CITIC Securities in its 2027 telecom strategy report says large-model
commercialization expands rapidly in 2026; as of end‑September 2026 OpenAI and
Anthropic had combined ARR of about $124 bln. North America’s four major cloud
service providers reported combined capex of roughly $208.7 bln in Q3 2026, up
84.2% YoY, signaling continued high-intensity AI infrastructure investment. The
report warns recursive self-improvement (RSI) could drive step-changes in model
capability. AI demand is broadening: AI-assisted programming shows a clearer
commercialization path, while design, modeling/simulation, AI4Science and
robotics expand longer-term compute demand. CITIC Securities remains optimistic
and keeps a long-term preference for North American compute exposure and the
domestic Chinese AI compute supply chain.
