The first-quarter financial statements of the four leading North American cloud service providers reveal a sustained and rapid increase in capital expenditure, accompanied by robust demand for AI technologies. In the realm of telecommunications, overseas segments such as optical modules within the computing power chain, along with domestic computing power and IoT communication modules, have demonstrated exceptional performance. It is advisable to focus on the following three investment directions: Firstly, stocks that exhibited strong growth in the first quarters of 2024 and 2025, coupled with attractive valuations; Secondly, high-quality dividend-yielding assets, particularly those belonging to telecommunication operators; Lastly, the military communications and submarine cable sectors, where demand and performance are anticipated to gradually rebound.