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In a recent report by CITIC Securities, the overall operational performance of technology giants in the second quarter of 2025 significantly surpassed initial cautious market forecasts. Notably, the growth rate of cloud services accelerated, and the heightened adoption of AI applications spurred a sustained demand for computing power that outstripped supply. Furthermore, the augmentation in free cash flow stemming from the "Big and Beautiful" tax reform bill in the United States bolstered the upward revision of overall capital expenditure (CAPEX) projections for 2025. Consequently, the outlook for CAPEX in 2026 appears even more promising. It is anticipated that global AI CAPEX will expand by 64% and 50% year-on-year in 2025 and 2026, respectively.
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