金吾财讯 | 中信证券测算美国OBBBA法案有望通过固定资产、研发费用折算调整的税收优惠政策，在2025年为北美四大CSP（亚马逊、META、谷歌、微软）释放约400亿美元增量现金流。
考虑到头部科技企业的AI战略、云业务景气度、算力紧缺程度，税收优惠带来的现金流有望再投入至AI基础设施，并可能带来全年资本开支指引上修。该机构认为关税扰动缓解、云业务收入增长提速、AI应用货币化、税收优惠利好带动下，AI算力产业链仍有望维持景气趋势。
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