云端半导体：云资本开支增长延续至2027年

Hyperscalers' spending remains strong, with 2027 capex growth highlighted: the Big Four hyperscalers' combined C3Q capex reached US$185bn, up 90% Y/Y. CY2026 guidance stands at approximately US$170bn for Microsoft, US$195-205bn for Google, US$135-145bn for Meta and US$220bn for Amazon. Google and Amazon maintained guidance while Meta raised its spending floor by US$5bn. More importantly, Microsoft expects spending to accelerate in January-June 2027, Google anticipates a significant increase in 2027, Amazon expects meaningfully higher spending, and Meta plans to keep investing aggressively. Supply constraints, not budgets, remain the issue: Microsoft reported C3Q26 capex of US$45.2bn and expects C4Q spending above US$50bn with some capacity deliveries shifting into 1H27; Google invested US$51.4bn and turned to third-party computing late in C3Q; Meta invested US$34.9bn including finance lease principal payments;