TechFlow news, According to TechFlow Research, Morgan Stanley's July 10 report expects that by 2028, the combined capital expenditure of the five major hyperscalers Microsoft, Google, Amazon, Meta, and SpaceX will reach $1.4 trillion, representing an increase of over 3 times compared to 2025; available computing capacity will expand from 30GW to 120GW. Meta is listed as the top pick, with 2027/2028 Capex raised to $225 billion/$250 billion. Morgan Stanley particularly emphasized Meta's API business opportunities: Muse Spark 1.1 pricing is 30%-86% lower than peers, and every 100MW of computing power can generate approximately $8 billion in revenue and approximately $1.9 per share EPS increment. The key to winning the computing power competition is shifting from "how much to build" to "how much to sell", and Meta simultaneously holds five monetization paths. Morgan Stanley maintains an overweight rating on Meta, Amazon, and Google.
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