云资本支出展望-2025 年增速收官达 65%；2026 年增速预期现追至 50% 以上-Cloud Capex Outlook_ Growth to Exit ‘25 at +65%; ‘26 Growth Expectations Now Tracking to 50%+
2025-12-20 09:54
J P M O R G A N North America Equity Research 15 December 2025 IT Hardware/ Telecom & Networking Equipment Samik Chatterjee, CFA AC (1-212) 622-0798 samik.x.chatterjee@jpmorgan.com Joseph Cardoso (1-212) 622-9036 joseph.cardoso@jpmchase.com Manmohanpreet Singh (1-212) 622-4527 manmohanpreet.singh@jpmchase.com Hardware & Networking Cloud Capex Outlook: Growth to Exit '25 at +65%; '26 Growth Expectations Now Tracking to 50%+ Data center capex among the Top 4 U.S. CSPs continues to trend higher for 2025 follow ...