云计算资本开支观察(2Q25):北美CSP资本开支超预期 AI产业趋势确定性强

中金公司
04 Aug

行业近况近期,北美头部云计算厂商陆续发布2Q25 业绩,2Q25 北美Top4 云厂商(亚马逊、谷歌、微软、Meta)合计资本开支(含融资租赁)为958.4 亿美元,同比增长66%、环比增长24%,超出我们和市场预期。展望未来,我们认为海外大模型迭代成长,头部云厂商持续加码AI,推理tokens消耗量指数级提升,海外算力硬件需求有望持续保持高景气。评论海外Cloud capex超预期上调,持续印证...

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