on 03-Feb-2026 U.S. Internet Amazon.Com Inc Rating Outperform 3 February 2026 Price Target AMZN 300.00 USD Deeksha Pandey +1 917 344 8447 deeksha.pandey@bernsteinsg.com Amazon: What place is AWS in for AI now? [Part II] Months in Internet are measured in hamster years. AWS sentiment was decidedly negative when we published Part I - under-allocated GPUs, no frontier model, who uses Trainium, and no splashy partners. A strong 3Q beat-and-raise + an OpenAI deal changed sentiment for a minute, but the stock has ...

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

Software Industry - The software sector is experiencing significant declines, with many companies down 9-10% in a single day, and year-to-date performance showing Teladoc down 27% and HubSpot down nearly 40% [1][2] - Cisco and Zoom are among the few companies in the software sector showing positive performance [2] - The divergence between software and semiconductor stocks is notable, with semiconductor ETFs performing positively, while software ETFs are down 20% [3][4] Semiconductor Industry - The semiconductor sector presents a contrasting narrative, with smaller companies compensating for declines in major players like Nvidia and Broadcom [2] - SanDisk has seen an increase of nearly 200%, and Western Digital is up 70% year-to-date [2] Investment Trends - Value stocks are outperforming growth stocks, with value up 5% year-to-date while growth is down 3% [6][7] - The current market environment is seeing a shift where institutional investors are rotating out of previously successful stocks into new opportunities, particularly in AI-centric companies [30][32] AI and Technology - The integration of AI is driving significant changes in the technology landscape, with companies like Palantir capitalizing on the demand for AI solutions [56][60] - The AI sector is expected to generate substantial revenue growth, with companies like Snowflake and DataDog positioned to benefit from the ongoing transformation [65][66] IPO Market - There is a growing anticipation for IPOs, particularly from companies like SpaceX and OpenAI, with expectations that SpaceX will go public first [22][23] - The current sentiment around M&A and IPOs is at a six-year high, indicating a favorable environment for new public offerings [42] Market Dynamics - The market is currently characterized by a high level of volatility, but there is a growing confidence among companies to go public despite this uncertainty [40][41] - The balance sheets of companies are under increased scrutiny as they navigate significant capital expenditures while managing revenue growth [78]

Nvidia Corp. is nearing a deal to invest $20 billion in OpenAI as part of its latest funding round, according to people familiar with the matter, marking the chipmaker's single biggest investment in the ChatGPT developer. Nvidia's contribution is close to being completed, according to the people, who spoke on condition of anonymity because the information is not public. The deal is not final and the terms could change. OpenAI declined to comment. Nvidia declined to comment. OpenAI is looking to raise up to ...

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly in AI and cloud computing, with significant capital expenditures from major players like Meta, Microsoft, and Alibaba [6][31]. Core Insights - Major tech companies are increasing capital expenditures to enhance AI capabilities, with Meta's projected spending reaching between $115 billion and $135 billion for the year [5][31]. - AI demand remains strong, with companies like OpenAI and Anthropic accelerating their growth and preparing for IPOs, indicating a robust market for AI applications [4][11]. - The report highlights a shift in pricing strategies among cloud service providers, with Google Cloud and Amazon AWS raising prices for data transmission and machine learning services, marking a departure from the long-standing trend of price reductions [20][21]. Industry Frontiers - OpenAI has raised over $100 billion in funding, with a valuation of $830 billion, and is preparing for an IPO in Q4 2026 [4][11]. - Anthropic has revised its revenue projections, expecting a threefold increase in sales this year, potentially reaching $18 billion, and over $55 billion next year [11][12]. - ByteDance is set to release a new AI model in mid-February, aiming to capture a larger share of the AI market in China [12][27]. Capital Trends - Google Cloud announced a price increase for global data transmission services effective May 2026, with Amazon AWS also raising prices for its machine learning services by approximately 15% [5][20]. - Meta has secured a $6 billion long-term supply agreement with Corning for fiber optic cables, emphasizing the importance of infrastructure in AI development [21]. - Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion to 480 billion yuan over the next three years [25][26]. Weekly Perspectives - The report notes that AI investments are yielding positive results for companies like Meta, with improved user engagement and advertising performance [31][32]. - The demand for AI infrastructure is expected to surge, driven by the increasing need for advanced computing capabilities [32]. - The report anticipates a significant growth in the number of ASIC chips required for AI applications, projecting a boom in demand from 2026 to 2027 [32]. Industry Chain Data Updates - In December, China's smartphone market saw a significant decline in sales, with Huawei maintaining the largest market share [34]. - The PC market experienced a mixed performance, with desktop sales increasing while laptop sales declined [35].

