歐元區7月服務業PMI終值51.7、綜合PMI終值52.0，均略高於預期和前值，綜合PMI繼續站穩50上方，說明歐元區三季度開局並沒有明顯失速。此前7月初值已顯示，歐元區綜合PMI從6月的50.0回升至51.9，終值進一步上修到52.0，強化了“經濟重新溫和擴張”的信號。 這和法國服務業PMI低於50形成對比。法國仍處收縮邊緣，但歐元區整體服務業和綜合PMI都在擴張區間，說明歐洲復甦不是全面均衡，而是德國、製造業和部分服務業改善在對衝法國疲弱。此前歐元區7月製造業PMI也升至51.9，製造業產出指數升至52.9，創2022年3月以來最高，說明本輪改善並不只來自服務消費，也有工業端修復支撐。對市場而言，或削弱“歐洲經濟快速轉弱、歐央行必須儘快轉鴿”的邏輯。

BofA expects hyperscale cloud capex to exceed $860bn in 2026 (up ~80% YoY) and approach $1.2trn in 2027 (up ~38%). Microsoft, Oracle, AWS and Google report a combined cloud backlog of more than $2.3trn, up 16% QoQ, providing high visibility for future spend. The current AI infrastructure expansion will chiefly boost demand for compute, storage, semiconductor equipment, power semiconductors and optical communications. As AI agents and inference workloads scale, server allocations of HBM, DRAM and SSDs should rise; storage demand could outpace GPU shipments. Capex exceeding operating cash flow will compress free cash flow at big tech firms, though they can access debt and equity markets. BofA characterises the cycle as a multi-year infrastructure build and says rising cloud orders improve visibility on AI investment returns.

消息人士稱，西門子能源監事會將於8月25日召開特別會議，討論工業部門可能的拆分或轉型事宜。