[Changjiang Communications Huang Tianyou Team] Weekly Communication Views: Google Cloud Business Shines, NPO Supernode Deployment Accelerates

English summary

In the 29th week of 2026, the communications sector rose 0.4%, ranking 12th among Changjiang first-level industries; since the beginning of 2026, the communications sector has risen 33.03%, ranking 1st among Changjiang first-level industries. Google's 26Q2 earnings showed strong cloud business, with cloud operating margin reaching a new high, cloud backlog growing, and full-year capex guidance raised by $15B. AI computing demand remains strong, with North American tech giants continuing to increase chip procurement and cloud resource investment, expanding large data centers and advancing deployment of next-generation computing platforms. In addition, Tencent announced plans to deploy domestic computing power at scale and plans to deploy NPO supernodes in 26Q4; the NPO industry standard is advancing, moving from technical validation to large-scale application. We firmly remain bullish on the AI and computing power主线.