Based on the analysis by TD Cowen, Oracle Corporation is currently under substantial financial strain. This is primarily due to the challenges it faces in securing financing for the expansion of its artificial intelligence data centers. In response to these difficulties, the company is contemplating large-scale layoffs, with estimates suggesting that between 20,000 and 30,000 employees could be affected. Additionally, Oracle is considering the sale of certain business units, including the healthcare software division Cerner, which it acquired in 2022. This strategic move is anticipated to free up $8 billion to $10 billion in cash flow. Several U.S. banks have halted their lending to Oracle's data center projects, showing a lack of confidence. In contrast, Asian banks have maintained a relatively optimistic stance. By the market's close on January 30, Oracle's stock price had declined by 2.62%, leaving the company with a market capitalization of roughly $472.9 billion.

On February 1, Jereh Group made an announcement stating that its wholly-owned subsidiary, GPS, had entered into a sales contract for gas turbine generator sets with a customer based in the United States. The contract is worth USD 182 million (equivalent to approximately RMB 1.265 billion). This deal represents the fourth contract of its kind that has been signed by the two parties since November 2025. Moreover, the counterparty is the third customer in the United States with whom Jereh Group has recently forged a collaborative partnership. The generator set in question is specifically designed to supply power to data centers. Its core design emphasizes "quick assembly and disassembly, along with flexible relocation," thereby fulfilling the stringent demands of data centers for high load capacity, high reliability, and low emissions.

As global AI computing centers experience explosive growth, the need for high-power, highly stable power supplies has emerged as the very lifeblood of computing clusters. This shift has propelled transformers from their traditional role as supporting equipment to a central component of computing infrastructure. According to CCTV Business, numerous transformer manufacturers in Guangdong, Jiangsu, and other regions across China are now operating at full capacity, with some data center orders backlogged until 2027.

The expansion of global AI computing centers has transformed transformers into a scarce resource. In the U.S. market, delivery lead times have surged from 50 weeks to a staggering 127 weeks. China is home to roughly 3,000 transformer industry enterprises, and in 2025, the total export value reached 64.6 billion yuan, marking a nearly 36% year-on-year increase. China has cemented its position as the world's largest producer of transformers, with its production capacity accounting for approximately 60% of the global total.

With the “East Data, West Computing” initiative gaining momentum, computing parks are springing up across the country. By 2025, the domestic transformer market size is projected to grow by more than 20% year-on-year, with orders for AI computing and ultra-high-voltage-related high-end products exceeding 35%. Domestic transformer manufacturers are stepping up their technological upgrades, developing innovative products such as high-frequency transformers, and steering the industry toward intelligence, reduced losses, and miniaturization.

Market news: The consortium led by KKR plans to acquire Singapore's data center company ST Telemedia Global Data Centres for over US$10 billion, and the deal is in progress.

The National Aeronautics and Space Administration (NASA) recently made an announcement stating that its new-generation high-performance computing system, named 'Athena,' has successfully completed testing and was officially put into operation in January of this year. Built by Hewlett Packard Enterprise (HPE), this supercomputer stands out with a peak computing capacity that surpasses 20 Petaflops. Notably, it achieves a substantial reduction in energy consumption even when handling extremely heavy workloads. As a result, it has become the central computing pillar for NASA's endeavors in space exploration, aviation, and various scientific missions.

SpaceX has submitted an application to the U.S. Federal Communications Commission, proposing to launch one million satellites to construct an orbital data center network encircling the Earth. The project aims to create a satellite constellation with 'unprecedented computing power' to provide computational support for advanced AI models and their applications. According to the vision, to offer large-scale AI inference and data processing capabilities to billions of users worldwide, these satellites will operate in multiple narrow orbital layers no thicker than 50 kilometers.

Security firm Cloudflare disclosed that during the third quarter of 2025, a botnet dubbed Aisuru (also referred to as Kimwolf) carried out an enormous Distributed Denial of Service (DDoS) attack, achieving a traffic peak of 29.7 Tbps and setting a new record. This botnet, which harnessed an estimated 1 million to 4 million compromised devices across the globe, primarily set its sights on sectors including telecommunications, gaming, web hosting services, and finance. To sidestep detection, the attack utilized UDP carpet - bombing tactics, which involve randomizing packet attributes. While Cloudflare's automated defenses managed to thwart the attack, the company issued a cautionary note, highlighting that such assaults have the potential to indirectly cripple Internet Service Providers (ISPs) that aren't the direct targets of the attack.

Recently, the China Securities Regulatory Commission (CSRC) issued the "Announcement on Launching a Pilot Program for Commercial Real Estate Investment Trust Funds (Draft for Solicitation of Comments)", officially initiating the pilot program for commercial real estate REITs. The first batch of projects have been submitted for review and are set to be listed soon, with assets distributed in first-tier and new first-tier cities such as Beijing and Shanghai, covering various types including commercial complexes and office buildings. Currently, 77 REITs products have been listed across the market, with an issuance scale reaching RMB 207 billion, and their overall operation has been stable. The scale of China's REITs market has ranked first in Asia and second globally, and is steadily developing towards a larger and more diversified direction.