Group 1 - The Chinese central bank announced a reverse repurchase operation of 800 billion yuan to maintain liquidity in the banking system, with a term of 3 months [2] - The Shanghai Stock Exchange reported a significant increase in new A-share accounts, with 4.9158 million new accounts opened in January 2026, a month-on-month increase of approximately 89% and a year-on-year increase of about 213% [2] - The Paris prosecutor's office conducted a search of the office of the social media platform X, owned by Elon Musk, as part of an investigation into cybercrime [3] Group 2 - Major U.S. stock indices experienced declines, with the Dow Jones down 0.34%, S&P 500 down 0.84%, and Nasdaq down 1.43%, nearly erasing gains made since the beginning of the year [3][4] - Large technology stocks faced pressure, with Nvidia down 2.84%, Microsoft down 2.87%, and Amazon down 1.79% [4] - The Nasdaq Golden Dragon China Index fell by 0.94%, with Alibaba down 2.81% and Tencent Holdings ADR down 3.33% [4] Group 3 - Commodity markets saw a rebound in gold and silver prices after two days of significant declines, with spot gold rising 5.2% to $4,906.82 per ounce [5] - Crude oil prices slightly rebounded, with WTI crude oil futures increasing by 1.72% to $63.21 per barrel [5] - Several companies announced significant developments, including a change in controlling shareholder for Jiatang and a fundraising plan for Xuguang Electronics [5]

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Market Overview - US stock futures experienced a downturn, particularly in the technology sector, as fears of AI disruption prompted a shift from high-growth tech stocks to value stocks [1] - Nasdaq 100 futures fell by 0.2%, while S&P 500 futures remained flat, and Dow Jones Industrial Average futures increased by 0.1% [1] Technology Sector Performance - The technology sector faced significant selling pressure, with Nvidia and Microsoft each closing over 2% lower, contributing to an overall loss of more than 2% in the S&P 500 tech sector [2] - Advanced Micro Devices (AMD) shares dropped more than 7% following a negative reaction to its first-quarter outlook [3] Earnings Reports and Reactions - Chipotle's stock fell nearly 7% after reporting a decline in customer traffic and warning of potential stagnation in same-store sales growth for 2026 [3] - Enphase Energy (ENPH) saw its stock soar by 20% in premarket trading after exceeding analysts' profit and revenue estimates, although it remains down almost 42% for the year [6] - Super Micro Computers (SMCI) stock jumped 11% after raising its annual revenue forecast due to strong demand for AI servers [4] Upcoming Earnings - Alphabet and Arm Holdings are set to report earnings, with Eli Lilly also highlighted, while Amazon is scheduled to release results on Thursday [4]

Core Insights - Major investments in AI infrastructure are not leading to the same balance sheet concerns seen during the late 1990s telecom boom, as companies today have stronger earnings relative to their interest obligations [1] - The Alger AI Enablers & Adopters ETF (ALAI) is focused on companies that fund expansion primarily through free cash flow rather than excessive debt, reflecting a more sustainable financial approach [1] Group 1: Financial Health of Companies - Current corporate fundamentals are in better shape compared to the internet buildout period, with the S&P 500's interest coverage ratio at 8.4x as of November 30, 2025, nearly double the 4.7x recorded in December 1999 [1] - U.S. investment-grade corporate bond issuance exceeded $1.5 trillion in 2025, indicating robust corporate financial health [1] Group 2: AI Infrastructure Funding - Companies deploying AI infrastructure today maintain strong cash flow and healthy balance sheets, allowing them to fund capital expenditures from operating cash flow [1] - The ALAI ETF attracted over $245 million in net inflows in 2025, with $54.5 million in Q4 alone, demonstrating investor confidence in this quality-focused approach [1] Group 3: ETF Performance - The ALAI ETF returned 40.3% in 2025 and has a net expense ratio of 0.55%, with assets under management totaling $298.2 million [1] - As of January 16, 2026, NVIDIA Corp. is the largest holding in ALAI at 12.3%, followed by Microsoft Corp. at 8.7%, Amazon.com, Inc. at 8.2%, and Taiwan Semiconductor Manufacturing Co., Ltd. at 6.0% [1]

市场风险偏好有所下降！ 北京时间2月4日凌晨，美股三大指数集体下跌，纳指跌幅超过1%。科技股全线下挫，美光科技跌超4%，英伟达、微 软跌近3%。 投机属性更强的加密货币市场也再度跳水。比特币盘中一度暴跌7%并跌破7.3万美元。截至发稿，比特币、以太坊跌 近4%，Solana跌超5%。coinglass数据显示，刚刚过去的24小时内，加密货币全网合约爆仓超7亿美元，爆仓人数高 达16.98万人。 周二，美股三大指数集体跳水，纳指盘中跌幅一度超过2%，标普500指数一度跌超1.6%，道指跌幅也一度超过1%。 截至收盘，纳指跌1.43%，标普500指数跌0.83%，道指跌0.34%。 美国大型科技股多数下跌，万得美国科技七巨头指数跌幅达1.62%。个股方面，英伟达、微软跌近3%，脸书跌超 2%，亚马逊跌近2%，谷歌跌超1%，苹果跌0.2%，特斯拉微涨0.04%。其他个股方面，美光科技跌超4%，甲骨文、高 通跌超3%。此外，软件股延续跌势，ServiceNow跌7%，Salesforce跌6.85%。 英伟达CEO黄仁勋周二否认了与OpenAI交易生变的传闻。他在接受媒体采访时明确表示，公司投资OpenAI的计划仍 ...