As the Spring Festival holiday concludes, the A-share market is set to welcome the first trading day of the Lunar Year of the Horse. Investors heavily concentrated in the AI sector are focusing on a central question: can the AI sector sustain its strong performance at the start of the year? As a key player in AI infrastructure, whether Foxconn Industrial Internet Co.,Ltd. (601138.SH) can continue its robust performance during this period of high industry prosperity has become a focal point for the market.
Capital expenditures continue to be ramped up, fueling increasing enthusiasm for investment in AI infrastructure. Since 2024, the underlying logic of the global AI industry has become clearer, with US tech giants showing a sharp upward trend in capital spending. AI infrastructure construction has emerged as the primary growth engine. The period from 2024 to 2025 represents a phase of concentrated expansion. Tech giants like Amazon, Google, and Meta have seen capital expenditure increases exceeding 50%. The combined capital expenditure of the four major players surged from $246 billion to $427 billion, with funds primarily directed towards data centers, AI chips, and computing networks, strongly validating the sector's growth trajectory.
In 2026, industry investment scales continue to break records. The four major giants plan a total capital expenditure of up to $650 billion, reaching a new high for the century and further highlighting the Matthew effect. Among them, Amazon is consolidating its leading position with an investment of approximately $200 billion, while Alphabet plans to spend between $175 billion and $185 billion. Microsoft and Meta form the second tier, with Meta's capital expenditure growth rate reaching as high as 87%. This scale far surpasses the combined investment of traditional US manufacturing enterprises, underscoring the strategic priority of AI infrastructure in the global industrial landscape.
Short-term fluctuations do not alter the long-term trend; the growth logic of AI remains intact. Notably, following the disclosure of massive 2026 capital expenditure plans by tech giants, the technology sector experienced collective short-term pressure, with market risk appetite retreating temporarily and safe-haven sentiment rising. The reason is that previous valuations of tech stocks were largely built around the "AI narrative," with the market willing to grant a high premium for long-term growth. The larger-than-expected capital expenditure scale has shifted Wall Street's focus, albeit briefly, towards "short-term profitability and cash flow certainty." This near-term pricing logic somewhat overlooks the long-term and disruptive nature of the AI technological revolution.
From a long-term industrial development perspective, the judgments of tech giant managements are often more forward-looking. Historical experience shows that in every technological revolution, companies willing to sacrifice short-term profits and make early investments during the infrastructure phase often become long-term industry leaders. The AI revolution is no exception. Institutions project that global AI server shipments will maintain a growth rate of over 20% in 2026, with key technologies like liquid cooling and optical interconnects accelerating towards large-scale application. The dividends from the AI infrastructure industry are continuing to be realized.
In summary, the ongoing expansion of capital expenditure by global tech giants provides Foxconn Industrial Internet with a highly certain industry environment, further validating the correctness of its long-term strategy. As a core player in AI infrastructure, the company possesses multiple key advantages, including technological accumulation, high-end manufacturing capabilities, a quality client structure, and a strategic position within the industry chain. It firmly occupies critical nodes in the AI infrastructure supply chain, resonating deeply with the current high-growth cycle. As global AI infrastructure investments move into a phase of sustained realization, the industrial value and growth potential of Foxconn Industrial Internet are set to be further unleashed, solidifying the foundation for its continued strong performance in 2026.
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