According to a research report from CITIC Securities, the computing power sectors in both China and the United States are currently experiencing a period of vigorous construction. Amidst this rapid growth, North America's computing power infrastructure development confronts two primary challenges: the ability to recoup investments and the sustainability of financing. In contrast, China's computing power capital expenditure boasts substantial growth potential, fueled by advantageous conditions within the state-owned asset framework, cost-effective credit, and robust infrastructure. The crux lies in enhancing the performance and production capacity of domestic computing power chips, with anticipated supply expansion by 2028. CITIC Securities opines that while the computing power industry is poised for continued growth, it will gradually shift towards a more rational trajectory. Considering the concentrated market size, elevated valuations, and a diminishing net influx of funds, the U.S. stock market should exercise caution regarding potential adjustment risks.