CSC Financial: Maintains Long-Term Bullish Outlook on North American Compute and Domestic AI Compute Supply Chain

on November 8, CITIC Securities released its 2027 annual investment strategy report for the telecommunications industry, noting that large model commercialization expanded rapidly in 2026. As of the end of September 2026, the combined Annual Recurring Revenue (ARR) of OpenAI and Anthropic totaled approximately $124 billion. The combined capital expenditure of North America’s top four CSPs reached about $208.7 billion in Q3 2026, up 84.2% year-on-year, with sustained high-intensity investment in AI infrastructure. Recursive Self-Improvement (RSI) is expected to drive significant leaps in model capabilities.

The scope of AI demand continues to expand, with AI programming establishing a relatively clear commercialization pathway. Long-term growth potential is further unlocked through “broad programming” domains such as design, modeling, and simulation, alongside AI4Science and robotics. CITIC Securities remains optimistic about the industry outlook, is bullish on the computing power demand driven by AI development, and maintains a long-term positive outlook on the North American computing power ecosystem and the domestic AI computing power industrial chain. (Jin10)