当地时间2月5日，美股三大指数集体收跌，道指下跌592.58点，跌幅1.20%；纳指跌1.59%；标普500指数跌1.23%。 热门科技股普跌，超微电脑、高通跌超8%，亚马逊跌超4%，AMD跌超3%，特斯拉跌超2%，英伟达跌超1%。 微软跌4.95%，市值一夜蒸发1524亿美元（约合人民币10573亿元）。 贵金属尾盘加速下跌，现货白银跌幅扩大至近20%，失守71美元/盎司。现货黄金现跌近4%，报4774.48美元/盎司。 比特币遭重挫，跌超14%，截至2月6日发稿，报62912.45美元。 CoinGlass数据显示，最近24小时，全球共有430667人被爆仓，爆仓总金额为20.60亿美元（约合人民币143亿元）。 | 总爆仓 | | | | | --- | --- | --- | --- | | 1小时爆仓 | $4708.69万 | 4小时爆仓 | $7.13亿 | | 多車 | $3734.17万 | 名東 | $6.26亿 | | 空单 | $974.52万 | 空单 | $8759.43万 | | 12小时爆仓 | $17.20亿 | 24小时爆仓 | $20.63亿 | | 多車 | $15.3 ...

每经编辑｜杜宇 当地时间2月5日，美股三大指数集体收跌，道指下跌592.58点，跌幅1.20%；纳指跌1.59%；标普500指数跌1.23%。 热门科技股普跌，超微电脑、高通跌超8%，亚马逊跌超4%，AMD跌超3%，特斯拉跌超2%，英伟达跌超1%。 微软跌4.95%，市值一夜蒸发1524亿美元（约合人民币10573亿元）。 | 微软 | | | --- | --- | | MSFT us 空 | | | 408.300 昨收 414.190 量比 0.98 393.670 - | | | 392.330 市值 2.92万亿 换 0.90% | | | -20.520 -4.95% 开 407.440 市盈™ 24.51 额 262.24亿 | | | 异动解读：评级下调+云业务增长放缓+软件... ● × 1.7 16. | | | 盘后 391.070 - -2.600 -- -0.66% 0 0 17:12 美东时间 | | | 盘中 × 1 日Ｋ × 周Ｋ × 月Ｋ × 五日 × | 更多▼ | | 时间05:00 均价:398.905 最新393.670 涨幅-4.954% | | | 436.050 ...

Core Insights - The report summarizes significant analyst rating adjustments that could influence market trends, highlighting both upgrades and downgrades across various companies [1]. Upgrades - B. Riley upgraded Snap (SNAP) from Neutral to Buy, maintaining a target price of $10, citing strong growth in high-end subscription revenue and the rollout of high-margin advertising formats [5]. - Seaport Research upgraded FuboTV (FUBO) from Neutral to Buy with a target price of $3, viewing current uncertainties as a quality investment opportunity following a significant stock drop post-earnings [5]. - Wolfe Research upgraded Zoom Video Communications (ZM) from Peer Perform to Outperform, setting a target price of $115, anticipating a re-acceleration in growth and strong performance in its contract center and phone business [5]. - Jefferies upgraded Celanese (CE) from Hold to Buy, raising the target price from $43 to $86, suggesting it is a good time to buy despite potential earnings volatility in the first half of 2026 [5]. - Cantor Fitzgerald upgraded DigitalOcean (DOCN) from Neutral to Overweight, increasing the target price from $47 to $68, emphasizing its focus on digital-native enterprises and a strong foundation for market expansion [5]. Downgrades - Stifel downgraded Microsoft (MSFT) from Buy to Hold, reducing the target price from $540 to $392, citing supply issues with Azure and strong competition from Google Cloud [5]. - Susquehanna downgraded Qualcomm (QCOM) from Positive to Neutral, lowering the target price from $210 to $140, recommending a wait-and-see approach due to industry challenges [5]. - Citigroup downgraded Six Flags Entertainment (FUN) from Buy to Neutral, cutting the target price from $25 to $20, citing overvaluation after a 40% increase since November [5]. - Jefferies downgraded Steven Madden (SHOO) from Hold to Underperform, lowering the target price from $37 to $30, highlighting ongoing pressures in its wholesale business [5]. - JPMorgan downgraded Corteva (CTVA) from Overweight to Neutral, raising the target price from $75 to $77, based on valuation considerations [5]. Initiations - Benchmark initiated coverage on Cava Group (CAVA) with a Buy rating and a target price of $80, recognizing its leading position in the Mediterranean dining category [5]. - H.C. Wainwright initiated coverage on Incyte (INCY) with a Buy rating and a target price of $135, noting potential catalysts that could stabilize revenue expectations post-Jakafi patent expiration [5]. - Bernstein initiated coverage on Coupang (CPNG) with an Underperform rating and a target price of $17, favoring companies with strong growth potential driven by online penetration [5]. - Benchmark initiated coverage on Andersons (ANDE) with a Buy rating and a target price of $75, highlighting the growth momentum in its ethanol business [5]. - Bank of America initiated coverage on Wave Life Sciences (WVE) with a Buy rating and a target price of $38, emphasizing the differentiated advantages of its obesity drug WVE-007 [6].

