According to the CITIC Construction Investment Securities Research Report, the test instrument, optical module, and GPU/ASIC sectors continued to perform well in the first half of 2026, reflecting strong demand for AI computing power. Net profit from the cable sector increased 205% year-on-year in the second quarter of 2026, and the fiber-optic cable boom continued to increase. In the second quarter of 2026, the market value of public fund communications industry holdings reached 11.56%, reaching a new high. The main holdings were concentrated in optical modules, optical devices, optical chips and optical fiber cables. Four North American CSP manufacturers announced their second quarterly reports and continued to increase capital expenditure. The total capital expenditure of the four major North American cloud vendors in the second quarter of 2026 was about US$171.2 billion, an increase of 78.6% over the previous year. The total capital expenditure is expected to be about US$73.25 billion in 2026, and is expected to maintain a relatively rapid growth rate in 2027. CITIC Construction Investment continues to be optimistic about AI development and maintains long-term optimism about the North American computing power industry chain and the domestic AI computing power industry chain.

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