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 ...

With U.S. stock futures trading lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:Check out our premarket coverage herePhoto via Shutterstock ...

Core Insights - Amazon reported a revenue of $213.4 billion for Q4 of FY2025, marking a 12% year-over-year growth, but the stock price fell over 11% post-announcement [1] - The company anticipates capital expenditures to reach $200 billion in 2026, primarily for AWS, driven by high demand for cloud services [1] Group 1: Financial Performance - AWS revenue for Q4 was $35.6 billion, a 24% increase year-over-year, with an operating profit of $12.5 billion [2] - For the full year, AWS generated $142 billion in revenue [2] - Amazon's backlog orders reached $244 billion, a 40% year-over-year increase and a 22% quarter-over-quarter increase [2] Group 2: Cloud and AI Services - The growth in AWS is attributed to modernization of infrastructure and migration of workloads to the cloud, driven by core and AI services [2] - Amazon's AI shopping assistant, Rufus, has 300 million users, with a 60% higher conversion rate for users [2] - Concerns about external AI services impacting e-commerce traffic were addressed by proposing the concept of "agent-based shopping" [2] Group 3: Satellite Project Progress - Amazon's low Earth orbit satellite project, Amazon Leo, is making rapid progress, aiming to provide connectivity to underserved areas [3] - The Leo Ultra terminal offers up to 1 Gbps download and 400 Mbps upload speeds, with plans for over 20 launches in 2026 and over 30 in 2027 [3] - Amazon has signed multiple commercial agreements, including partnerships with AT&T and JetBlue [3] Group 4: Custom Chip Development - The company is developing its own custom AI chips, Trainium, to address high costs in the AI chip market [4] - Trainium 2 has seen rapid deployment with over 1.4 million chips produced, while Trainium 3 offers a 40% improvement in cost-performance ratio [4] - Supply for Trainium 3 is expected to be nearly fully booked by mid-2026 [4]

Core Viewpoint - The record AI investment plans by major US tech companies are reigniting market fears of a bubble, leading to significant stock sell-offs despite strong earnings reports from most companies [1] Group 1: Investment Plans and Market Reactions - Amazon, Google, and Microsoft collectively lost $900 billion in market value after announcing plans to invest $660 billion in data centers and specialized chips by 2026, a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [1][2] - Amazon's capital expenditure for this year is projected to reach $200 billion, exceeding expectations by $50 billion, which contributed to an 11% drop in its stock price [2] - Microsoft experienced the most significant decline, with an 18% drop in stock price following its earnings report, despite a 26% increase in cloud revenue to $51.5 billion [2][3] Group 2: Investor Sentiment and Concerns - Rising capital expenditures signal that the realization of AI commitments may require more time and funding, testing investor confidence in long-term returns [3] - Analysts express concerns that Microsoft and Amazon must prove that their increased spending will yield attractive returns, as fears of an AI bubble resurface [3] - The Nasdaq index, heavily weighted with tech stocks, fell 4% over the past five days, reflecting a shift in market sentiment [3] Group 3: Company-Specific Developments - Apple's strategy of minimal capital investment has positioned it as a clear winner, reporting record quarterly revenue of $144 billion, while its capital expenditure decreased by 17% to $2.4 billion [5] - Apple's collaboration with Google to enhance its AI capabilities through a pay-as-you-go model has allowed it to benefit from AI advancements without significant capital outlay [5] - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it releases its earnings report, as investors seek signs of a shift in spending related to AI [6]

金吾财讯 | 明星科网股普遍受压，阿里巴巴-W(09988)跌3.38%，京东健康(06618)跌3.38%，哔哩哔哩- W(09626)跌3.38%，快手-W(01024)跌2.88%，贝壳-W(02423)跌2.33%，百度集团-SW(09888)跌2.13%， 网易-S(09999)跌2.08%。 隔晚亚马逊(AMZN)盘后跌近10%，司宣布今年资本支出将达到惊人的2000亿美元，因此影响营业利润 指引低于预期。去年该公司的资本支出约为1300亿美元，而分析师的事前预期仅为1500亿美元。 金吾财讯 | 明星科网股普遍受压，阿里巴巴-W(09988)跌3.38%，京东健康(06618)跌3.38%，哔哩哔哩- W(09626)跌3.38%，快手-W(01024)跌2.88%，贝壳-W(02423)跌2.33%，百度集团-SW(09888)跌2.13%， 网易-S(09999)跌2.08%。 隔晚亚马逊(AMZN)盘后跌近10%，司宣布今年资本支出将达到惊人的2000亿美元，因此影响营业利润 指引低于预期。去年该公司的资本支出约为1300亿美元，而分析师的事前预期仅为1500亿美元。 ...

