This report draws insights from “CSC: Large Models Soaring Upward, Computing Power Boom Deepening” and “Guotai Haitong Securities: The Interpretation and Landscape of AI Computing Cloud, Edge and Device”. The current computing power industry is undergoing a triple restructuring of supply-demand, technology, and market. On the policy side, computing-electricity synergy and domestic substitution form a two-wheel drive; on the industry side, core segments face supply shortages; and on the enterprise side, there is an urgent need to identify the right track, avoid risks, and seize opportunities. The lights of the global AI computing power industry burn day and night, just like the GPU clusters running uninterrupted in intelligent computing centers, with the industry pulse beating at an unprecedented intensity. With the landing of MIIT’s computing affordability policy and the first mention of computing-electricity synergy in the government work report, the transformation wave of the computing industry has swept across the entire value chain under the dual policy catalyst.

In 2026, the global AI computing power industry is in a high-boom cycle. Capital expenditure of North American CSPs grew 70.25% year-on-year, China’s Token call volume increased over a thousandfold in two years, domestic computing power achieved a closed-loop breakthrough from inference to training, and optical modules, liquid cooling, and domestic GPUs became the highest-priority layout segments of the industry. Southeast Asia has become the core market for computing power going overseas, and the commercialization closed loop of large models continues to drive computing demand growth. The state has incorporated computing-electricity synergy into the government work report, explicitly promoting the construction of new infrastructure projects such as ultra-large-scale intelligent computing clusters and computing-electricity synergy, and strengthening nationwide integrated computing monitoring and scheduling. At the same time, export controls on high-end chips continue to escalate, directly accelerating the domestic computing substitution process. AI Xinchuang (indigenous innovation) has officially shifted from policy-driven to industry self-validated, domestic GPU and optical chip market shares continue to rise, and the industry chain’s autonomous and controllable capabilities keep strengthening.

Global AI computing investment continues to increase. The median capital expenditure of the four major North American CSPs in 2026 reached $710 billion, a year-on-year increase of 70.25%. The edge AI market is expected to reach $98.89 billion by 2030, with a CAGR of 26.6%. The growth rate of computing investment far exceeds the market’s earlier expectations, with the core driver being the rigid demand for large model training and inference. SMEs can focus on computing supporting services to enter the track, and industrial capital focuses on computing infrastructure-related tracks.

China’s intelligent computing market shows explosive growth, with the generative AI IaaS market growing 219.3% year-on-year in the first half of 2025. The Southeast Asia computing market shows a multipolar pattern, with Singapore leading the regional market at 1400 MW of computing scale. The Southeast Asia computing market shows distinct differentiated characteristics; Malaysia has the lowest market access threshold, suitable for cross-border overseas entrepreneurs; brand owners and industrial capital can focus on Singapore’s high-end computing market.

The computing industry chain is divided into three levels: the foundation layer, the technology layer, and the application layer. The industry’s investment priority is, in order, the bottleneck segments of the foundation layer, the core equipment of the technology layer, and the commercial implementation scenarios of the application layer. Among them, the foundation layer has the highest technical barriers, and the space for domestic substitution is the broadest.

The foundation layer includes core segments such as GPUs, HBM, and optical chips. It is currently in a state of supply shortage and simultaneous volume and price increases. In 2025, the domestic AI chip market share reached 41%, with the core barrier being technology R&D and capacity control capabilities. The technology layer covers equipment and facilities such as AI servers, switches, and IDCs. Market demand continues to grow rapidly, liquid cooling technology penetration is rising fast, and the core barrier is supply chain integration capability.

DeepSeek-V4 achieves a computing cost revolution through architectural innovation. In million-context scenarios, model computation drops to 25% of the previous generation, KV cache occupancy drops to 10%, and long-text processing cost achieves an order-of-magnitude reduction. China’s AI daily average Token call volume continues to grow rapidly, reaching 140 trillion per day in March 2026, an increase of over 1000 times compared to early 2024. The API pricing of domestic large models is only 20%-30% of overseas competitors, with significant cost-performance advantages.

