但更令市场震动的是亚马逊公布的巨额资本支出预期——高达2000亿美元，远超分析师1466亿美元的预 估，也较2025年约1310亿美元的规模大幅攀升。 来源：环球市场播报 该数字也令谷歌母公司Alphabet1750亿至1850亿美元的资本支出预期相形见绌，后者此前已引发交易员 和分析师担忧。市场传递的信号十分明确：尽管亚马逊首席执行官安迪・贾西称对"实现强劲的投资资 本回报率"充满信心，但投资者对科技巨头为追逐人工智能下一阶段发展投入巨资的做法日益警惕。 亚马逊正步同为科技巨头的微软后尘，且并非向好方向。这家电商及云服务巨头公布四季度财报不及预 期后，盘后股价暴跌逾11%。 资本支出飙升，叠加市场担忧人工智能正侵蚀软件企业价值，共同引发周四科技股抛售潮。受英伟达、 甲骨文、高通等企业股价下跌拖累，纳斯达克综合指数下跌1.59%。美国1月裁员人数高企进一步施压 股市，标准普尔500指数下跌1.23%，2026年转跌，道琼斯工业平均指数下跌1.2%。 但并非所有人都认为科技板块陷入困境。韦德布什证券公司的丹・艾夫斯周三在研报中表示，此次抛售 反映的是一种"远非现实的板块末日场景"。 不过现代财富管理公司投资总监 ...

免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：2月6日，亚马逊首席执行官安迪·贾西在2025年第四季度财务业绩电话会议上对外表示， AWS未完成订单高达2440亿美元，AI需求旺盛，外界无需过分担忧公司加速扩产的计划。 根据公开资料整理，AWS当前年化营收达1420亿美元，13个季度来增速首次达24%；未完成订单额同比 增长40%。亚马逊2026年预计将投入2000亿美元资本支出，主要投向AWS的AI基础设施、定制芯片等 领域。 ...

Core Insights - Nvidia stock has experienced its worst five-day performance since April of the previous year [1] Company Summary - The recent decline in Nvidia's stock price marks a significant downturn, indicating potential volatility in the market [1]

Core Insights - The rapid advancement of artificial intelligence (AI) has significantly impacted various industries, particularly through the introduction of products like DALL-E2 and ChatGPT by OpenAI, which have gained public attention since late 2022 and early 2023 [1] - The latest earnings season for the US stock market highlights the commentary from technology companies regarding AI's influence on their industries and business operations [2] Alphabet (Google) - The Gemini app has reached 750 million monthly active users, up from 650 million in Q3 2025, with increased user engagement following the launch of Gemini 3 in December 2025 [3][4] - Alphabet leads in AI model portfolios across text, vision, and image-to-video, with Gemini 3 Pro achieving the fastest adoption rate in the company's history, processing three times the daily tokens compared to its predecessor [3][6] - Google Cloud's backlog grew by 55% sequentially to $240 billion in Q4 2025, driven by strong demand for AI products, with revenue from AI solutions built by partners increasing nearly 300% year-over-year [7][10] - Google Cloud's revenue grew 48% year-over-year in Q4 2025, with operating margin increasing to 30.1% from 23.7% in Q3 2025 [23][24] - Alphabet's management anticipates significant capital expenditures of $175 billion to $185 billion in 2026 to enhance AI compute capacity and meet customer demands [25][26] AI and Advertising - Gemini is enhancing advertising quality and tools, allowing for better query understanding and ad relevance, with advertisers creating 70 million creative assets in Q4 2025 [19][20] - The introduction of Direct Offers in AI Mode aims to provide exclusive offers to users ready to purchase, indicating a shift towards monetizing AI-driven user experiences [22] Waymo - Waymo raised its largest investment round to date, surpassing 20 million fully autonomous trips and expanding its service to new markets, including Miami and plans for the UK and Japan [17] Amazon - AWS experienced a 24% year-over-year growth in Q4 2025, with a backlog of $244 billion, up 40% year-over-year, driven by increased demand for AI workloads [34] - Amazon's Bedrock service, which facilitates the use of multiple AI models, has reached a multi-billion dollar annualized revenue run rate, with customer spending increasing by 60% sequentially [35] - The launch of NovaForge allows enterprises to integrate their proprietary data into the pre-training phase of AI models, enhancing customization [38] AI Agents and Commerce - Amazon's AI shopping assistant, Rufus, has expanded its capabilities, enabling it to research products and make purchases, with 300 million customers using it in 2025 [44] - The management believes that agentic commerce will enhance consumer experiences, with customers using Rufus being 60% more likely to complete a purchase [44] Industry Trends - Companies are increasingly adopting AI to improve operational efficiency and customer engagement, with successful SaaS companies deeply integrating AI into their workflows [30][31] - The demand for AI compute capacity remains a significant concern for companies, with management focusing on addressing supply chain constraints and optimizing investments [32]

