据TrendForce 最新调查显示，随着 AI 服务器需求快速扩张，全球大型云服务商正扩大采购英伟达 GPU 整柜式解决方案、扩建数据中心等基础建设，并加速自研 AI ASIC，预估将带动 2025 年谷歌、AWS、Meta、微软、甲骨文和腾讯、阿里、百度等八大 CSP 合计资本支出突破 4200 亿美元，年增达 61%。
集邦咨询表示，2026年在GB/VR等AI机柜方案持续放量下，CSP的总资本支出有望再创新高突破5200亿美元，AI机柜方案将持续放量。
可以说全球CSP正经历一场前所未有的资本支出狂潮。摩根士丹利分析指出，2026年全球云资本支出可能达到8200亿美元，同比增长31%，远超市场共识的16%。AI服务器的资本支出同比或增长70%，这是一个前所未有的增长曲线。
国信证券电子团队最新观点认为， AI 仍是需求确定性高增长的投资主线，建议持续关注：工业富联、华勤技术、沪电股份、龙芯中科、联想集团、立讯精密、晶晨股份等。
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