Domestic chips completed Day0 adaptation of DeepSeek-V4, with an average operator pass rate of 80% and inference acceleration of 3.4x, and core operator performance improved by 1.2x. The capital expenditure of the world’s nine major CSPs reached $830 billion in 2026, a year-on-year increase of 79%. AI server output accounts for 74% of the overall server share, and industry concentration continues to rise.

AI demand continues to crowd out storage capacity. In Q2 2026, DRAM contract prices rose 58%-63% quarter-on-quarter, and NAND contract prices rose 70%-75% quarter-on-quarter, with the storage industry entering a super cycle. In 2026, global AI infrastructure spending reached $487 billion, the global new data center liquid cooling system market reached $22.3 billion, and the entire computing value chain benefits from industry growth dividends.

HVLP copper foil demand has a CAGR of 24%, high-end HVLP copper foil grows 40% annually, processing fee premium is 30%-50%, Taiwan liquid cooling manufacturers’ capital expenditure grew 56.8%, and mainland liquid cooling manufacturers’ capital expenditure grew 11.9%. Traditional home appliance companies are cross-border deploying computing business, with valuation logic shifting from manufacturing to technology. MegaFunc (Zhaochi) leads relying on its optical module business, with 2026 net profit forecast reaching 4 billion yuan.

The market generally believes that the computing industry chain will see profit margin declines due to rapid capacity expansion. In reality, industry supply growth continues to be lower than demand growth, and core segments remain in short supply for a long time. The market generally underestimates the speed of domestic computing substitution; the DeepSeek V4 domestic computing training closed loop validates the practical capability of domestic chips. The overseas opportunity in the Southeast Asia computing market is underestimated by the market; Malaysia and Thailand are high-quality entry points for going overseas.

The international environment and supply chain risks are the industry’s primary risks. Export controls on high-end chips affect companies’ overseas expansion progress; companies can focus on the domestic market and Southeast Asia overseas business, and comprehensively deploy the domestic supply chain to reduce risks. The computing industry faces supply-demand imbalance risks; both capacity expansion falling short of expectations and periodic oversupply will affect performance. Companies need to continuously track global capital expenditure data and focus on scarce segments such as optical chips and liquid cooling.

Research the market access policies and local partners of the Malaysia computing market in Southeast Asia, and quickly deploy computing overseas business. Connect with core domestic GPU and optical module manufacturers, research the supply gap of computing supporting equipment, and enter the industry chain supporting segment. Test DeepSeek-V4 and other domestic large model API services, and implement AI scenario-based services for enterprise customers.

Reference Reports (PDF) Directory in This Special Topic

2026 China Emerging Frontier Fields: AI Path – Achieving Higher Intelligent Returns at Lower Computing Costs Report (English Version).pdf

2026-05-26 14:46

Computing Power Industry Development Alliance: Analysis Report on the Development of AI-Oriented Smart NIC Industry (2026).pdf

2026-05-25 15:56

From “Imaging Optics” to “Computing Optical Interconnect”: Reshaping the Value of Optical Companies.pdf

2026-05-25 15:50

Semiconductor Industry In-Depth Tracking: AI Pulls Clear Spillover from Computing Chips, Autonomous Controllable Industry Chain Prosperous.pdf

2026-05-22 16:28

Computing Power Industry Development Alliance: 2025 Scientific Computing Industry Development Research Report.pdf

2026-05-21 15:12

“Digital Navigation” “Computing × Connectivity” AI Technology Special Issue (Issue 34).pdf

2026-05-21 15:00

Home Appliance Industry Transformation to AI Computing Power Special Topic: Home Appliance Industry Rejuvenated, AI Computing Cross-Boundary Gold Rush Timed Right.pdf

2026-05-21 14:59

Triple Evolution of Technology, Architecture and Application: The Interpretation and Landscape of AI Computing Cloud, Edge and Device.pdf

2026-05-21 14:59

CSC: Large Models Soaring Upward, Computing Power Boom Deepening.pdf

2026-05-20 15:24

Machine Tool Equipment Industry Special Topic: AI Computing Heat Dissipation New Revolution, Liquid Cooling Processing Equipment New Blue Ocean.pdf

