<p>➀ The combined capital expenditure (capex) of eight major Cloud Service Providers (CSPs)—including Google, AWS, Meta, Microsoft, Tencent, Alibaba, and Baidu—is projected to exceed $420 billion in 2025, marking a 61% year-on-year increase and equaling their total spending in 2023 and 2024.</p><p>➀ Investment priorities focus on servers and GPUs, with high demand for Nvidia's GB200/GB300 rack systems in 2025, transitioning to the Rubin VR200 platform in 2026.</p><p>➂ The 'Magnificent Seven' U.S. tech giants (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla) hold a combined market cap of $21 trillion, representing 36% of the S&P 500's total value.</p>