Odaily Planet Daily report: "White-Haired God of Stocks" Serenity summarized the capital expenditure guidance in the latest earnings reports of Amazon, Meta, Google, and Microsoft, noting that the four tech giants expect their combined capital expenditures in 2026 to reach approximately $720 billion to $745 billion, higher than the previous market expectation of $695 billion to $725 billion. The market has recently seen clear deleveraging, along with position liquidations by retail and institutional investors due to margin pressures; short-term adjustments may continue, but from a medium- to long-term perspective, it is difficult to maintain a bearish outlook on upstream semiconductor companies and next-generation cloud infrastructure.
Serenity also proposes the "bottleneck investment" logic, suggesting that when trillions of dollars in capital flow into supply chain segments previously viewed as low-value—such as memory chips or related companies in energy infrastructure—these firms may experience a valuation reset. Many AI-related companies currently in the spotlight were once overlooked during telecom cycles, but as AI infrastructure development accelerates and capital expenditures flow into their balance sheets, these businesses could be revalued.