美国半导体：支出将增长并形成防御性布局-2026 年云资本开支追踪-US Semiconductors Spending to grow and defend_ 2026 cloud capex tracker

Price Objective Change AI capex CY26/27 outlook now up +56%/+16% YoY As we previewed (report), demand for data center/AI semis remains strong. Post-Q4 earnings, our capex tracker (which includes finance/capital leases) indicates Q4 global hyperscale capex at $148bn, up +14% QoQ or +66% YoY, versus prior expectation of $141bn. For CY26/27, capex now points to $748bn/$869bn or +56%/+16% YoY, also well above vs. +36%/+15% two weeks ago. Importantly, much of these CY26 planned capex/capacity have already been c ...