According to the CITIC Construction Investment Research Report, Meta Muse and the Yunqi Conference jointly strengthened the logic that AI application implementation drives computing power demand. Meta launched Muse, a personal AI assistant, which supports email, travel reservations and transaction execution. The number of downloads reached 2.8 million times in 12 days, and promoted integration with the Shopify payment ecosystem to promote commercialization of consumer-grade smart devices. At the Yunqi conference, Ali revealed that Qwen 4 is being trained, and the subsequent model plan evolves to parameters of 5 trillion to 10 trillion; released the Zhenwu V900 chip, proposed the goal of global data center capacity exceeding 20 GW by 2032, and promoted the implementation of enterprise intelligence through Qianwen Office. CITIC Construction Investment believes that the upgrade of AI from dialogue to task execution is expected to continue to increase the demand for inference, tool calls, and cloud resources, focusing on high-speed optical modules, switches, servers, liquid cooling, and power supplies.

According to the CITIC Construction Investment Research Report, Meta Muse and the Yunqi Conference jointly strengthened the logic that AI application implementation drives computing power demand. Meta launched Muse, a personal AI assistant, which supports email, travel reservations and transaction execution. The number of downloads reached 2.8 million times in 12 days, and promoted integration with the Shopify payment ecosystem to promote commercialization of consumer-grade smart devices. At the Yunqi conference, Ali revealed that Qwen 4 is being trained, and the subsequent model plan evolves to parameters of 5 trillion to 10 trillion; released the Zhenwu V900 chip, proposed the goal of global data center capacity exceeding 20 GW by 2032, and promoted the implementation of enterprise intelligence through Qianwen Office. CITIC Construction Investment believes that the upgrade of AI from dialogue to task execution is expected to continue to increase the demand for inference, tool calls, and cloud resources, focusing on high-speed optical modules, switches, servers, liquid cooling, and power supplies.