According to the CITIC Construction Investment Research Report, the four North American CSP manufacturers published three quarterly reports. Capital expenditure support continued to grow, and guidance for the whole year was divided. The total capital expenditure of the four major North American cloud vendors in 2026Q3 was about US$208.7 billion, up 84.2% year on year and 21.9% month on month, and investment in AI infrastructure remained high. In terms of full-year guidance, Amazon maintained about 220 billion US dollars; Microsoft adjusted the capital expenditure forecast for the 2026 calendar year from 175 billion US dollars to 170 billion US dollars due to delays in the delivery of computing power production capacity from third parties; Google maintained 1950-205 billion US dollars, and Meta narrowed the guidance from 130-145 billion US dollars to 1350-145 billion US dollars. According to each company's latest guidelines or mid-range estimates, the total annual capital expenditure of the four companies was about US$730 billion, a slight decrease from US$73.25 billion after the second quarterly report, mainly reflecting an adjustment in the delivery pace. The overall investment scale is still high. CITIC Construction Investment continues to be optimistic about the computing power demand brought about by AI development, and maintains long-term optimism about the North American computing power industry chain and the domestic AI computing power industry chain.

According to the CITIC Construction Investment Research Report, the four North American CSP manufacturers published three quarterly reports. Capital expenditure support continued to grow, and guidance for the whole year was divided. The total capital expenditure of the four major North American cloud vendors in 2026Q3 was about US$208.7 billion, up 84.2% year on year and 21.9% month on month, and investment in AI infrastructure remained high. In terms of full-year guidance, Amazon maintained about 220 billion US dollars; Microsoft adjusted the capital expenditure forecast for the 2026 calendar year from 175 billion US dollars to 170 billion US dollars due to delays in the delivery of computing power production capacity from third parties; Google maintained 1950-205 billion US dollars, and Meta narrowed the guidance from 130-145 billion US dollars to 1350-145 billion US dollars. According to each company's latest guidelines or mid-range estimates, the total annual capital expenditure of the four companies was about US$730 billion, a slight decrease from US$73.25 billion after the second quarterly report, mainly reflecting an adjustment in the delivery pace. The overall investment scale is still high. CITIC Construction Investment continues to be optimistic about the computing power demand brought about by AI development, and maintains long-term optimism about the North American computing power industry chain and the domestic AI computing power industry chain.