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

Core Viewpoint - Amazon shares experienced an 8% decline in premarket trading due to concerns over the company's significant capital expenditure plans, which have heightened investor anxiety regarding the broader trend of Big Tech's spending on artificial intelligence [1] Group 1 - Amazon's capital expenditure plans are perceived as hefty, contributing to investor worries [1] - The decline in Amazon's shares reflects a broader concern among investors about the spending habits of major technology companies on artificial intelligence [1]

Core Viewpoint - Amazon's shares dropped 9% following the announcement of a planned $200 billion capital expenditure for the year, raising investor concerns about the scale of spending on artificial intelligence by Big Tech [1]. Group 1: Capital Expenditure - Amazon forecasts a 50% increase in capital outlay, contributing to a total of over $630 billion in planned spending by U.S. tech giants on datacenters and AI chips [2]. - The magnitude of Amazon's spending has surprised analysts, leading to questions about whether returns can keep pace with such high capital intensity [2]. Group 2: Market Comparisons - The surge in spending has drawn parallels to the dot-com era, which, while building the modern internet, resulted in modest returns for many companies that financed the infrastructure [3]. - The broader market has experienced volatility, with significant declines in shares of Microsoft and Alphabet, Amazon's main cloud competitors, following their earnings reports [4]. Group 3: Investment Sentiment - Investment director Russ Mould noted that the declines in stock prices reflect a shift away from companies where achieving positive surprises may be challenging, as capital expenditure growth is outpacing sales growth [5]. - Amazon's market value could decrease by around $200 billion if current losses persist, with a price-to-earnings ratio of 27.01, compared to Microsoft's 21.62 and Alphabet's 28.36 [6]. Group 4: Executive Confidence - Despite market concerns, Big Tech CEOs remain confident that returns from AI investments will outweigh the costs associated with competing in a high-stakes environment [7]. - Amazon's CEO Andy Jassy defended the company's 24% revenue growth in Amazon Web Services, which is slower than the growth rates of Google Cloud and Microsoft Azure [7].

Core Viewpoint - The article discusses a significant downturn in the U.S. stock market, precious metals, and cryptocurrencies, indicating a potential major adjustment in the market dynamics, particularly in the tech sector driven by AI investments [3][4][5][8]. Group 1: Market Performance - U.S. stock indices fell over 1%, with the Nasdaq experiencing its worst three-day sell-off since April of the previous year [5]. - Precious metals like silver and gold saw drastic declines, with silver dropping over 20% and gold over 4% [4]. - The recent earnings reports from major tech companies like Google and Amazon, despite showing strong growth, did not excite the market and instead led to significant stock price drops [5][10][13]. Group 2: Capital Expenditure Concerns - Google reported a remarkable 48% growth in cloud business but indicated a capital expenditure guidance for 2026 of $175-185 billion, nearly double its 2025 spending [10]. - Amazon's capital expenditure plan for 2026 is projected at $200 billion, yet its stock also faced a 10% drop post-earnings [13]. - The combined planned investment of $660 billion by major tech firms for AI infrastructure by 2026 raises concerns about the efficiency of such massive capital expenditures, especially if they yield only marginal growth in cloud services [18]. Group 3: AI Investment Dynamics - The article highlights a shift from a "honeymoon phase" of AI investment to a more critical phase where the market questions the return on investment for high capital expenditures in AI infrastructure [17]. - The physical limitations of infrastructure, such as the U.S. power grid's inability to support explosive growth in data center capabilities, further complicate the situation [18][19]. - The emergence of autonomous AI applications threatens traditional software business models, as companies may reduce their reliance on SaaS products due to AI's ability to perform tasks previously done by human employees [22][23]. Group 4: Macroeconomic Factors - The nomination of Kevin Warsh as the Federal Reserve Chair has created uncertainty in the market, with fears of tighter monetary policy leading to higher long-term interest rates, which could negatively impact tech stock valuations [24][30]. - Warsh's hawkish stance on monetary policy contrasts with market expectations for continued liquidity support, raising concerns about the future of tech stock valuations [26][32]. - The potential for a liquidity crunch, combined with the current market dynamics, suggests an increased likelihood of a significant market correction [38][41].

