[Research Report Analysis: Overseas Vendors' Cloud Revenue Maintains High Growth, AI Applications Expected to Accelerate Development] China Merchants Securities released a research report stating that, based on the financial reports of SK Hynix and Microsoft, the following conclusions can be drawn: The AI industry is currently still facing real supply constraints, with no clear signs of widespread surplus. Major tech companies continue to increase investments in AI infrastructure, and customer demand for additional supply remains strong. Concerns in the market about an oversupply of AI computing power currently lack sufficient evidence from financial reports. From Microsoft's computing power utilization rate and SK Hynix's order status, the current industry challenges are still primarily reflected in the insufficient supply of high-performance computing power, advanced storage, and data center support, rather than a large amount of idle equipment. Therefore, short-term investment opportunities can still focus on areas that alleviate computing power bottlenecks.