来源：滚动播报 美股大型科技股盘前多数上涨，亚马逊、微软涨0.8%，特斯拉涨0.5%，谷歌A涨0.3%，Meta涨0.2%， 英伟达、苹果跌0.3%。 ...

此前，多家科技巨头发布最新财报，制定了雄心勃勃的AI投资计划。这些科技巨头都是英伟达的忠实 客户。 分析指出，股东们对资本支出增加的反应不一，Meta和谷歌因广告和其他业务出现积极改善而受到投 资者青睐，微软和亚马逊则因AI相关业务增长不够快而受到冷遇。 #黄仁勋力挺科技巨头天量资本开支#【#黄仁勋力挺科技巨头超6000亿美元资本开支#：需求旺盛，AI 投资创造更多收入】近日，英伟达CEO黄仁勋在接受外媒采访时表示，科技行业在AI（人工智能）基 础设施方面不断增长的资本支出是合理、适当且可持续的，因为这些公司的现金流都将开始增长。他还 认为，AI基础设施建设仍处于早期阶段，未来几年内需求将持续旺盛。 黄仁勋表示："只要人们继续为AI付费，AI公司能够从中获利，那它们就会不断地翻倍、翻倍、翻倍、 再翻倍。" 其中，亚马逊预计，今年的资本支出将猛增五成至2000亿美元；谷歌母公司Alphabet预计，2026年支出 将在1750亿美元至1850亿美元之间；Meta表示，其资本支出可能比去年翻一番，达到1150亿美元至 1350亿美元之间；微软上财季资本支出同比增长创纪录的66%，高达375亿美元。 《华尔街日报》 ...

招商国际发表研报指，亚马逊公布去年第四季业绩，收入为2134亿美元，按固定汇率按年增长12%，较 该行预期及市场预期均高出1个百分点；营业利润为250亿美元，按年增长18%，较该行预期及市场预期 分别高出2%及1%。AWS收入按年增速加快至23.6%，较一致预期高2个百分点，主要受供给约束有所缓 解驱动，尽管约束仍存在。该行将2026年至2027年收入预测上调2%至3%，以反映AWS收入增长前景好 于预期；同时将营业利润预测下调2%至4%，以反映资本开支带来的折旧影响及新业务投入。该行将其 目标价上调9%至292美元，维持"买入"评级。 ...

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - Major cloud vendors are experiencing rapid growth in capital expenditures, indicating sustained high demand in the AI infrastructure supply chain. The monetization pathways for AI are becoming clearer, and the significant increase in capital expenditures by tech giants is expected to alleviate concerns about "overcapacity" in computing power [6] - Microsoft reported a 17% year-on-year increase in revenue to $81.3 billion, with a 60% increase in net profit to approximately $38.5 billion. Its cloud computing revenue reached $51.5 billion, up 26% year-on-year, with intelligent cloud revenue growing by 29% [2] - Meta's fourth-quarter revenue was $59.89 billion, a 24% year-on-year increase, with net profit rising by 9% to $22.77 billion. The company plans to increase capital expenditures to between $115 billion and $135 billion in 2026, nearly double its 2025 capital expenditures [3] - Alphabet's fourth-quarter revenue was $113.83 billion, an 18% year-on-year increase, with net profit rising by 30% to $34.45 billion. The company expects capital expenditures to range from $175 billion to $185 billion in 2026, nearly doubling from 2025 [4] - Amazon's fourth-quarter revenue reached $213.39 billion, a 14% year-on-year increase, with net profit growing by 6% to $21.19 billion. The company anticipates capital expenditures of $200 billion in 2026, driven by strong demand in AI and other advanced fields [5] Summary by Sections Microsoft - Microsoft continues to invest heavily in AI infrastructure, with a record capital expenditure of $37.5 billion in the second quarter of fiscal 2026, a 66% year-on-year increase [2] Meta - Meta's capital expenditures are expected to rise significantly in 2026, supporting its super-intelligent lab and core business operations [3] Alphabet - Alphabet's optimistic capital expenditure guidance reflects its strong revenue growth and profitability, with expectations for substantial increases in 2026 [4] Amazon - Amazon's planned capital expenditures for 2026 highlight its focus on AI and other innovative sectors, aiming for strong long-term investment returns [5] Investment Recommendations - The report suggests focusing on sectors benefiting from AI infrastructure development, including optical modules, high-speed copper cables, servers, switches, and liquid cooling, with specific companies to watch being Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, and Yingweike [6]

