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BofA Securities: China's AI model market saw accelerated upgrades and a surge in usage in August, with capital expenditures for the top four cloud platforms expected to increase by 98% year-on-year in 2026.
Bank of America Merrill Lynch's latest monthly monitoring report on China's AI models indicates that in August, China's AI industry saw rapid model upgrades, tightening hashrate demand, and a significant surge in cloud capital expenditure. The report projects that the combined capital expenditure of China's top four cloud platforms will increase by 98% and 44% year-on-year in 2026 and 2027, respectively, exceeding RMB 1 trillion in 2027. Over the past 30 days, market consensus estimates for Tencent's and Alibaba's capital expenditure over the next 12 months have been raised by 25% and 29%, respectively.
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