网路扩展器和 CNNO的资本支出预测：2023 年第三季初步数据 - 全年资本支出预计将比 7/23 的预测低 5-10%，但科技业正在上升

This short note provides an early review of 3Q23 market growth and capex spending figures for two of the three operator segments we cover: webscale, and carrier-neutral. (Our third segment, telco, will be addressed in a few weeks as more earnings reports are available.) The analysis is based on a review of over 80% of reporting companies in the two segments. Our official forecast for 2023 calls for $218B of capex for webscalers, and $39B for carrier-neutral operators (CNNOs). Market figures through 3Q23 suggest actual capex is likely to be closer to $200B and $36B for the two segments, respectively. This is a small change, however, and the tech portion of webscale capex is rising modestly. Moreover, new data from DigitalBridge makes clear that private equity-funded spend is strong in the data center CNNO market, helping to offset a weaker public CNNO market. Consequently, the vendor opportunity in selling to these two markets in 2023 is roughly the same size as forecast.

VISUALS

Organizations mentioned:

Table of Contents

Summary

Introduction

Analysis

• Webscale
• Carrier-neutral
• Generative AI

Outlook

Appendix

List of Figures

• Figure 1: Capex projection for Webscale and CNNO market (US$B), per 7/23 forecast
• Figure 2: YoY revenue growth rates for webscale's big 4 providers
• Figure 3: Capex for select* CNNOs in 3Q21-3Q23 (US$M)