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The SemiAnalysis report shows that China's data centers have delivered a total capacity of 24GW, exceeding the sum of Europe, the Middle East, Africa, and other regions in Asia; Alibaba, Tencent, and Baidu had a total capital expenditure of $20 billion in the second quarter, doubling year-on-year, and their free cash flow turned negative for the first time simultaneously; ByteDance accounts for nearly one fifth of China's delivered capacity, making it the largest wholesale customer in China.