智通财经APP获悉，有媒体援引知情人士透露的消息报道称，美国总统特朗普领导下的美国联邦政府计 划对亚马逊(AMZN.US)、谷歌(GOOGL.US)以及微软(MSFT.US)等美国科技巨头们豁免于即将重磅出台 的下一轮对外芯片关税政策，主要因为这些大型科技公司正在大规模建设AI数据中心，而这一如火如 荼的AI投资进程与建设进程对于美国经济而言可谓至关重要。 知情人士强调，这些攸关芯片关税政策的特殊豁免政策将由美国商务部经过贸易调查之后进行豁免性质 的提供，并且与有着"芯片代工之王"称号的台积电(TSM.US)超过千亿美元在美国本土制造高性能AI芯 片以及其他3nm及以下制程最先进芯片制造与封装的大额投资承诺密切相关联。 在这种背景下，如果对于数据中心建设至关重要的最核心硬件产品——即关键芯片，一刀切地加征高额 关税，就可能大幅推高AI数据中心建设成本、延缓项目进度甚至打击投资者信心，从而在短期内拖累 经济增长——关税本身就被研究表明会减少经济增长，长期可能压缩产能和资本存量。 因此最新的豁免传闻显示的核心AI数据中心所需芯片关税豁免，实际上是特朗普政府试图保持超大规 模AI算力基础设施投资的节奏，防止对市场预 ...

有媒体援引知情人士透露的消息报道称，美国电商与云计算领军者亚马逊(AMZN.US)计划推出人工智能内容市场(AI content marketplace)。据媒体报道，亚马逊的一些高管成员们向出版业高管们表示，计划推出一个大型内容市场，出版商们可以在其 中向提供人工智能产品的科技公司们公开报价以出售内容版权。 在亚马逊旗下的全球最大规模云计算巨头AWS正式会议召开之前，AWS已向与亚马逊管理层讨论过此项目的两名内部 消息人士发送了有关内容市场的幻灯片。 媒体援引上述消息人士的话报道称，幻灯片中显示，AWS将内容市场与其核心AI工具/AI开发者生态平台(包括AWS独家 推出的Bedrock和Quick Suite)一同归类，并且具体描述出版商们可以在其业务中广泛使用的产品时将市场与其核心AI 工具/AI开发者生态平台归为一类。 媒体报道指出，出版商和AI相关科技公司正在就使用一些具有独家版权的线上内容的规则进行谈判，无论是用于训练模 型还是为用户生成标准式的AI推理答案，出版商们都在要求基于使用量的具体费用，以及根据内容使用量的多少来提高 所收取费用。 一位亚马逊发言人在邮件回复中表示，该公司"目前没有关于这一 ...

有媒体援引知情人士透露的消息报道称，美国总统特朗普领导下的美国联邦政府计划对亚马逊 (AMZN.US)、谷歌(GOOGL.US)以及微软(MSFT.US)等美国科技巨头们豁免于即将重磅出台的下一轮对 外芯片关税政策，主要因为这些大型科技公司正在大规模建设AI数据中心，而这一如火如荼的AI投资 进程与建设进程对于美国经济而言可谓至关重要。 知情人士强调，这些攸关芯片关税政策的特殊豁免政策将由美国商务部经过贸易调查之后进行豁免性质 的提供，并且与有着"芯片代工之王"称号的台积电(TSM.US)超过千亿美元在美国本土制造高性能AI芯 片以及其他3nm及以下制程最先进芯片制造与封装的大额投资承诺密切相关联。 不过知情人士强调，这项大规模关税豁免计划目前仍在调整中，尚未得到总统特朗普签字批准。 此前台积电在1月份的业绩电话会议中强调，这家全球最大规模的芯片代工制造商正在积极投资高达 1650亿美元，预计将在美国亚利桑那州建设多个大型芯片制造工厂，目前其中一座工厂已实现5nm芯片 美国本土产能。 AI数据中心建设进程对于美国经济有多重要? 毋庸置疑的是，AI数据中心建设已经从技术投资快速演进为宏观经济的重要驱动力。摩根大 ...

