隨著雲端運算技術的普及與生成式 AI 的崛起，產業對高效能算力的需求 呈爆發式增長，使得供應鏈結構的穩定性成為雲端服務供應商維持核心競爭力 的戰略關鍵。為降低對上游特定廠商的技術依賴並強化供應鏈韌性，各大服務 商已積極投入自研晶片的垂直整合開發。
本研究旨在探討全球三大雲端服務供應商:Amazon AWS、Microsoft Azure、Google Cloud 於 2017 年至 2025 年間，其上下游供應鏈集中度之演進 軌跡，並進一步分析該趨勢與企業議價地位之關聯性。研究數據採用 Bloomberg Supply Chain Analysis(SPLC)資料庫，透過計算赫芬達爾—赫希曼 指數(HHI Index)，針對各供應商與下游客戶端營收規模前二十大之廠商進行 定量分析。
最後，本研究將結合價值鏈分析框架，歸納三大雲端供應商之競爭態勢，
並針對其未來在上下游布局與議價權提升之需求，提供具前瞻性的策略因應建
議。

With the widespread adoption of cloud computing technology and the rapid emergence of Generative AI, industrial demand for high-performance computing power has experienced exponential growth. This trend has positioned supply chain stability as a strategic cornerstone for Cloud Service Providers (CSPs) to maintain their core competitiveness. To mitigate technical dependence on specific upstream vendors and bolster supply chain resilience, major service providers have actively invested in the vertical integration of in-house chip development.
This study aims to explore the evolutionary trajectories of supply chain concentration for the world’s three leading CSPs—Amazon AWS, Microsoft Azure, and Google Cloud—from 2017 to 2025. Furthermore, it analyzes the correlation between these trends and corporate bargaining power. Utilizing supply chain data from the Bloomberg Terminal, this research conducts a quantitative analysis of the top twenty upstream suppliers and downstream customers by revenue scale for each provider through the calculation of the Herfindahl-Hirschman Index (HHI).
Finally, this study integrates a value chain analysis framework to summarize the competitive landscape of the three cloud giants. Based on these findings, it provides forward-looking strategic recommendations regarding their future upstream and downstream positioning and the enhancement of their bargaining power.

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