数据中心基础设施 2025 年第三季要点：周期向好趋势未改，技术趋势利好头部企业-EE_MI_ Data Center Infrastructure_ SC25 Takeaways_ Positive Tone On Cycle Intact, Technology Trends Favor The Majors

J P M O R G A N North America Equity Research 19 November 2025 EE/MI: Data Center Infrastructure SC25 Takeaways: Positive Tone On Cycle Intact, Technology Trends Favor The Majors The tone on demand from SuperCompute25 remains strong and full speed ahead in the face of fresh stock market concerns. The prevailing consensus is that we are early in the buildout cycle, and capital spenders are highly committed to this infrastructure spending, not based on something as simple as a consumer user fee but value acro ...