Summary of Key Points Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and some growth stocks experiencing high-level corrections [1][2]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding despite a 5.76% reduction in shares, accounting for 6.80% of the portfolio [3]. - Mercado Libre saw a 4.95% increase in holdings, raising its share to 5.83%, solidifying its position as a cornerstone of the portfolio [3]. - The top five holdings also include Amazon, Shopify, and Sea Ltd, with the top ten holdings comprising 43.4% of the total portfolio [4]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [5][6]. - Baillie Gifford's investment in Google is valued at approximately $1.7 billion post-increase [6]. Group 3: Investment Philosophy and Trends - The investment team emphasizes the importance of adapting to the AI wave, suggesting that companies must pivot quickly to meet new market demands [9][10][12]. - The transition to AI is viewed as a new paradigm shift, with potential for significant growth opportunities as new companies emerge [14][15]. - The focus is on both "AI core" companies and those using AI as a tool to enhance existing services [21][24]. Group 4: Insights on China and Platform Companies - The sentiment in China has shifted, with a recognition of the country's potential to foster visionary entrepreneurs, particularly in the battery sector where CATL holds a significant market share [25][26]. - Platform companies are highlighted for their ability to create value through network effects and adaptability, requiring a long-term investment perspective [28]. Group 5: Non-Public Company Investments - Baillie Gifford has committed over £6 billion to non-public companies since 2012, recognizing the increasing duration of private company ownership before IPOs [31][32]. - The firm holds significant stakes in companies like SpaceX and ByteDance, which have shown substantial revenue growth compared to public market indices [33]. Group 6: Portfolio Construction Approach - The investment strategy is bottom-up, focusing on global transformations rather than specific trends or technologies [34]. - The portfolio includes a diverse range of companies across various sectors, with ongoing adjustments to capitalize on emerging growth opportunities [38].

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，美国电商与云计算领军者亚马逊 (AMZN.US)计划推出人工智能内容市场(AI content marketplace)。据媒体报道，亚马逊的一些高管成员 们向出版业高管们表示，计划推出一个大型内容市场，出版商们可以在其中向提供人工智能产品的科技 公司们公开报价以出售内容版权。 构建有利于内容版权所有者与AI开发者生态的"双边市场"，提升AWS的战略位置 在亚马逊旗下的全球最大规模云计算巨头AWS正式会议召开之前，AWS已向与亚马逊管理层讨论过此 项目的两名内部消息人士发送了有关内容市场的幻灯片。 媒体援引上述消息人士的话报道称，幻灯片中显示，AWS将内容市场与其核心AI工具/AI开发者生态平 台(包括AWS独家推出的Bedrock和Quick Suite)一同归类，并且具体描述出版商们可以在其业务中广泛使 用的产品时将市场与其核心AI工具/AI开发者生态平台归为一类。 媒体报道指出，出版商和AI相关科技公司正在就使用一些具有独家版权的线上内容的规则进行谈判， 无论是用于训练模型还是为用户生成标准式的AI推理答案，出版商们都在要求基于使用量的具体费 用， ...

6 February 2026 | 12:52AM EST Equity Research Amazon.com Inc. (AMZN) Q4'25 Review: Investments Aimed at Compounded Platform Growth Aligned with Long-Term Strategic Initiatives Around AI & Commerce BUY Eric Sheridan +1(917)343-8683 | eric.sheridan@gs.com Goldman Sachs & Co. LLC Alex Vegliante, CFA +1(212)934-1878 | alex.vegliante@gs.com Goldman Sachs & Co. LLC Emma Huang +1(212)902-7229 | emma.huang@gs.com Goldman Sachs & Co. LLC | AMZN | | --- | | 12m Price Target: $280.00 | | Price: $222.69 | | Upside: 25. ...

