Group 1 - Celestica reported Q3 2025 revenue of $3.19 billion, a 28% year-over-year increase, exceeding the company's guidance upper limit [1][2] - The adjusted operating profit margin for Celestica reached 7.6%, up 0.8 percentage points year-over-year [1][2] - GAAP earnings per share were $2.31, while adjusted earnings per share were $1.58, both surpassing expectations [1][2] Group 2 - Celestica raised its full-year 2025 revenue guidance to $12.2 billion from the previous $11.55 billion, an increase of $650 million, while maintaining an adjusted operating profit margin forecast of 7.4% [1][2] - The company provided its first outlook for 2026, projecting revenue of $16 billion and an adjusted operating profit margin of 7.8%, reflecting confidence in the sustainability of AI infrastructure demand [2] Group 3 - NVIDIA is accelerating its full-stack AI layout, with the Rubin GPU expected to enter mass production in Q3 or Q4 of 2026 [3] - The performance of the Vera Rubin NVL144 platform is projected to achieve 3.6 Exaflops for FP4 inference and 1.2 Eflops for FP8 training, a 3.3 times improvement over the previous generation [3] - NVIDIA anticipates combined GPU sales of $500 billion over five quarters from Blackwell and Rubin chips, reinforcing its leading position in the global AI computing supply chain [3] Group 4 - Microsoft and OpenAI reached an agreement for OpenAI to purchase an additional $250 billion in Azure services, with Microsoft holding a 27% stake in OpenAI valued at approximately $135 billion [4] Group 5 - The industry is optimistic about three core themes: optical communication, liquid cooling, and domestic computing power, with a notable focus on AI's "siphoning effect" [5] - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Yingweike, Yuanjie Technology, Tianfu Communication, ZTE, Shengke Communication, Oulu Tong, Guanghuan New Network, Aofei Data, Xinyi Network Group, Unisplendour, Guanghetong, Zhongtian Technology, and Hengtong Optic-Electric [5]

Core Insights - Microsoft reported an 18% year-over-year revenue growth for Q3, remaining flat compared to the previous quarter [1] - Diluted earnings per share (EPS) increased by 13% year-over-year, slightly exceeding analyst expectations, but the growth rate has slowed compared to the previous quarter [1] - Azure and other cloud services revenue grew by 39%, consistent with the previous quarter, but fell short of some buyers' expectations of slightly above 40% [1] Financial Performance - Total capital expenditures for Microsoft reached $34.9 billion, representing a year-over-year increase of over 74% and a quarter-over-quarter increase of over 60%, marking a new high that significantly surpassed analyst expectations [1] - The majority of capital expenditures were directed towards AI-related investments, particularly in data centers [1] Demand and Capacity - The CFO indicated that demand for Azure services "far exceeds our current available capacity," suggesting that the company has not been able to fully meet demand [1] - Spending is expected to continue increasing in the upcoming quarter to address this demand [1]

钛媒体App 10月30日消息，微软发布截至9月30日的2026财年第一季度财报。财报显示，按照美国通用 会计准则(GAAP)计算，微软第一财季总营收为776.73亿美元，同比增长18%，按固定汇率计算同比增长 17%；净利润为277.47亿美元，同比增长12%；包括反映数据中心支出的租赁获得资产在内，总资本支 出349亿美元，同比增长74.5%。智能云部门收入为309亿美元，同比增长28%，其中，剔除汇率因素影 响，Azure和其他云服务收入同比增长39%。微软表示，公司承诺对OpenAI的总投资已达130亿美元。截 至今年9月底，其中116亿美元已完成出资。该投资对微软第一财季的利润影响为30.86亿美元。受相关 消息影响，微软盘后股价一度下跌5%。（广角观察） ...

Core Points - WTT announced a technical issue due to a global outage of Microsoft Azure services affecting its website [1] - Services are gradually being restored, and WTT appreciates the patience of fans during this period [1] - Fans can still watch live broadcasts of the WTT Championship through exclusive broadcasting partners [1]

Core Viewpoint - Microsoft reported strong financial results for Q1 of FY2026, with significant revenue and profit growth, but the stock price declined in after-hours trading despite exceeding analyst expectations [1][2]. Financial Performance - Total revenue for Q1 was $77.673 billion, an 18% increase from $65.585 billion year-over-year, with a 17% increase when adjusted for constant currency [4]. - Net profit reached $27.747 billion, up 12% from $24.667 billion year-over-year, with an 11% increase on a constant currency basis [4]. - Operating income was $37.961 billion, a 24% increase from $30.552 billion year-over-year, with a 22% increase when adjusted for constant currency [4]. - Diluted earnings per share were $3.72, a 13% increase from $3.30 year-over-year, with an 11% increase on a constant currency basis [4]. - Microsoft returned $10.7 billion to shareholders through dividends and stock buybacks during the quarter [4]. Segment Performance - Cloud revenue was $49.1 billion, a 26% increase year-over-year, with a 25% increase on a constant currency basis [4]. - Productivity and Business Processes revenue was $33 billion, a 17% increase year-over-year, with a 14% increase on a constant currency basis; LinkedIn revenue grew by 10% [4]. - Intelligent Cloud revenue was $30.9 billion, a 28% increase year-over-year, with a 27% increase on a constant currency basis; Azure and other cloud services revenue grew by 40% [4]. - More Personal Computing revenue was $13.8 billion, a 4% increase year-over-year, with Windows OEM and devices revenue increasing by 6% [4]. Investment in AI - Microsoft has committed a total investment of $13 billion in OpenAI, with $11.6 billion already funded as of September 30; this investment contributed $3.086 billion to Q1 profits [1][4]. - CEO Satya Nadella emphasized the importance of AI and cloud technology in driving growth and the company's commitment to increasing investments in these areas [5].

