According to CoinMeta, as reported by A early issuer of in in 2021, HSBC pointed out in a report on August 12 that concerns about the peak in CSP capital expenditure were overstated. It is expected that the growth rate of capital expenditure for the five major CSP will decline from 95% in 2026 to 11% in 2028, and free cash flow will shift from $34 billion to -$104 billion. HSBC's analysis shows that if capital expenditure reaches $1.0 to $1.6 trillion in 2027, or $1.9 to $2.5 trillion in 2028, the CSP net debt/equity ratio will still be within a controllable range. HSBC recommends Marvell, Intel, TSMC, and ASML, with target prices of $300, $200, NT$3400, and €2149 respectively, and maintains target prices of $420 for Alphabet, $310 for Amazon, $595 for Microsoft, $830 for Meta, and $316 for Oracle.