Zhaoshang Securities: Overseas manufacturers maintain high growth in cloud revenue, and AI applications are expected to accelerate development.

Zhongshan Securities released a research report stating that through the financial reports of SK Hynix and Microsoft, we can draw the following conclusions: The AI industry is currently facing genuine supply constraints and has not yet shown significant overall oversupply. Major tech companies are still increasing their investments in AI infrastructure, and customer demand for additional supply continues to grow. Concerns in the market about an oversupply of AI computing power currently lack sufficient evidence from financial reports. Based on Microsoft's computing power utilization and SK Hynix's order situation, the current industry contradictions are primarily manifested in insufficient supply of high-performance computing power, advanced storage, and data center support, rather than significant idle equipment. Therefore, short-term investment opportunities can still be pursued in areas that can alleviate the bottlenecks in computing power.