TD Cowen, an investment banking arm of TD Securities, has indicated that in light of a shift in market sentiment regarding Oracle's ambitious expansion blueprint, the tech giant may be compelled to lay off 30,000 workers. Additionally, Oracle is considering offloading its healthcare technology subsidiary, Cerner, as a means to ease the financial strain associated with funding its artificial intelligence data center projects.
Earlier, Oracle had entered into a pact with OpenAI to construct data centers with an estimated value of $300 billion. In September of the previous year, Oracle successfully raised $18 billion through bond issuance. However, it is projected that the company will require an annual borrowing of $25 billion to sustain its ongoing expansion endeavors.

In a recently issued research report, UBS downgraded China Mobile (00941), reducing its target price from HK$100 to HK$81 and revising its rating from 'Buy' to 'Neutral'. The report highlighted that the stock's upside potential is constrained, with a dearth of catalysts to drive a revaluation. The rationale behind the downgrade encompasses several factors. Firstly, internet behemoths are aggressively capturing cloud - market share, posing a threat. Secondly, traditional telecom businesses are under significant pressure. Moreover, when considering the anticipated dividend yield and the average annual compound growth rate of earnings for 2026, it appears challenging for China Mobile to deliver excess returns. UBS projects that China Mobile's net profit will experience a modest growth of 2% to 3% between 2025 and 2026. During this period, the dividend payout ratios are expected to reach 74.5% and 76% respectively. In 2026, capital expenditures are anticipated to decline by 2.3%, with a strategic shift towards investing in computing equipment. Although China Mobile's expected dividend yield for 2026 surpasses that of its peers in the Asia - Pacific region, its average annual compound growth rate of earnings from 2025 to 2028 lags behind its counterparts. Additionally, the market's expectation of stable dividends has already been factored into the current stock price.

American entrepreneur Elon Musk is considering integrating his assets to advance the layout of space computing power. According to reports, Musk plans to deploy artificial intelligence data centers in space, possibly through different approaches. If the engineering technology is feasible, SpaceX will build data centers in orbit to provide powerful computing power support for xAI. Meanwhile, Tesla's manufacturing capability for energy storage systems will assist SpaceX in utilizing solar energy to operate data centers in space. Sources familiar with the matter revealed that Musk has not yet made a final decision, and relevant details as well as the independence of the companies involved may change.

According to the business information from Tianyancha, on January 27th, the registered capital of JD Technology Holdings Co., Ltd. increased from approximately RMB 5.39 billion to approximately RMB 5.55 billion. Since September last year, the company has increased its capital multiple times. JD Technology Holdings Co., Ltd., founded in September 2012, has Cao Peng as its legal representative and a wide range of business scopes. It is jointly held by Suqian Juhe Digital Enterprise Management Co., Ltd., Suqian Dongtai Jinrong Investment Management Center (Limited Partnership), Liu Qiangdong, and others.

According to the Aiqicha application, Jingdong Technology Holdings Co., Ltd. has recently finalized alterations to its industrial and commercial registration. The company's registered capital has seen an increase, rising from roughly 5.386 billion yuan to approximately 5.554 billion yuan. Established in 2012, the company's operations span a wide range, including Internet information services, as well as basic and value-added telecommunications services. Its ownership is shared among Suqian Juhe Digital Enterprise Management Co., Ltd., Suqian Dongtai Jinrong Investment Management Center (a Limited Partnership), and Liu Qiangdong.

On January 29 (local time), Microsoft's stock price took a nosedive, closing 10% lower. This precipitous fall resulted in a mind - boggling $357 billion disappearing from its market value in a single trading day, marking the most significant decline since March 2020.

Financial reports revealed that Microsoft's revenue for the fiscal quarter stood at $81.273 billion, representing a 17% increase on a year - on - year basis. However, when we zoom in on its core Intelligent Cloud segment, the revenue growth was 29%. Specifically, the revenue from its Azure cloud business grew by 39% year - on - year, which is a bit of a letdown as it's lower than the 40% growth achieved in the previous fiscal quarter.

During the same fiscal quarter, Microsoft's capital expenditure soared to a record high of $37.5 billion. This substantial investment was mainly directed towards bolstering its AI capabilities. The market, though, is filled with apprehension. There are concerns that Microsoft's massive investment in AI might take a considerably longer time to generate the expected returns.

Saudi Arabia's Neom megaproject, dubbed "The Line," initially envisioned a linear city spanning roughly 170 kilometers across the desert, designed to house up to 9 million people. However, an internal review has uncovered significant project delays and escalating costs, straining Saudi Arabia's financial resources and prompting officials to reevaluate their strategy. The revised proposal suggests a substantial reduction in the project's scale, with a new emphasis on industrial development. Specifically, the planning team is exploring the possibility of transforming "The Line" into a center for cloud services and large-scale data centers, which would be instrumental in supporting AI training and inference operations.