2026-05-20 15:23

Computer Industry “China AI Core Assets” Series (4): Next Stop of Computing Leasing and CPU, Super Node OEM.pdf

2026-05-20 15:22

Computer Industry In-Depth Report: Domestic Computing Trend Irreversible, Strategic Inflection Point of AI Xinchuang.pdf

2026-05-20 15:22

CAICT: 2026 Southeast Asia Regional Computing Center Service Provider Analysis Report.pdf

2026-05-19 15:24

AI Computing Industry Upgrade Opens Up Pricing Elasticity of High-End Copper Foil.pdf

2026-05-19 15:18

Semiconductor Industry In-Depth Tracking: AI Pulls Clear Spillover from Computing Chips, Autonomous Controllable Industry Chain Prosperous.pdf

2026-05-19 15:17

Electronics Industry Special Topic Report: DeepSeek V4 Released, Domestic Computing Power Sets Sail.pdf

2026-05-19 15:17

Computing-Power-Electricity Synergy In-Depth Report: AI-Driven New Cycle of Computing-Electricity Integration.pdf

2026-05-14 14:44

Computer Industry In-Depth Research Report: SpaceX Commercial Empire: Transport Capacity, Network and Computing.pdf

2026-05-13 15:07

Computer Industry Research: Domestic Computing Golden Age.pdf

2026-05-13 15:07

2026 Machinery Equipment Industry Annual Strategy: Computing Investment in the Ascendant, Humanoid Robots and Solid-State Battery Industries Accelerating.pdf

2026-05-13 15:06

AI Heads for the Stars, Space Computing Opens a New Chapter in Commercial Aerospace.pdf

2026-05-12 15:16

Power Equipment Industry In-Depth: Domestic and Overseas Computing Demand Explodes, Watch AIDC Diesel Generators and Gas Internal Combustion Engine Investment Opportunities.pdf

2026-05-12 15:16

Electronics Industry Research: Computing Hardware Performance High Growth, Continue to Bullish on AI, Storage and Autonomous Controllable Industry Chain.pdf

2026-05-12 15:15

Computer Industry AI Model Series (3): DeepSeek V4 and Kimi K2.6: Performance Leap, Domestic Computing Adaptation Accelerating.pdf

2026-05-08 14:44

Data Center Series Research (2): “Intelligent Computing Hub” Transformation Underway, Seize the Historical Opportunity of the Digital-Intelligent Mega Investment Cycle.pdf

2026-05-08 14:42

CAICT: 2026 Intelligent Computing Service Research Report.pdf

2026-05-07 15:07

From Broadcom and Alchip to Domestic ASIC: Inference Reshapes Computing Paradigm, ASIC Companies Welcome Golden Development Period.pdf

2026-05-07 14:55

2026 Machinery Equipment Annual Strategy: Computing Investment in the Ascendant, Humanoid Robots and Solid-State Battery Industries Accelerating.pdf

2026-05-06 08:54

Super Node: The “Spear” of Domestic Computing Offense.pdf

2026-04-29 15:19

Zheshang Securities: AIDC and Computing Leasing Special Topic: Foundation Under Expanding Computing Demand.pdf

2026-04-29 15:18

Yunnan Provincial Design Institute PPT: Computing Center + New Energy.pdf

2026-04-28 15:37

Computer Industry Research: North America Computing Leasing Research.pdf

2026-04-28 15:32

Technology Industry: Agent Acceleration Expected to Sustain Computing Inflation.pdf

2026-04-28 15:32

Shangfa & Gas Turbine Series Report One: Computing Demand Growth Worsens Power Gap, Gas Turbine Market Opens Growth Space.pdf

2026-04-28 15:32

Computing Restructuring: From Model Training to Inference-Led New Era.pdf

2026-04-28 15:31

Computer Industry “China AI Core Assets” Series (3): Computing Leasing, Sharply Defined China AI Core Asset.pdf

2026-04-28 15:31

QingCloud: QingCloud AI Computing Products and Services Manual.pdf

2026-04-27 15:54

Shenwan Hongyuan: Computing Demand Growth Worsens Power Gap, Gas Turbine Market Opens Growth Space.pdf

