北美AI算力&云计算行业观点更新：如何看待后续空间？

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the North American AI computing and cloud computing industry, highlighting significant stock performance and trends in the sector [1][2][4][5][6][7]. Core Insights and Arguments - Stock Performance: - Nvidia's stock rose by 40.5% since April 22, AMD by 39.1%, Broadcom by 43%, and Marvell by 34%. Data center infrastructure companies like Constellation and Credo saw increases of 56% and 69%, respectively [1][4]. - Major cloud providers such as Microsoft and Oracle benefited from exceeding cloud computing performance expectations, with stock increases of 28% and 35% [1][5]. - New cloud companies like CoreWeave and Nelcast, despite losses, have high PS valuations of 13.3x and 21.9x, respectively [1][5]. - AI Application Software: - The North American software index IGV rebounded by 30%, with cloud security companies Rubrik and Zscaler increasing by 62% and 51%, respectively [1][6]. - Nvidia's Performance: - Nvidia's Q1 results met expectations, with Q2 revenue guidance of $45 billion, a 76% year-over-year increase. Strong demand for Blackwell products and an anticipated shipment of 5 million units for the year were highlighted [1][9]. - Market Trends: - The overall market sentiment shifted from panic to a strong bullish trend, particularly in tech stocks and AI-related sectors. The VIX index reached a two-month low, indicating reduced market fear [2]. - AI inference demand is expected to grow significantly, with Q1 2025 data center leasing reaching a historical high [2][19]. Important but Overlooked Content - Credo's Growth: - Credo's stock doubled in the past month and is expected to exceed $800 million in revenue for FY26, driven by significant networking demands from Amazon and Microsoft [2][14]. - Broadcom's AI Revenue: - Broadcom's AI-related revenue reached $4.4 billion, with expectations for it to exceed $5 billion in the next quarter, driven by ASIC demand [11][13]. - Cloud Computing Trends: - The cloud computing sector is experiencing a broad rally due to sustained AI computing demand, with traditional cloud providers showing varied stock performance based on their business models [15][16]. - Investment in Capital Expenditure: - Tech giants like Meta and Microsoft are increasing their capital expenditure forecasts, indicating confidence in future growth [17][18]. - Risks and Market Dynamics: - Potential risks include tariff negotiations impacting the economy, which may reflect in Q3 earnings guidance. The upcoming earnings season is critical for assessing company performance against high valuations [35][36]. Conclusion - The North American AI computing and cloud computing sectors are experiencing robust growth, driven by strong demand for AI applications and infrastructure. However, market participants should remain cautious of potential risks and the impact of macroeconomic factors on future performance.