Although Saudi Arabia is rapidly expanding its AI computing capabilities, the harsh desert climate presents unique challenges for data center operations. Situated near the Red Sea coast, "The Line" offers a potential solution through the use of seawater cooling systems to address temperature control issues. Nevertheless, Saudi Arabia's financial situation has become increasingly strained due to expansive spending and a downturn in oil revenues.

In response, the Neom project has adopted a phased approach to ensure alignment with the nation's evolving priorities. This strategic shift mirrors similar downsizing adjustments seen in other large-scale initiatives across Saudi Arabia, reflecting a broader trend of fiscal prudence and adaptability in the face of economic pressures.

Recently, the National Supercomputing Center in Shenzhen and Beijing Inspur Information & Technology Co., Ltd. have forged a strategic cooperation agreement concerning a computing power alliance right in Shenzhen. The two entities will join forces and delve into the realms of scientific research computing and intelligent computing, with a specific focus on research and educational scenarios. Their shared goal is to work hand in hand to advance the development of a top-tier scientific research computing power platform.

According to a research report from CITIC Securities, there's been a notable uptick in demand for overseas inference and training computing capabilities lately. This is underscored by Amazon Web Services and Google Cloud successively raising their prices.

In the realm of inference, the swift adoption of Agent products like MoltBot (previously known as ClawdBot) and Claude Code has substantially driven up the need for cloud computing resources. Since the start of 2026, Token calls have witnessed a swift surge, growing rapidly for two to three consecutive weeks.

On the training front, models such as Grok-5 and Veo4 are undergoing continuous refinement. The industry is relentlessly pushing the boundaries of Scaling to fulfill the burgeoning demands for training computing power. Although the large-scale commercialization prospects of current AI applications are still up in the air, CITIC Securities projects that over the next three to six months, with the rapid deployment of AI applications on the inference side and the ongoing model iterations on the training side, the demand for computing power is poised to escalate further.

Should the earnings season in the U.S. stock market confirm the uptick in computing power demand, it would ease the prevalent market concerns about a 'computing power bubble' in the computing power sector. This, in turn, could herald a fresh wave of growth for the computing power industry chain.

Against the backdrop of the booming generative artificial intelligence sector, the electricity consumption of data centers has witnessed a dramatic spike. This surge has, in turn, fueled a rapid expansion in the construction of gas-fired power generation facilities. According to the most recent analysis, the global scale of gas-fired power generation projects currently under construction is projected to experience a 31% year-on-year increase by 2025. Nearly a quarter of this new installed capacity will originate from the United States. The U.S. has now overtaken China in terms of the scale of newly added gas-fired power generation projects, securing the top spot on the global stage. Notably, over one-third of the newly added installed capacity in the U.S. is anticipated to directly cater to the power needs of data centers.

After Microsoft unveiled its financial results, a number of investors found themselves disheartened. On Thursday, the company's stock price took a significant hit, dropping roughly 10%. This plunge wiped out a staggering $357 billion in market value, leaving Microsoft with a valuation of $3.22 trillion. The fallout from this decline rippled through the market, causing the iShares Expanded Tech-Software Sector ETF to dip by 5%, the Nasdaq Composite Index to edge down by a modest 0.7%, and, in a contrasting move, Meta's stock price to soar by 10%.

Investor discontent with Microsoft's financial report primarily arose from several key factors. The revenue growth rates of Azure cloud services and other cloud-based operations, the earnings from the 'More Personal Computing' business division, and the projected operating profit margin for the upcoming quarter all failed to meet investor expectations. Microsoft's Chief Financial Officer explained that the cloud business could achieve better performance if more resources were dedicated to expanding data center infrastructure.

Analysts from Melius highlighted execution challenges within Azure's cloud business and suggested that accelerating the construction of data centers would be beneficial. UBS analysts, on the other hand, raised questions about Microsoft's strategy for allocating computing power, insisting on concrete evidence to justify the investment's value.

However, the analyst team at Bernstein offered a contrasting view, acknowledging (in the sense of showing approval or endorsement, as translated contextually) Microsoft's strategic decisions. They believe that the company is prioritizing its long-term interests. Moreover, Microsoft's capital expenditures for the current quarter are anticipated to experience a slight decrease.

Western Digital has unveiled its most recent financial results, revealing a net revenue of $3.02 billion for the second fiscal quarter. This figure not only surpassed the anticipated $2.96 billion but also set a positive tone for the company's financial health. Moreover, the adjusted earnings per share for the upcoming third fiscal quarter were reported at $2.13, comfortably exceeding the market's forecasted $1.95. Looking ahead, Western Digital projects its revenue for the third fiscal quarter to range between $3.1 billion and $3.3 billion, accompanied by adjusted earnings per share estimates of $2.15 to $2.45. Both projections are set to outperform market expectations. Consequently, this robust performance and promising outlook prompted Western Digital's stock price to climb over 2% in after-hours trading.