Group 1: Market Trends - Major stock index futures showed slight increases, with Dow futures up 0.08%, S&P 500 futures up 0.16%, and Nasdaq futures up 0.08% [1] - Cryptocurrency stocks rebounded, with Coinbase rising nearly 4% and Bitmine Immersion Technologies increasing by nearly 3% [1] - Power sector stocks saw a pre-market rally, with Vistra Energy up 3.75% and Constellation Energy up 2.28% [1] Group 2: Company Performance - Chip stocks also experienced gains, with Nvidia up 1.51% and AMD up 0.85% [2] - Strategy reported a net loss of $12.4 billion for Q4 2025, driven by a decline in Bitcoin holdings [2] - Stellantis announced a write-down of €22 billion to adjust its electric vehicle strategy, leading to a stock drop of over 20% [2] - Toyota raised its full-year outlook, projecting sales revenue of ¥50 trillion and net profit of ¥3.57 trillion, with a quarterly sales revenue of ¥13.46 trillion [3] - Amazon reported Q4 net sales of $213.39 billion, a 14% year-over-year increase, but projected capital expenditures of $200 billion for 2026, leading to an 8.33% drop in stock price [5] Group 3: Regulatory and Strategic Developments - Michigan's Attorney General called for a re-evaluation of DTE Energy's power supply plan for Oracle and OpenAI's data center, citing concerns over consumer protection [4]

谷歌母公司字母表在2025年的年营收首次突破4000亿美元，并实现1320亿美元的利润。然而，该公司计 划将资本支出翻倍至1850亿美元，依然致其股价承压。 市场大幅波动也让美国芯片制造商英伟达的股价面临考验。英伟达预计本月晚些时候公布财报。阿尔伯 特桥资本公司创始人德鲁·迪克森说，此前仅凭资本支出就能引发市场兴奋，现在人们更希望看到资本 支出转化为实际营收增长。（卜晓明） 这是2022年1月18日在美国纽约证券交易所外拍摄的华尔街路牌。新华社发（郭克摄） 美国联博资产管理公司一基金负责人吉姆·蒂尔尼说："资本支出规模令人咋舌。"即使这些公司年度总 营收增长14%至1.6万亿美元，也难以支撑如此大规模支出。 亚马逊股价5日在盘后交易时段下跌11%。该公司宣布今年资本支出将达到2000亿美元，比预期高500亿 美元，甚至超过谷歌和微软。亚马逊首席执行官安迪·贾西说，如此巨额的投资是公司在AI、芯片、机 器人和卫星领域大发展所必须的。 微软股价受冲击最大，自1月28日公布财报以来已下跌18%。市场对其数据中心单季支出飙升66%有所 反应。此外，微软首次披露，在其未来总额达6250亿美元的云服务合同中，有45%来自 ...

科技巨头宣布今年将投入6600亿美元用于AI领域的资本开支后，股价随即遭遇重挫。投资者担忧这 笔"惊人的"资本支出，已远超这项新技术的盈利潜力。 过去一周，亚马逊（AMZN）、谷歌（GOOGL）和微软（MSFT）发布季度财报后，总市值合计蒸发 约9000亿美元。股东们对该行业庞大的资本开支计划表示抵触——这笔支出规模超过以色列的国内生产 总值，也让各家云业务的强劲营收增长黯然失色。 连同社交媒体巨头Meta（META）在内，这些企业计划投入数据中心以及训练、运行先进AI模型所需专 用芯片的资金，较2025年的4100亿美元增长60%，较2024年的2450亿美元更是飙升165%。 亚马逊首席执行官安迪・贾西（Andy Jassy）表示，需要投入如此巨额资金，才能让公司在AI、芯片、 机器人和卫星领域的发展抢占先机。他以亚马逊云科技营收增长24%为例，证明相关投资已开始产生回 报。 受创最严重的是微软，自上周三发布财报以来，其股价已下跌18%。微软云部门营收增长26%至515亿 美元，但这一增速略低于市场预期，而该公司季度数据中心支出激增66%的消息，也引发了市场的负面 反应。 微软还首次披露了其与OpenAI ...

