[Tech Giants Collectively Increase Capex, AI Computing Chain Continues to Heat Up]

📑 Tech giants' earnings reports are being released in a concentrated manner, with a common signal worth noting: capital expenditures are being collectively raised.

$Microsoft(MSFT.US) disclosed annual capital expenditures have reached $190 billion, with AI business annualized revenue at $37 billion.

$Meta Platforms(META.US) raised its 2026 capital expenditure range to a maximum of $145 billion, $10 billion higher than the guidance three months ago, while also jointly launching over 1GW of self-developed silicon with Broadcom.

$Alphabet - C(GOOG.US) delivered AI revenue exceeding expectations, with cloud business growth of about 63% to $20 billion.

$Amazon(AMZN.US) net profit increased 77% year-on-year, with a pre-tax gain of $16.8 billion from its investment in Anthropic accounting for over half of the net profit. AWS revenue grew 28% year-on-year, and real estate and equipment spending over the past 12 months increased 160% year-on-year.

🎯 The direction of several major companies is highly consistent, continuing to increase investment in AI infrastructure. Against this backdrop, multiple segments of the computing power chain have shown relative strength recently.

$Intel(INTC.US) closed up 12.1% last night and continued to rise after-hours, approaching $100. CPU delivery cycles have reportedly extended to 6 months.

$Qualcomm(QCOM.US) disclosed FY26Q2 net profit increased 162% year-on-year, with data center chips about to ship. After-hours gains expanded to as much as 17%.

$AMD(AMD.US) rose 4.3% that day, with Susquehanna raising its target price to $375.

On the storage side, $XL2CSOPSMSN(07747.HK) saw Q1 DRAM average price rise 90% quarter-on-quarter,

$Micron Tech(MU.US) had its target price raised to $660 by TD Cowen,

$Sandisk(SNDK.US) had its target price raised to $1200 by Wedbush. A SEMI report showed global silicon wafer shipments in Q1 increased 13.1% year-on-year.

Major companies' capital expenditures continue to expand 📈, with chip-side performance and orders simultaneously sending signals. This industry chain, from design and storage to end deployment, has multiple segments receiving market attention recently.

Follow-up focus: $AMD(AMD.US)'s earnings report is approaching, and the follow-up details of $Meta Platforms(META.US)'s incremental chip orders are worth tracking. The actual shipment pace of $Qualcomm(QCOM.US)'s data center chips is the next important verification step.