中信证券指出2025二季度科技巨头整体经营状况均显著好于市场此前偏谨慎的预期云业务增速上行势头亦更加显著同时随着AI应用

智通财经2025-08-08

中信证券指出2025二季度科技巨头整体经营状况均显著好于市场此前偏谨慎的预期云业务增速上行势头亦更加显著同时随着AI应用渗透率提升算力需求大于供给的趋势延续叠加美国税收改革法案“大而美”法案带来的自由现金流（FCF）增量共同推动2025年整体资本性支出（CAPEX）指引上修对于2026年CAPEX的展望也更加积极我们估算2025/2026年全球AI CAPEX规模同比增速分别为+64%/50%。...

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