[Hyperscale Cloud Provider Capital Expenditure Index Rises to Approximately 6800] According to Jinshi Data, the artificial intelligence boom has fully entered the infrastructure construction phase, triggering one of the largest waves of corporate investment in recent years. As shown in the chart, with large hyperscale cloud service providers actively investing in chips and data centers, their capital expenditure growth rate has exceeded their free cash flow growth rate. However, the telecommunications boom of the late 1990s offers a valuable lesson: investment expands capacity, and capacity expansion can transfer scarcity and economic rents to other areas of the ecosystem. Understanding what new constraints may emerge in the future is perhaps as important as identifying the beneficiaries of the current cycle. Data as of June 30, 2026.