Core Insights - UBS reported a total market value of $620 billion for its Q4 2025 holdings, reflecting a decrease of 5.65% from the previous quarter [1][2] - The firm added 1,347 new stocks and increased holdings in 4,181 stocks, while reducing holdings in 4,520 stocks and completely selling out of 1,188 stocks [1][2] - The top ten holdings accounted for 14.52% of the total market value [1][2] Holdings Overview - The largest holding is NVIDIA (NVDA.US) with approximately 77.49 million shares valued at about $14.45 billion, representing 2.34% of the portfolio, down 11.47% from the previous quarter [3][4] - Microsoft (MSFT.US) is the second largest holding with around 28.04 million shares valued at approximately $13.56 billion, making up 2.20% of the portfolio, a decrease of 7.64% [3][4] - Apple (AAPL.US) ranks third with about 44.55 million shares valued at around $12.11 billion, accounting for 1.96% of the portfolio, down 10.57% [3][4] - Other significant holdings include Broadcom (AVGO.US) and Amazon (AMZN.US), with respective values of $8.23 billion and $7.99 billion [3][4] Changes in Holdings - UBS reduced its positions in major tech stocks such as Micron Technology (MU.US) by 16.14%, Taiwan Semiconductor (TSM.US) by 15.56%, and AMD (AMD.US) by 24.28% [5] - The firm also decreased its holdings in Google (GOOGL.US) by 9.05% and Tesla (TSLA.US) by 15.09%, while slightly increasing its position in Meta (META.US) by 0.85% [3][5] - New investments included Walmart (WMT.US), Alibaba (BABA.US), and a new position in TotalEnergies (TTE.US) [6] Trading Activity - The top five purchases included Microsoft call options, SPDR S&P 500 ETF (SPY.US), and MP Materials call options [6][7] - The top five sales were SPDR S&P 500 ETF put options, Invesco QQQ Trust put options, and Microsoft and NVIDIA shares [6][7]

2月5日，亚马逊宣布将2026年与人工智能(AI)相关的资本支出提高近60%至2000亿美元，远超华尔街预期。消息公布 后，公司股价在盘后交易中下跌约10%。 当下市场情绪明显转向谨慎，投资者关注点已从短期业绩转向持续攀升的AI投入规模、云业务增速放缓以及回报周期 的不确定性。 据披露，亚马逊当期净利润达到212亿美元，与分析师预期一致；第一季度营业利润指引为165亿美元至215亿美元。 其正与微软、Meta、谷歌及甲骨文等科技巨头一道，加速建设数据中心并为算力扩张融资，以满足人工智能计算需求 的爆发式增长。 外界认为，亚马逊股价的回落并非源于业绩失速，而更多反映出市场正在重新评估AI时代巨额资本投入与长期回报之 间的平衡关系。 亚马逊首席执行官安迪.贾西对此表示："我们有信心这些投资将带来强劲回报。" 业务层面，亚马逊关闭了Fresh和Go杂货门店，缩减Amazon One掌纹支付在零售场景中的应用，将资源集中投向 Whole Foods扩张、当日达杂货配送以及数据中心建设。 另有知情人士透露，亚马逊正就最高500亿美元投资OpenAI展开谈判，若达成将进一步强化其在AI生态中的布局。 根据公司披露及分析师 ...

亚马逊AWS业务带动四季度业绩超预期，但一季度经营利润指引偏弱叠加2026年高达2000亿美元的资 本开支规划，正在把市场关注点从增长转向盈利与自由现金流的可持续性。 公司四季度净销售额2134亿美元，同比增长14%，GAAP经营利润250亿美元。AWS营收356亿美元，同 比增长24%，为13个季度最快增速，成为本季超预期的核心变量。 但管理层对2026年一季度的经营利润展望显著低于市场预期：指引区间为165亿至215亿美元，中值190 亿美元，市场预期为约225亿美元。公司表示，该指引包含约10亿美元的Amazon Leo成本上升，并计入 对电商与国际业务的持续投入。 更令华尔街敏感的是资本开支路径。公司给出的2026年资本开支展望约2000亿美元，远高于市场此前约 1460亿至1490亿美元的预期。机构认为，超预期投入将短期压制利润率与现金流表现，但AWS需求与 订单承诺仍为中长期增长提供支撑。 AWS增长再加速，利润率企稳但同比承压 据汇丰，亚马逊四季度调整后经营利润为274亿美元，同比增长29.2%，较市场预期高约10%，主要由 AWS推动。AWS四季度销售额356亿美元，同比增长23.7%，较市场 ...