2026年，科技公司的财报发布日总是伴随着投资者两种反应：先为AI相关业务的持续增长松一口气， 再为资本支出（CAPEX）的巨大规模倒吸一口凉气。 近日，云巨头微软、谷歌、亚马逊相继发出最新季度财报。AI带来的需求是真实且汹涌的，最直接的 落点在云业务上，微软Azure的增长加速至39%、谷歌云狂奔48%、AWS创下十三个季度以来最快的 24%增速。 但资本市场更关注的是它们为未来投下的巨额赌注。微软单季资本支出已达创纪录的375亿美元，同比 增长66%；谷歌公布2026年资本支出计划为1750亿至1850亿美元，几乎是2025年的两倍；亚马逊宣布将 在2026年投入高达2000亿美元，在几个科技巨头里排在首位。 当资本开支被同步大幅抬高，利润率与自由现金流的短期成色将更频繁地影响股价弹性。财报发布后， 微软股价盘后一度下跌超8%，谷歌跌幅超7%，亚马逊下跌超过11%。 过去一年，这三家公司每家在基础设施上的投入都超过了大多数国家的国防预算，未来一年还将继续加 码。在经历了一年多的AI叙事狂热后，投资者们已经没有那么多的耐心，开始计算这些投资何时能转 化为可见的利润。 狂飙的云业务 本季财报最毋庸置疑的亮点， ...

格隆汇2月9日｜瑞银将亚马逊的目标价从311美元下调至301美元，维持"买入"评级。(格隆汇) ...

Core Insights - Capgemini's sovereign-ready cloud and AI solutions are now available on the AWS European Sovereign Cloud, which is fully located and operated within the EU, enabling European clients to meet evolving digital sovereignty requirements while modernizing and innovating [1][3] Group 1: Sovereignty and Data Control - Rapidly evolving sovereignty and data-control requirements are reshaping organizational approaches to trust, resilience, and competitiveness, with increased demand for oversight of sensitive data and critical workloads [2] - The AWS European Sovereign Cloud expands options for clients with stringent sovereignty needs, allowing them to turn these requirements into strategic advantages [3] Group 2: Strategic Implementation - Organizations can assess their sovereignty requirements and risk profiles before defining architectures or operating models, leading to informed decisions regarding sovereign control and infrastructure [4] - Capgemini is developing industry-specific sovereign solutions on the AWS European Sovereign Cloud to facilitate adoption in regulated sectors [4] Group 3: Partnership Benefits - The collaboration between Capgemini and AWS aims to support clients with high sovereignty needs while providing access to continuous innovation [5] - Capgemini's extensive experience in secure cloud architectures positions it well to help clients navigate the evolving landscape of digital sovereignty [5] Group 4: Organizational Goals - Together, Capgemini and AWS can help organizations modernize critical workloads with EU-only operations, strengthen compliance, improve resilience, and innovate within sovereignty-aligned environments [6]

Market Analysis by covering: Microsoft Corporation, Oracle Corporation, Alphabet Inc Class A, Amazon.com Inc. Read 's Market Analysis on Investing.com ...

