金吾财讯 | 中信证券指出，2025Q4，北美科技巨头整体经营状况继续好于市场预期，云业务收入增速进一步加速，偏紧供需结构、存储芯片价格上行等推动2026年资本开支指引大幅超预期。该机构调整2026年四大CSP CAPEX预测为同比+58%、AI CAPEX同比+117%。但同时，投资者对于巨额AI开支ROI的焦虑亦在持续提升，AI商业化效率是后续行情持续性的重要关注点。
该机构判断，在当下有利宏观环境、强劲的微观供应链数据、AI战略重要性带来的科技巨头FOMO（错失恐惧）心理带动下，AI CAPEX料将继续成为2026H1市场较为确定的投资主线之一。在策略上，该机构仍建议遵从“边走边看”的逻辑，并紧密关注未来6个月的美国宏观预期、科技巨头指引、AI产业进展、一级市场重点公司融资进展等核心变量。
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