派杰将亚马逊目标价从300美元下调至260美元。 来源：滚动播报 ...

Market Overview - Global markets experienced a significant downturn, with major U.S. stock indices falling sharply; the Dow Jones dropped approximately 600 points, and the Nasdaq fell nearly 2% [1] - Technology stocks collectively declined, with notable drops in major companies [1] Company Performance - Qualcomm's stock fell by 7.58% to $137.61 after providing a lower-than-expected earnings guidance due to global memory shortages [2] - Alphabet, the parent company of Google, saw its stock decrease by 4% to $318.32, as it announced a substantial increase in AI-related capital expenditures, potentially reaching $185 billion by 2026 [6] - Other tech giants also faced declines, including Oracle (-4.55%), Amazon (-4.38%), and Tesla (-3.66%) [2] Commodity Market - Precious metals experienced a sharp decline, with silver prices plummeting over 16% [2] - Oil prices also saw a significant drop, contributing to the overall market downturn [3] Cryptocurrency Market - Bitcoin fell below the $70,000 mark, reaching $67,000, indicating a loss of interest from traditional investors and a growing pessimism towards cryptocurrencies [4] - The ongoing sell-off in the cryptocurrency market is attributed to diminishing confidence in Bitcoin as a store of value and inflation hedge [4] Economic Indicators - Concerns about a weakening labor market have intensified, with U.S. employers announcing 108,435 layoffs in January, the highest number for that month since the global financial crisis [6] - Initial jobless claims for the week ending January 31 also exceeded expectations, indicating potential economic challenges [6] - The U.S. Bureau of Labor Statistics reported that job vacancies fell to their lowest level since September 2020 by December 2025 [7]

巨额资本支出遭质疑 财报显示，亚马逊2025年第四季度总营收达到2133.9亿美元，超出分析师2113.3亿美元的预期；但每股收益（EPS）为1.95美元，虽然相比2024年四季度的 1.86美元有所增长，但略低于1.97美元的市场预期。 在关键业务板块中，作为亚马逊核心增长动力之一的亚马逊云服务（AWS）表现亮眼。该季度AWS营收达355.8亿美元，同比增长24%。亚马逊CEO安 迪・贾西（Andy Jassy）在后续声明中指出，这是AWS近13个季度以来的最快增速。与此同时，广告业务同样展现出强劲增长态势，该季度营收为213.2亿 美元，略高于211.6亿美元的预期，同比增长23%，持续成为公司重要的利润贡献点。 从业务区域划分来看，北美地区板块销售额同比增长10%，达到1271亿美元；国际板块销售额同比增长17%，至507亿美元，若剔除汇率变动影响，国际 板块销售额同比增幅为11%。 财报中最受市场关注的内容之一，是亚马逊公布的2026年资本开支（Capex）计划，预计将达到约2000亿美元。这一数字不仅较2025年约131亿美元的实 际资本开支大幅攀升，也远超FactSet统计的分析师1466亿美元预 ...

科技股集体下跌。 | 了 筛选 | | 最新价 = | 涨跌幅 = □ | | --- | --- | --- | --- | | 高通 | N | 137.61 | -7.58% | | us QCOM | | | | | 甲骨文 | | 140.00 | -4.55% | | US ORCL | | | | | 谷歌-C | | 318.32 | -4.51% | | us GOOG | | | | | 亚马逊 | | 222.79 | -4.38% | | US AMZN | | | | | 赛富时 | | 191.47 | -4.00% | | us CRM | | | | | 美国超威公司 | | 192.70 | -3.74% | | us AMD | | | | | 特斯拉 | | 391.17 | -3.66% | | US TSLA | | | | | 微软 | | 400.13 | -3.41% | | us MSFT | | | | | Applovin Corporation | | 375.85 | -2.97% | | US APP | | | | | 英特尔 | | 47.63 ...

Core Insights - The four major U.S. tech companies are projected to collectively spend approximately $650 billion on capital expenditures by 2026, representing a growth of about 60% compared to the previous year, indicating a renewed surge in global data center construction [1] Company Summaries - Meta is expected to reach a capital expenditure of up to $135 billion in 2026, reflecting an increase of approximately 87% [1] - Microsoft anticipates a year-over-year capital expenditure growth of 66% in the second fiscal quarter of 2026 [1] - Alphabet has announced a capital expenditure plan of $185 billion [1] - Amazon forecasts its capital expenditures to reach as high as $200 billion in 2026 [1]