software performance [3][24] - The supply of AI computing power is diversifying, with Google’s TPU hardware gaining traction and AMD and Amazon's Tranium ecosystems maturing [3][24] AI Networks - The network architecture is transitioning from scale-out to scale-up, with a focus on optical communication and power supply solutions [3][24] - 2026 is anticipated to be a critical year for the explosion of silicon photonics solutions and the introduction of CPO networks [3][24] Key Company Valuations - Recommended stocks include Google and Amazon in the AI-internet and cloud computing sectors, with a focus on Snowflake and ServiceNow in software [3][24] - In the semiconductor space, Broadcom is highlighted, with Nvidia and AMD as companies to watch [3][24]