According to Morgan Stanley data, five major cloud providers—Google, Amazon, Meta, Microsoft, and Oracle—along with Nvidia and Broadcom, have collectively committed to providing over US$3.1 trillion in various forms of financial support to bolster third-party AI infrastructure. Among them, Google leads with US$890 billion in procurement commitments. The total unfulfilled commitments from these cloud providers exceed US$2.7 trillion, roughly equivalent to their current three-year operating cash flows. It is projected that by 2027, these cloud providers' cash capital expenditures will surpass US$1.2 trillion, with expected cash flows of around US$1 trillion. At that time, over 40% of their revenues will be allocated to AI capital expenditures.