Stifel将微软的评级从"买入"下调至"持有"，目标价从540美元下调至392美元。(格隆汇) ...

Group 1 - Amazon's upcoming earnings report is a major focus for the market, as investors seek insights into the growth prospects of the cloud computing industry [1] - The tech sector is experiencing heightened risk aversion following a significant stock price correction for Microsoft due to slowing growth in its cloud business [1]

Core Insights - Amazon's upcoming earnings report is a focal point for investors seeking insights into the growth prospects of the cloud computing industry, especially following Microsoft's stock decline due to Azure's slowing growth [1][3] - Concerns are rising about whether Microsoft's issues are company-specific or indicative of a broader slowdown in the cloud services sector, which could have lasting impacts [3] - Analysts expect Amazon's AWS to report a 21% year-over-year revenue growth, reaching $34.8 billion, as investors look for catalysts to boost Amazon's stock price [3][6] Valuation and Market Expectations - Amazon's stock has underperformed, rising only 5.2% over the past year, compared to a 20% increase in the Nasdaq 100 index [4] - The expected price-to-earnings ratio for Amazon is around 24 times, significantly lower than its 10-year average of 46 times, indicating a relatively cheap valuation [4] - Post-earnings report, Amazon's stock is anticipated to experience about a 7% volatility, as investors seek high growth rates to meet market expectations [4] Key Financial Data Outlook - Analysts project Amazon's total revenue for Q4 to grow by 13% to $211.5 billion, with adjusted earnings per share expected to rise by 8% to $2.40 [6] - The previous earnings report saw a nearly 10% stock surge due to better-than-expected AWS revenue, but current market sentiment is cautious due to a broader "anti-software" sentiment affecting the tech sector [6] Capital Expenditure and AI Investment Strategy - Investors will closely monitor Amazon's future capital expenditure guidance and its specific investments in artificial intelligence, especially in light of Microsoft's aggressive AI spending [7] - Amazon's investment in Anthropic PBC, amounting to $8 billion, and potential $50 billion investment in OpenAI are key points of interest, as these could enhance Amazon's earnings [7] - The performance of Amazon's AI chatbot "Rufus" in the retail business will also be scrutinized to assess the effectiveness of AI technology in core operations [7] Cloud Business as a Core Indicator - Despite Amazon's diversified revenue streams, the cloud business remains the primary focus for investors, with AWS being described as the "crown jewel" of the company [8] - A stable and clear outlook for AWS is essential for maintaining investor confidence, as it is the focal point of Amazon's growth narrative [8]

本文源自：金融界AI电报 中金发表报告指，微软公布2026财年第二季业绩，总营收按年增17%至813亿美元，市场预期增15%， 该行预期增16%；营业利润按年增21%至383亿美元，市场预期366亿美元，该行预期369亿美元；GAAP 口径净利润受到投资Open AI收益的推动按年大幅增长60%至385亿美元，市场预期288亿美元，该行预 期275亿美元；去除Open AI投资影响的Non-GAAP口径对应摊薄后每股盈利按年增24%至4.14美元，市 场预期3.91美元，该行预期4.09美元。由于本季度M365、Windows以及搜索在内的AI产品需求继续走 强，最终的业绩好于该行和市场的预期。该行维持对其"跑赢行业"评级及目标价586美元。 ...

