CITIC Construction Investment pointed out that four North American CSP manufacturers published quarterly reports and continued to increase capital expenditure. The total capital expenditure of the four largest North American CSP manufacturers in the first quarter of 2026 was 131.6 billion US dollars, an increase of 70.25% over the previous year. The total capital expenditure is expected to be 710 billion US dollars in 2026, and a high increase can still be seen in 2027. The four largest cloud giants in North America have collectively raised capital expenditure forecasts for 2026, and the overall outlook for 2027 is positive, indicating that the peak of computing power infrastructure construction is far from peaking. CITIC Construction Investment is strongly optimistic about the entire AI industry chain, especially the AI computing power industry chain.

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