According to CoinMeta, CITIC Construction Investment pointed out that in the second quarter of 2026, capital expenditures of leading North American cloud providers continued to grow rapidly. The combined capital expenditure guidance for four North American cloud providers amounted to approximately $720 billion to $745 billion, reflecting that these companies are still expanding their AI infrastructure. Although the prosperity of the AI computing power industry chain remains, there has been a noticeable adjustment in the market recently, and CITIC Construction Investment believes that there may be an overreaction. In the future, it is recommended to pay attention to the growth of large models ARR, especially the growth in coding scenarios. Additionally, it is important to monitor the price trends of computing power inflation chains over the coming period and the financing situations of various links in the AI industry chain.