供给端:CAPEX高增下的财务压力与电力缺口。伴随海外巨头CAPEX快速增加,当前已超过经营性现金流的60%,在现金流与净利润约束下厂商增加融资租赁与金融化操作,大厂中负债率相对健康的Meta和谷歌已率先开启通过债务融资的形式来进一步补充投入资金,二线厂商如Oracle由于现金储备有限因此也需要通过发债消化大量订单,但需要面临原本较高的负债率和低于其他云厂的利润率水平等挑战。按各公司当前CAPEX...
Source Link供给端:CAPEX高增下的财务压力与电力缺口。伴随海外巨头CAPEX快速增加,当前已超过经营性现金流的60%,在现金流与净利润约束下厂商增加融资租赁与金融化操作,大厂中负债率相对健康的Meta和谷歌已率先开启通过债务融资的形式来进一步补充投入资金,二线厂商如Oracle由于现金储备有限因此也需要通过发债消化大量订单,但需要面临原本较高的负债率和低于其他云厂的利润率水平等挑战。按各公司当前CAPEX...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.