J P M O R G A N North America Equity Research 06 February 2026 Overweight AMZN, AMZN US Price (05 Feb 26):$222.69 ▼Price Target (Dec-26):$265.00 Prior (Dec-26):$305.00 Internet - Large Cap / Mid & Small Cap Doug Anmuth AC (1-212) 622-6571 douglas.anmuth@jpmorgan.com Bryan M. Smilek (1-212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Key Changes (FYE Dec) | | Prev | Cur Δ | | --- | --- | --- | | Adj. EPS - 26E ($) | 11.74 | 9.25 -21.2% | | Adj. EPS - 27E ($) | 13.45 | 11.19 -16.8% | Quarter ...

Accessible version Amazon.com Cloud leader all in on capacity build; Buy Reiterate Rating: BUY | PO: 275.00 USD | Price: 222.69 USD AWS drives 4Q beat, but 1Q outlook leaves more to desire 4Q sales of $213bn was above Street at $211bn, while GAAP profit of $25.0bn beat Street at $24.8bn (and would have been $27.4bn excluding one-time charges). AWS growth of 24% accelerated q/q and beat expectations at 22% as capacity adds drove revenues. The 1Q sales guide for $173.5bn-$178.5bn bracketed Street at $176bn an ...

Vi e w p o i n t | 06 Feb 2026 14:10:30 ET │ 14 pages Artificial Intelligence ROI on AI: Growth Acceleration & Returns Drive Capex Revisions CITI'S TAKE Accelerating enterprise adoption of AI will continue to drive Cloud Service Provider revenues and backlog growth as the high returns being generated drive further CapEx investment. While investor concerns on the ability to build and finance this spend are weighing on multiples, management commentary around the degree to which demand is outstripping supply r ...

Investment Rating - The report indicates a mixed sentiment towards the technology sector, with a focus on dispersion among stocks, suggesting a cautious but potentially favorable investment environment for select companies [6][18]. Core Insights - The technology sector is experiencing significant dispersion, with approximately 50 stocks in the Nasdaq 100 index rising over 60% while another 50 stocks have fallen by over 40% since October [6][8]. - Institutional trading has favored selling, particularly in the information technology sector, with hedge funds net selling U.S. stocks for the fourth consecutive week [8][9]. - The forward P/E ratio for the Nasdaq 100 has decreased from 28-29 times in late 2025 to about 24-25 times, indicating a return to more normalized valuation levels [9][11]. - The report highlights strong earnings growth expectations for the information technology and communication services sectors, projecting around double-digit growth in earnings per share (EPS) for the year [11]. Summary by Sections Market Performance - The Nasdaq 100 index has shown volatility, with the worst three-day performance since April 2025, yet ended the week nearly flat [5][6]. - Major tech stocks like Amazon, Microsoft, and Meta have seen their prices decline, raising questions about market sentiment and future performance [9][22]. Earnings and Revenue Insights - The report notes that 85% of companies in the information technology sector reported positive surprises in earnings, indicating strong performance relative to expectations [12]. - The anticipated capital expenditures for major tech companies are projected to grow by 65% in 2026, reaching $618 billion, up from previous estimates of $537 billion [18]. Sector-Specific Observations - The software as a service (SaaS) sector is under scrutiny, with investors uncertain about the sustainability of recent rebounds in stock prices [15][18]. - The report emphasizes the importance of capital expenditure trends, particularly for companies like Google, Amazon, and Microsoft, as they navigate through a period of uncertainty regarding profitability and growth [18][22]. Investor Sentiment - There is a notable divide in investor sentiment regarding the potential of artificial intelligence and its impact on the tech sector, with some viewing it as a disruptive force while others remain cautious [14][24]. - The report identifies several stocks as controversial, including Uber and Take-Two Interactive, reflecting the ongoing debates about their future performance and market positioning [13][26].