CITIC Securities predicts that from 2025 to 2026, the capital expenditures (CAPEX) of the four major cloud service providers (CSPs) in North America are anticipated to witness year - on - year growth of 61% and 27% respectively. Meanwhile, their AI - related capital expenditures are projected to surge by 94% and 59% on a year - on - year basis. Nevertheless, the growth prospects for 2027 are still shrouded in uncertainty.

At present, the market is in a state of significant discord and disruption. This stems from doubts over the authenticity of the demand for OpenAI, uncertainties regarding the ability to fulfill orders, as well as vulnerabilities in various financing aspects within the AI industry. These include industry cycle financing, debt financing, and the return on investment (ROI) in the AI sector.

Although favorable macroeconomic conditions, robust micro - supply chain data, and the "fear of missing out" (FOMO) among tech giants - which is fueled by the strategic significance of AI - all point towards the short - term continuation of the narrative of AI capital expenditure growth in the U.S. stock market, the high level of uncertainty surrounding AI technology and macroeconomic expectations could still trigger a sudden reversal of market optimism at any given moment.