According to the Zhitong Finance APP, Minsheng Securities released a research report stating that the current overseas focus of AI infrastructure has shifted from cloud vendor spending to AIDC cloud computing centers, with manufacturers that have a first-mover advantage in GPU cards, such as Oracle, Coreweave, Nebius, Applied Digital, and Iris Energy, expanding. Looking back domestically, the firm believes that the current AI narrative logic remains unchanged, focusing on AI infrastructure, and recommends paying attention to the AIDC chain: Range Technology (300442.SZ), Runjian Co., Ltd. (002929.SZ); and focusing on synchronous resonance optical modules at home and abroad: Dekoli (688205.SH), Shijia Photon (688313.SH), Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), and Tianfu Communication (300394.SZ).
The main points of Minsheng Securities are as follows:
NVIDIA invests in UK AIDC, initiating comprehensive AI expansion overseas. According to a report by Sina Finance on September 18, 2025, NVIDIA will invest £500 million (approximately $683 million) in Nscale, stating that this UK-based company will participate in AI infrastructure construction projects worth up to £11 billion.
Oracle releases market guidance, expanding cloud business. Tech giant Oracle released its earnings guidance, expecting a year-on-year revenue growth of 14% to 16% in the second fiscal quarter of 2026, with adjusted earnings per share expected to be between $1.61 and $1.65. This growth is primarily driven by strong performance in cloud business, with cloud infrastructure revenue reaching $3.3 billion in the first fiscal quarter, a year-on-year increase of 55%. The company's remaining performance obligations (contracted but unrecognized revenue) reached $455 billion, a year-on-year surge of 359%, thanks to multi-billion dollar contracts signed with companies like OpenAI. To support growth, Oracle plans to increase capital expenditures this fiscal year to $35 billion, a year-on-year increase of 65%.
Nebius secures nearly $20 billion order from Microsoft. Nebius has reached a significant agreement with Microsoft, with a transaction amount close to $20 billion. This deal will bring $17.4 billion to the company, and Microsoft retains the option to purchase an additional $2 billion in services, valid until 2031, potentially bringing the total to $19.4 billion. According to the agreement, Nebius Group will provide dedicated capacity for Microsoft at its new data center in Vineland, New Jersey, to be deployed in multiple phases this year and next, with services expected to start as early as later this year.
The firm believes that global AI infrastructure investment is accelerating. According to the latest data from Omdia, global cloud infrastructure service spending is expected to reach $95.3 billion in the second quarter of 2025, a year-on-year increase of 22%. The market growth momentum remains robust, maintaining over 20% year-on-year growth for four consecutive quarters. In July of this year, Microsoft announced that its annual AI capital expenditure would reach $120 billion, a significant increase from $88 billion the previous year, nearly quadrupling the $32 billion in 2023. Meta expects its total spending for 2025 to be between $66 billion and $72 billion, primarily for expanding the servers, networks, and data center construction required for generative AI, with a lower limit of $64 billion
Meta's Chief Financial Officer Susan Li stated that the company expects its expenditures to further increase next year. Developing leading AI infrastructure will be a core advantage in developing the best AI models and product experiences, with significant investments planned to support this work in 2026. On the Google side, due to strong and growing demand for cloud products and services, the company's capital expenditures will increase by 13% this year, reaching $85 billion, and it is expected that the company's capital expenditures will further increase in 2026.
Risk Warning: AI development may fall short of expectations; major companies' capital expenditures may fall short of expectations; industry competition may intensify

ORCL

300442

NVDA

MSFT

Minsheng Securities released a research report indicating that the current overseas focus on AI infrastructure has shifted from cloud vendor spending to AIDC cloud computing centers. It is recommended to pay attention to companies with GPU card advantages such as Oracle, Coreweave, and AIDC chain-related companies like Range Technology and Runjian Co., Ltd. NVIDIA plans to invest £500 million in Nscale to support AI infrastructure development, Oracle expects its cloud business to drive revenue growth, and Nebius has reached nearly $20 billion in orders with Microsoft

- Minsheng Securities reports a shift in overseas AI infrastructure focus from cloud vendor spending to AIDC cloud computing centers, highlighting companies like Oracle and Coreweave.  
- Notably, Nvidia plans to invest £500 million in Nscale for AI infrastructure, while Oracle anticipates a 14%-16% revenue growth driven by strong cloud performance.  
- Global AI infrastructure investment is accelerating, with significant capital expenditures expected from major players like Microsoft and Meta, despite potential risks from competition and underperformance.

Minsheng Securities: The current AI narrative logic remains unchanged, focusing on AI infrastructure