CITIC Securities: Computing Hardware in High-Volatility Period, Awaiting Financial Report Guidance

But from the perspective of industry supply and demand, the medium- to long-term driving logic of AI computing power demand has not been affected by Meta’s individual actions, and key links continue to constrain the release of effective supply. Meta’s case should not be over-interpreted as a signal of an industry turning point. As earnings season approaches, investors should pay more attention to order guidance from core suppliers such as NVIDIA, cloud provider capital expenditure plans, and the commercialization progress of downstream applications—these are more representative industry indicators.