Guotai Haitong North America CSP Financial Report Summary: Strong Cloud Demand, Continued Capex Investment, Short-term Pressure on Cash Flow

According to information from Zhitong Finance APP, Guotai Haitong released a research report stating that in Q3 2026, core business performances of North American cloud vendors diverged, but demand for cloud services remained strong. The scale of undelivered orders was close to 2.5 trillion US dollars. Cloud vendors actively increased capex investment, leading to pressure on cash flow. The bank believes that this cash flow pressure is temporary, and with more computing power put into operation, the cash flow situation will improve.