Core Insights - Microsoft reported Q1 FY2026 earnings with revenue of $77.7 billion, representing an 18% year-over-year growth [1] - Operating income reached $38 billion, showing a 24% increase compared to the previous year [1] - GAAP net income was $27.7 billion, reflecting a 12% year-over-year growth [1]

Core Viewpoint - Microsoft reported a strong first-quarter performance with revenue growth of 18% to $77.7 billion, exceeding Wall Street expectations, but raised concerns about high capital expenditures related to AI infrastructure [1][2]. Financial Performance - Total revenue for the first quarter reached $77.7 billion, with earnings per share at $3.72, surpassing analyst expectations of $75.6 billion and $3.68 respectively [1]. - Capital expenditures for the first quarter amounted to $34.9 billion, significantly higher than the previous quarter's $24 billion [1]. - The company expects second-quarter revenue to be between $79.5 billion and $80.6 billion, with a midpoint of $80.05 billion, above analyst expectations of $79.95 billion [9]. Business Segments - The Intelligent Cloud segment, which includes Azure, generated $30.9 billion in revenue, a 28% year-over-year increase, exceeding market expectations of $30.25 billion [1][5]. - The Productivity and Business Processes segment, which includes Office and LinkedIn, saw revenue growth of 17% to $33 billion, surpassing analyst expectations of $32.3 billion [5]. - The More Personal Computing segment, which encompasses Windows, search ads, devices, and gaming, reported a 4% revenue increase to $13.8 billion, exceeding market expectations of $12.83 billion [7]. AI and Strategic Investments - Microsoft plans to continue investing heavily in AI, with CEO Satya Nadella emphasizing the importance of capital and talent investments to seize future opportunities [1]. - The partnership with OpenAI is a significant driver of growth, with Azure expected to see a 34% revenue increase in fiscal year 2025, surpassing $75 billion [2].

Core Insights - The earnings season for major tech stocks is a focal point for the market, with Google, Microsoft, and Meta recently releasing their financial results, highlighting trends in capital expenditures related to artificial intelligence [1] Google - Google's Q3 revenue reached $102.35 billion, exceeding market expectations of $99.89 billion, with search revenue at $56.56 billion, a 15% year-over-year increase [2] - YouTube ad revenue was $10.26 billion, surpassing the expected $10.01 billion, while Google Cloud revenue was $15.15 billion, a 35% year-over-year growth, exceeding the forecast of $14.74 billion [2] - Net profit rose to $34.97 billion, with an EPS of $2.87, compared to $26.3 billion in the same quarter last year [2] - Google faced a $3.45 billion antitrust fine from the EU, impacting net profit for the quarter [2] - The company raised its 2025 capital expenditure forecast to between $91 billion and $93 billion, up from an earlier estimate of $75 billion to $85 billion, primarily for data center infrastructure [2] Meta - Meta's Q3 revenue was $51.24 billion, a 26% year-over-year increase, exceeding the expected $49.41 billion, with ad revenue at $50.08 billion [3] - The company reported an EPS of $1.08, below the market expectation of $6.69 [3] - Meta incurred a one-time non-cash tax expense of $15.93 billion due to the "One Big Beautiful Bill Act," but anticipates significant reductions in federal cash tax expenditures in the coming years [3] - The company raised its Q4 revenue guidance to a range of $56 billion to $59 billion, with the midpoint exceeding analyst expectations [3] - Meta adjusted its total annual expenditure guidance to between $116 billion and $118 billion, up from $114 billion to $118 billion, and raised its 2025 capital expenditure forecast to between $70 billion and $72 billion [4] Microsoft - Microsoft's Q3 revenue was $77.67 billion, an 18% year-over-year increase, surpassing the expected $75.33 billion [5] - The "Intelligent Cloud" segment, including Azure, generated $30.9 billion, a 28% year-over-year growth, exceeding the consensus of $30.25 billion, with Azure revenue up 40% [5] - Net profit increased to $27.7 billion, with an EPS of $3.72, compared to $24.67 billion and an EPS of $3.30 in the same quarter last year [6] - Microsoft's cloud business is a key growth driver, benefiting significantly from the AI boom, with Azure and other cloud services projected to grow 34% year-over-year, exceeding $75 billion by FY2025 [6] - The company's strong performance in AI is attributed to its close partnership with OpenAI, which recently restructured its ownership, with Microsoft holding a 27% stake valued at approximately $135 billion [6]

Core Insights - Microsoft reported a 12% year-over-year increase in net profit for the first fiscal quarter ending September, reaching $27.7 billion, with adjusted earnings per share of $4.13, surpassing market expectations of $3.67 [1] - Revenue for the quarter grew 18% year-over-year to $77.67 billion, exceeding market expectations of $75.33 billion [1] - The Intelligent Cloud segment, which includes Azure, generated $30.9 billion in revenue, a 28% increase year-over-year, also above the expected $30.25 billion [1] - The Productivity and Business Processes segment reported revenue of $33 billion, exceeding the forecast of $32.33 billion [1] - Microsoft CEO Satya Nadella emphasized the company's commitment to increasing investments in artificial intelligence, both in terms of funding and talent, to seize future opportunities [1] Revenue Performance - Total revenue for the quarter was $77.67 billion, reflecting an 18% increase compared to the previous year [1] - The Intelligent Cloud segment revenue was $30.9 billion, up 28% year-over-year [1] - The Productivity and Business Processes segment revenue reached $33 billion, showing strong performance [1] Market Reaction - Following the earnings report, Microsoft's stock price initially dropped by 3% in after-hours trading [1] Strategic Focus - Microsoft plans to continue investing heavily in artificial intelligence to leverage future growth opportunities [1]

微软预计第二财季营收将为795亿-806亿美元。 来源：滚动播报 ...