Core Insights - The cost of building AI products has significantly decreased, but the real challenge lies in product design and understanding the pain points to be addressed [1][2][3] - AI is a tool for solving problems, and leaders must engage directly to rebuild their judgment and adapt to new realities [2][3] - Retaining a degree of "foolish courage" is essential in an era where data suggests high failure rates [3] AI Product Development Challenges - Skepticism towards AI has decreased, but many leaders still view it as a potential bubble, delaying genuine investment [4] - Successful AI product development requires a thorough understanding of user experience and business processes, often necessitating a complete overhaul of existing workflows [4] - The lifecycle of AI products differs from traditional software, leading to a need for closer collaboration among PMs, engineers, and data teams [4][5] Key Differences in AI Product Construction - AI systems operate with a level of non-determinism that traditional software does not, complicating user interactions and outputs [5][6] - The balance between agency and control is crucial; higher autonomy in AI systems requires a foundation of trust built over time [6][7] - Starting with low autonomy and high control allows for gradual understanding and confidence in AI capabilities [7][8] Successful AI Product Patterns - Successful companies exhibit strong leadership, a healthy culture, and ongoing technical capabilities [14][15][16] - Leaders must acknowledge the need to relearn and adapt their intuition in the context of AI [14] - A culture that empowers employees and emphasizes AI as a tool for enhancement rather than a threat is vital for success [15] Continuous Calibration and Development Framework - The CC/CD framework emphasizes continuous improvement and understanding user behavior while maintaining user trust [25][28] - Initial stages should focus on low autonomy and high control to mitigate risks and build confidence in the system [28][29] - The framework encourages iterative processes to adapt to new user behaviors and system capabilities [32][34] Future of AI - The potential of Coding Agents remains underestimated, with significant value expected to be unlocked in the coming years [35] - The integration of AI into real workflows will enhance its contextual understanding and proactive capabilities [38] - A shift towards multi-modal experiences is anticipated, allowing for richer interactions and unlocking previously inaccessible data [39] Skills for AI Product Builders - The ability to focus on problem-solving and understanding workflows is becoming increasingly important as implementation costs decrease [40][42] - Proactive engagement and a willingness to iterate through trial and error are essential for success in AI product development [41][42]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The report highlights the rapid growth of cross-border e-commerce, emphasizing the importance of Amazon's global selling program in creating new brand dynamics [6][8]. - It outlines the various Amazon marketplaces available for sellers, including North America, Europe, Australia, India, the Middle East, and others, indicating a broad opportunity for international expansion [11]. - The report discusses the significance of logistics and inventory management in cross-border e-commerce, detailing Amazon's logistics solutions and fulfillment services [26][28]. Summary by Sections Cross-Border E-Commerce and Amazon Marketplace Introduction - Cross-border e-commerce is defined and its importance is discussed, along with common misconceptions and successful case studies [6][11]. Account Status and Compliance - The report covers Amazon's policies regarding account status and compliance, including product compliance, import/export trade compliance, and customer service performance metrics [13]. Product Selection Trends and Guidelines - It provides insights into trending product categories for North America, such as health and personal care, home goods, and electronics, highlighting the demand surge during the pandemic [20]. Product Detail Pages - The report emphasizes the importance of optimizing product listings and provides guidelines for creating effective product detail pages [22]. Logistics and Inventory Management - It discusses the basics of cross-border logistics, including Amazon's FBA (Fulfillment by Amazon) services and strategies for optimizing logistics costs [32][37]. Promotions and Seasonal Sales - The report outlines various promotional tools available on Amazon, such as coupons and seasonal sales strategies, to enhance product visibility and sales [39]. Amazon Advertising - It introduces different advertising options on Amazon, including sponsored products and brand promotions, along with management and optimization strategies [49]. Building a Brand from Scratch - The report discusses the foundational knowledge of branding, the advantages of Amazon's brand operations, and the steps to register and market a brand on the platform [51][55]. Amazon Brand Protection - It covers the measures Amazon has in place to protect brands, including reporting infringement and proactive measures against counterfeit products [58]. Amazon Business Purchases - The report explains the Amazon Business program, its features, and how sellers can leverage it to increase sales through B2B transactions [60][64].