2026-04-24 14:52

Computer Industry AI+2026 Computing Series (4): GTC NVIDIA Upgrades Agent Computing Products, Domestic AI Industry Welcomes New Opportunity.pdf

2026-04-23 15:36

Auto+AI Foresight Series – Server Liquid Cooling Special Topic: Server Computing Improvement Catalyzes Liquid Cooling Demand, Suppliers Welcome Domestic Substitution Opportunity.pdf

2026-04-23 15:36

Computer Industry: Opportunities in Domestic Computing Scheduling and Operation.pdf

2026-04-22 15:15

AI Computing “Water Seller” Special Series (9): Communication Test Equipment, Key Foundation of AI Transport Capacity.pdf

2026-04-20 15:13

Electronics Industry In-Depth Report: AI Computing Wave Rises, PCB Welcomes Structural Opportunities.pdf

2026-04-20 15:12

Super Node: The Way to Break Through Domestic Computing in 26.pdf

2026-04-20 15:12

Electronic Fiberglass Cloth In-Depth Research Report: Computing Cornerstone Catalyzes High-End Demand, Supply-Demand Mismatch Opens Upward Cycle.pdf

2026-04-14 15:42

Electronics 2026 Annual Strategy: Computing Closed Loop Accelerates, Reshaping New Value Anchor.pdf

2026-04-12 09:50

AI Everest Series Five: CPO Approaching, Expected to Reconstruct Efficient Computing Interconnect Architecture.pdf

2026-04-10 15:34

Machinery Industry Space Photovoltaic In-Depth Report – Dual-Track Drive: Commercial Aerospace + Computing Revolution, Space Photovoltaic Welcomes New Era.pdf

2026-04-09 16:10

AI Recycling In-Depth (1): AI Invisible Track – Computing Surge, Recycling Gold Rush.pdf

2026-04-07 15:30

Electronics Industry Annual Strategy: AI Opens New Round of Hardware Inflation, Domestic Computing Accelerates Breakthrough.pdf

2026-04-06 17:01

AI Chip Shortage: When Computing Becomes a Scarcer Resource Than Electricity.pdf

2026-04-05 12:33

Computing-Electricity Synergy: Energy Restructuring in the Computing Era, New Growth Pole Emerges for New Energy Demand.pdf

2026-04-05 12:23

Caitong Securities – NVIDIA – NVDA.US – From AI Chips to Computing Factories, Ecosystem Barriers Continuously Consolidated.pdf

2026-04-03 15:12

Guolian Minsheng Securities: Space Industry In-Depth Report: SpaceX: Building a Global Space Infrastructure and Computing Ecosystem “Super Giant”.pdf

2026-04-03 15:12

Semiconductor Industry 2026 Strategy: Focus on Computing, Autonomous Control and Storage Cycle.pdf

2026-03-29 08:57

Computer Industry Annual Strategy: Domestic Computing Comprehensive Breakthrough, AI Applications About to Erupt.pdf

2026-03-25 15:29

The Power of Artificial Intelligence: Flexible Computing – The Next Wave of AI Growth.pdf

2026-03-23 15:37

Domestic Computing Industry In-Depth: Driving Factors, Policy Support, Industry Process, Breakthrough Directions and Related Companies In-Depth Review.pdf

2026-03-21 19:23

Space Photovoltaic Special Topic (2) Market Chapter: Communication Foundation, Computing Explosion, Hundred-GW High-Profit Market Expected.pdf

2026-03-19 15:32

Quantum Computing New Paradigm, Accelerating Computing New Revolution.pdf

2026-03-18 15:37

Machinery Equipment Industry In-Depth Report: Diamond: AI Computing Revolution Breaks Application Boundaries, Industry Welcomes Value Revaluation.pdf

2026-03-18 15:37

National Defense and Military Industry Space Computing Special Topic: Building Space-Based Intelligent Network, Ultimate Computing Solution.pdf

2026-03-17 15:27

Domestic Computing Rise, Autonomous Ecosystem Breakthrough Under Internal and External Dual-Wheel Drive.pdf

