CITIC Construction Investment pointed out that in the second quarter of 2026, the capital expenditure of leading North American cloud vendors continued to grow at a high rate. The 2026 capital expenditure guidelines for the four North American cloud vendors total about US$720 billion to US$745 billion, reflecting the continued expansion of the North American cloud infrastructure around AI. Looking at it now, the AI computing power industry chain is still booming, but the market has recently undergone significant adjustments, and CITIC Construction Investment believes that there is an overrun decline. Future suggestions to continue to pay attention: first, the big model ARR, especially the growth of ARR in the coding scenario. After all, the big model in North America has recently been reduced in price. If ARR growth hits a bottleneck in the short term, it may affect the market's expectations for future computing power demand; second, the implementation and development of the big model in other application scenarios other than coding; third, the price trend of the computing power inflation chain for some time; and fourth, the financing situation and market trends in various parts of the AI industry chain. Furthermore, in view of the heavy holdings of the AI industry chain in the second quarter, the market recently adjusted, showing signs of being high or low. It is recommended to focus on undervalued and high dividend targets.

CITIC Construction Investment pointed out that in the second quarter of 2026, the capital expenditure of leading North American cloud vendors continued to grow at a high rate. The 2026 capital expenditure guidelines for the four North American cloud vendors total about US$720 billion to US$745 billion, reflecting the continued expansion of the North American cloud infrastructure around AI. Looking at it now, the AI computing power industry chain is still booming, but the market has recently undergone significant adjustments, and CITIC Construction Investment believes that there is an overrun decline. Future suggestions to continue to pay attention: first, the big model ARR, especially the growth of ARR in the coding scenario. After all, the big model in North America has recently been reduced in price. If ARR growth hits a bottleneck in the short term, it may affect the market's expectations for future computing power demand; second, the implementation and development of the big model in other application scenarios other than coding; third, the price trend of the computing power inflation chain for some time; and fourth, the financing situation and market trends in various parts of the AI industry chain. Furthermore, in view of the heavy holdings of the AI industry chain in the second quarter, the market recently adjusted, showing signs of being high or low. It is recommended to focus on undervalued and high dividend targets.