中金发表报告指，微软公布2026财年第二季业绩，总营收按年增17%至813亿美元，市场预期增15%， 该行预期增16%；营业利润按年增21%至383亿美元，市场预期366亿美元，该行预期369亿美元；GAAP 口径净利润受到投资Open AI收益的推动按年大幅增长60%至385亿美元，市场预期288亿美元，该行预 期275亿美元；去除Open AI投资影响的Non-GAAP口径对应摊薄后每股盈利按年增24%至4.14美元，市 场预期3.91美元，该行预期4.09美元。由于本季度M365、Windows以及搜索在内的AI产品需求继续走 强，最终的业绩好于该行和市场的预期。该行维持对其"跑赢行业"评级及目标价586美元。 ...

(责任编辑：毕安吉) 平台将采用双轨授权体系并行模式：在商业模式上，实行按内容交付价值付费，支持从独立出版物到大 型媒体的全规模接入；同时兼容出版业自发推行的"极简授权协议"(RSL)开源标准，通过网站元数据声 明爬虫付费规则。微软方面表示，试点阶段将与出版伙伴紧密协作推进相关工作，暂未透露具体整合方 案。 微软强调，PCM计划的推出将重构数字内容生态。随着AI技术进入"对话即答案"的发展阶段，传统"开 放网络→搜索引擎"的价值链已难以适应新需求，该平台将为AI产业与内容出版行业的协同发展提供新 路径。(纯钧) 2月5日消息，据The Verge报道，微软近日正式启动"出版商内容市场"(PCM)计划，打造AI时代的内容授 权集中平台，为AI模型训练提供合规内容支撑，雅虎作为首批合作伙伴已接入测试。 据介绍，该平台旨在搭建AI公司与内容出版商之间的高效对接桥梁，集中展示内容使用条款，方便AI 企业便捷购买授权，用于AI模型的事实支撑与检索增强训练。同时，内容拥有者可获取基于使用量的 数据分析报告，为定价策略制定提供参考。这一举措直击生成式AI领域长期存在的未经授权内容爬取 问题，此前《纽约时报》等媒体曾因此对相 ...

来源：环球网 【环球网科技综合报道】2月5日消息，据The Verge报道，微软近日正式启动"出版商内容市 场"（PCM）计划，打造AI时代的内容授权集中平台，为AI模型训练提供合规内容支撑，雅虎作为首批 合作伙伴已接入测试。 平台将采用双轨授权体系并行模式：在商业模式上，实行按内容交付价值付费，支持从独立出版物到大 型媒体的全规模接入；同时兼容出版业自发推行的"极简授权协议"（RSL）开源标准，通过网站元数据 声明爬虫付费规则。微软方面表示，试点阶段将与出版伙伴紧密协作推进相关工作，暂未透露具体整合 方案。 微软强调，PCM计划的推出将重构数字内容生态。随着AI技术进入"对话即答案"的发展阶段，传统"开 放网络→搜索引擎"的价值链已难以适应新需求，该平台将为AI产业与内容出版行业的协同发展提供新 路径。（纯钧） 据介绍，该平台旨在搭建AI公司与内容出版商之间的高效对接桥梁，集中展示内容使用条款，方便AI 企业便捷购买授权，用于AI模型的事实支撑与检索增强训练。同时，内容拥有者可获取基于使用量的 数据分析报告，为定价策略制定提供参考。这一举措直击生成式AI领域长期存在的未经授权内容爬取 问题，此前《纽约时报》 ...