2026-03-11 15:53

Computer Industry GenAI Series (27): Behind the High-Speed Growth of Tokens: Application Breakthrough, Sharing Accelerated Development Opportunities with Computing.pdf

2026-03-11 15:53

CAICT: Advanced Computing and Computing Development Index Blue Book (2025).pdf

2026-03-10 16:24

Electronics Industry Special Topic Research: Computing Bottleneck Accelerates Breakthrough, HBM Establishes Core Hub Status in Computing Era.pdf

2026-03-10 16:22

2026 Electronics Industry Annual Strategy: End-Cloud Computing Resonance, Autonomous Control Striding Firmly.pdf

2026-03-09 16:30

AI Computing Demand Drives Quantitative and Qualitative Improvement of Electronic Components.pdf

2026-03-09 16:30

2026 Photovoltaic Equipment Industry Strategy Report: PV Equipment Makers’ Fundamentals Bottoming, Bullish on Space Computing Application Scenarios Opening & Overseas Ground Demand Growth.pdf

2026-03-05 14:46

Optical Communication Industry Series Report Two: Photoelectric Co-Packaging Reconstructs Computing Interconnect Architecture, CPO Opens High-Density High-Efficiency New Era.pdf

2026-03-04 15:40

2026 High-Temperature Alloy Industry Research Report: AI Computing and Aerospace Resonance, Driving Accelerated Demand Release.pdf

2026-03-03 14:56

Communication Industry 2026 Annual Strategy: Computing Ascension, Constellation Weaving – Guoyuan Securities.pdf

2026-03-02 16:08

2026 Photovoltaic Equipment Industry Strategy Report: PV Equipment Makers’ Fundamentals Bottoming, Bullish on Space Computing Application Scenarios Opening Overseas Ground Demand Growth.pdf

2026-02-27 15:48

Green Data Center Industry Insight: Some Thoughts on the Computing Industry (2026).pdf

2026-02-25 14:49

Global AI Series Report: Bipolar Evolution and Computing Restructuring, 2026 AI Industry In-Depth Outlook (Domestic Chapter).pdf

2026-02-24 14:50

China Electronic Equipment Industry Outlook: Expected 2026 Industry Credit Level to Remain Stable Amid Positive Factors Such as Policy Support and AI Computing Empowerment Coexisting with Challenges of High-Frequency International Trade Policy Adjustments and Core Material Price Increases..pdf

2026-02-24 14:47

Zhongtai Electronics AI Series on Domestic Computing: 2026 Watch 1-N Volume Release.pdf

2026-02-23 09:15

Wanlian Securities: 2026 Electronics Industry Investment Strategy Report: Computing Sail Strong, Intelligent Tide Surging.pdf

2026-02-21 09:12

Quantum Technology In-Depth Report: Breaking Computing Bottleneck, Opening Quantum Computing New Era.pdf

2026-02-11 15:23

Electronics Industry In-Depth Report: AI Computing Development Demand Drives Advanced Packaging Growth, Domestic Substitution Welcomes New Opportunities.pdf

2026-02-10 15:51

Lenovo: 2026 Lenovo Computing Infrastructure Product Collection White Paper – Financial Industry Solution.pdf

2026-02-08 10:04

National and Provincial/Municipal Computing Infrastructure Industry Related Policy Compilation (June 2024 to December 2025).pdf

2026-02-08 10:00

Computing Industry Development Alliance: 1ms City Computing Network Innovative Application Compilation (2025).pdf

2026-02-05 17:32

Artificial Intelligence Computing Series Report One: Overseas Cloud Giants Raise Prices, Watch Computing Price Increase Cycle.pdf

2026-02-05 17:08

Technology Theme View Review: Global Computing Multi-Point Breakthrough, AI-Driven End-Side Application Penetration (Correction).pdf

2026-02-04 16:29

Computer Industry AI2026 Computing Series (1): Large-Scale Application of AI Agents Drives CPU and Basic Software Demand Growth.pdf

2026-02-04 16:29

Vehicle SoC Report: Intelligent Driving Computing Leap Accelerates Realization, Localization Ecosystem Drives Automotive-Grade Chip Structural Volume Release.pdf

2026-02-03 16:15
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