CITIC Securities says that in AI diffusion end users often avoid the most compute‑intensive models due to token‑budget constraints. Q2 strength in compute hardware was driven mainly by price rises rather than volume; as market focus shifts from scarcity to sustainability, markets such as Korean equities have adjusted. Compute is not in surplus, but the evolution of supplier bargaining power is becoming decisive. US corporate AI adoption is rising and enterprise tech investment intensity remains in line with long‑run trends; CITIC expects competition to drive firms to deploy AI for productivity gains, creating demand for compute services, AI models and applications. The firm remains constructive on the US tech theme, preferring mid‑to‑downstream segments of the overseas compute chain and viewing US equities as more attractive than Japanese and Korean peers.(金十数据)