Group 1 - Amazon's shares fell over 11% in extended trading after reporting fourth-quarter earnings that missed expectations [1] - The company projected capital expenditures of $200 billion, significantly higher than analysts' estimates of $146.6 billion and up from approximately $131 billion in 2025 [2] - This capital expenditure projection exceeds Alphabet's estimated range of $175 billion to $185 billion, raising concerns among investors about Big Tech's spending on artificial intelligence [3] Group 2 - The tech sector experienced a sell-off, with the Nasdaq Composite dropping 1.59% and the S&P 500 declining 1.23%, influenced by high U.S. layoffs in January [3] - Some analysts, like Dan Ives from Wedbush Securities, believe the market's reaction reflects an exaggerated scenario for the sector, while others see it as a sign of market discernment [4] - Bitcoin briefly fell below $61,000, its lowest level since November 2024, before recovering to $65,208, indicating volatility in the cryptocurrency market [4]

亚马逊公布财报显示资本支出巨大后，其在法兰克福市场的股价下跌10%。 来源：滚动播报 ...

当地时间2月5日，美国科技巨头亚马逊发布了2025年第四季度财报，四季度营收同比增长14%至2134亿美元，高于市场预期的2113亿美元；净利 润212亿美元，与上年同期的200亿美元相比增长6%；稀释后每股收益为1.95美元，低于市场预期的1.97美元。 此前，亚马逊方面曾表示，预计公司的资本支出会在2026年继续增长。不过，2000亿美元的预期还是显著高出了市场1466亿美元的预期。亚马逊 2025年的资本支出约为1310亿美元，意味着增长了超五成。这一支出计划规模不仅超过谷歌母公司Alphabet，更接近Meta今年支出预计支出规模 的两倍。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） 如此激进的"烧钱"计划显然"吓坏"了华尔街投资者，亚马逊股价盘后闪崩，暴跌超11%，市值蒸发超2600亿美元（约合人民币1.8万亿元）。 在财报电话会议上，贾西表示，这些支出"主要"将用于亚马逊网络服务（AWS）。去年10月，亚马逊开设了其价值110亿美元的名为Project Rainier"的人工智能数据中心，该数据中心专门用于运行来自Anthropic的工作负载。 "我们 ...

来源：滚动播报 汇丰：将亚马逊目标价从300美元下调至280美元。 ...

Group 1 - The core viewpoint of the article highlights that major US tech companies plan to invest a record $660 billion in AI infrastructure by 2026, which exceeds Israel's GDP and represents a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [2][3][6] - The massive capital expenditure plans have led to a significant market reaction, with Amazon, Google, and Microsoft collectively losing $900 billion in market value following their quarterly earnings reports [3][4][6] - Apple's strategy of minimal capital expenditure has allowed it to avoid the sell-off, reporting record revenue of $144 billion, while its capital spending decreased by 17% to $2.4 billion in the last quarter [10][11] Group 2 - Investors are increasingly anxious about the long-term return on investment from AI, as rising capital expenditures suggest that achieving AI's full potential may require more time and resources [8][9] - The market sentiment has shifted, with the Nasdaq index dropping 4% over five days, reflecting concerns about the sustainability of tech stocks amid rising capital expenditures [9][13] - Despite strong revenue growth, companies like Microsoft and Amazon face pressure to demonstrate that their significant spending will yield attractive returns, as investor patience wanes [9][10] Group 3 - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it releases its earnings report, with investors looking for signs that the escalating capital expenditures will translate into revenue growth [13][14] - Meta has also announced plans to double its capital expenditures to $135 billion, but its stock gains were short-lived amid broader market sell-offs [13][14] - Overall, the combined annual revenue growth of the four companies reached 14% to $1.6 trillion, which is insufficient to alleviate the prevailing market pessimism [13]

在刚刚结束的2025年第四季度财报电话会上，尽管 亚马逊AWS跑出了三年最快增速 ，但市场被一个数字 吓懵了—— 2026年预计约2000亿美元的资本开支 。这个数字不仅比分析师预期的这一水平高出近40%， 更是超过了谷歌刚刚宣布的 1850亿美元上限 。 在美股科技股正经历"AI恐慌"与杀估值的敏感时刻，亚马逊的这一指引引发了盘后股价超11%的剧烈震 荡。然而，在长达一个小时的电话会议中，亚马逊高管团队，特别是CEO Andy Jassy，用了大量篇幅来 论证这种激进投入的必要性，并在自研芯片、AI变现逻辑以及与OpenAI的合作等方面释放了大量增量信 息。 尽管AWS积压订单激增40%至2440亿美元，但市场被亚马逊2026年预计2000亿美元的天量资本开支吓退，股价盘后大 跌11%。CFO预警低轨卫星项目将在Q1带来10亿美元额外成本，严重拖累利润指引。但CEO辩护称巨额投入并非"唐吉 诃德式狂想"，强调AI产能"只要安装就能变现"，并押注AI代理重塑电商体验。 硬·AI 作者 | 龙 玥 编辑 | 硬 AI 01 2000亿美元花在哪？ "我们在拼命地安装产能" Andy Jassy明确表示，这200 ...