Core Insights - Alphabet is experiencing strong demand for its AI cloud services, with significant revenue and profit growth driven by Google Cloud [1][4] - Google Cloud's operating income surged 154% year over year in Q4, contributing to Alphabet's overall double-digit earnings growth [2][4] - Cloud revenue increased by 48% year over year, accelerating from a previous 34% increase, with operating income reaching $5.3 billion in Q4 [4] Financial Performance - Google Cloud currently contributes 15% of Alphabet's total operating profit, while digital advertising remains the primary revenue source at 72% of Q4 revenue [4] - Alphabet's stock price has seen a significant recovery, increasing by 107% in 2025 after a sell-off in April [1] - The current market capitalization of Alphabet is $3.9 trillion, with a stock price of $318.57 [5] Investment Outlook - Alphabet is planning to double its capital spending in 2026, which may create short-term pressure on share prices [6] - The company is focusing on investing in AI infrastructure, positioning itself to capture future profits from AI technology [7] - Despite higher share prices, the stock is trading at 28 times 2026 earnings estimates, which is considered reasonable for a company of its caliber [7]

文｜光锥智能 魏琳华 2026年的春节，成了大厂AI助手们争奇斗艳的战场。 其中，发力最猛的，当属谷歌。作为坐拥浏览器、搜索、Gmail等一系列"全家桶"产品矩阵的成熟科技 公司，谷歌前几天宣布，将Gemini 3内嵌进自家PC端浏览器Chrome中。 在过去的2025年，靠着内嵌AI的打法，谷歌已经尝到了甜头。据SimilarWeb数据，今年1月，Gemini的 访问量达到21.5%，比起去年（5.7%）增长3倍。 纵观海内外的AI流量争斗，我们发现一个有趣的事实：内嵌式AI非但不会死，反而正在成为另一种收 割战果的"黄雀"。 在各类产品场景中植入AI，靠场景+AI的打法破圈，成为当下流量增长的快车道。热热闹闹的AI大战之 下，比起伪需求，真场景才能让用户买单。 AI混战：内嵌式AI杀出重围 在AI入口大混战中，谷歌或许是最有发言权的一家。通过把自家的王牌模型融入浏览器中，谷歌的明 谋，是抢夺对手ChatGPT的地盘。 比"集五福"到来更早的，是AI助手们的瓜分现金活动：百度文心助手发放5亿元红包，并拿下北京台春 晚首席合作伙伴；腾讯元宝砸出10亿元现金；字节豆包选择冠名央视春晚，进行独家AI互动；阿里千 ...

Core Viewpoint - The focus of the market has shifted towards the substantial capital expenditure budgets set by major tech companies for 2026, which are significantly higher than expected, totaling approximately $650 billion, indicating a strong commitment to AI development despite concerns from investors about the aggressive spending plans [1][4]. Group 1: Capital Expenditure Plans - Amazon is projected to have a capital expenditure of $200 billion in 2026, exceeding analyst expectations of $144.7 billion, representing a year-over-year increase of over 50% from $131 billion in 2025 [2][3]. - Alphabet (Google) anticipates capital expenditures between $175 billion and $185 billion for 2026, a significant increase from $91.4 billion in 2025, reflecting a growth rate of approximately 91.5% to 102.4% [3]. - Meta plans to double its capital expenditure to between $115 billion and $135 billion in 2026, compared to $72.2 billion in 2025, indicating a growth rate of 59.3% to 87% [3]. - Microsoft is expected to reach a capital expenditure of $105 billion for its fiscal year ending in June 2026, with a reported $37.5 billion in capital expenditures for the second fiscal quarter, marking a 66% year-over-year increase [2][3]. Group 2: Investment Focus and Strategy - The investment strategies of these companies are aligned, focusing on the strong demand for AI while addressing capacity constraints that require increased investment [4]. - Meta is prioritizing investments in computational infrastructure, with plans to build large-scale data centers to support AI models and ensure stable power supply [4]. - Alphabet aims to enhance its computational and cloud services capabilities, with approximately 60% of its 2026 capital expenditures allocated to servers and 40% to data centers and network equipment [5]. - Amazon's capital expenditures will primarily support its cloud business (AWS) to meet strong customer demand, emphasizing the ability to quickly deploy computing resources [6]. Group 3: Market Performance and Concerns - The cloud business is becoming a high-return investment area in the AI sector, with notable performances from major cloud service providers during the earnings season [7]. - Amazon's AWS sales reached $35.6 billion in Q4 2025, a 24% year-over-year increase, while Microsoft's cloud revenue grew 26% to $51.5 billion, and Alphabet's cloud revenue increased 48% to $17.7 billion [8]. - Despite the strong order backlog, which includes $240 billion for Google Cloud and $244 billion for AWS, there are concerns about the pressure on profitability and cash flow due to the need for continued capital investment [8][9]. Group 4: Financial Health and Investor Sentiment - Amazon's free cash flow has dropped significantly from $38.2 billion to $11.2 billion over the past year, with predictions of a negative free cash flow of $17 billion in 2026 [9]. - Alphabet is also facing challenges, with projections indicating a 58% and 80% drop in free cash flow per share for the fiscal years 2026 and 2027, respectively [9]. - Microsoft's aggressive capital expenditure plans have raised concerns among investors, leading to a 10% drop in its stock price following its earnings report, the largest single-day decline since March 2020 [9][10].

今天，谷歌Chrome团队投下了一枚深水炸弹：WebMCP（Web模型上下文协议）正式登场。 它可以让AI智能体跳过「人类用户界面」，直接与现有的网站和Web应用深度交互。 在Chrome 146的早期预览版中，开启特定flag即可体验WebMCP 这相当于给Agent加上了「超能力」，从此不用再「装得像个人一样」，去看网页、找按钮，或是点链接。 仅通过一个API：navigator.modelContext，AI便可绕过图形界面，直接与Web应用服务的内核对话。 假设想要订一张机票，Agent不用在屏幕上点击，而会直接通过底层协议，向航空公司网站发送命令，直接获取结果。 用开发者Alex Volkov的话来说，「WebMCP就相当于UI里的API」。 可以说，WebMCP的诞生，释放了一个极其明确的信号—— AI Agent与网页交互的底层逻辑，正迎来一场彻底的重塑。 它实现了从「视觉模拟」到「逻辑直连」的跃迁，正让传统的Web交互范式彻底走向终结。 WebMCP震撼登场 掀起Agent交互革命 或许很多人，还没有意识到WebMCP的重要性。 它的核心在于，改变了Agent获取服务的方式，让其直接拿到了网页 ...

上周，甲骨文也发行了价值250亿美元的债券，并成为2026年首家试水债务市场的大型科技公司。此外，据市场消 息，Meta也计划在今年进行大规模债券发行，以期加速推进在美国境内建设数据中心的计划。 最新的财报则预计，微软、谷歌、亚马逊、Meta和甲骨文等公司今年在AI基础设施方面支出的投入可能高达7000亿 美元。 当地时间2月10日，瑞银警告称，AI基础设施支出可能已接近峰值。瑞银首席投资办公室当天下调了美国科技板块评 级至中性。 在瑞银发出最新警告后，当天美股收盘，科技板块股价普遍下跌。谷歌股价下跌近1.8%，Meta、亚马逊等公司股价 均下跌近1%。 瑞银下调评级的举措发生在美国软件股经历了一周惨重的暴跌之后。投行杰富瑞分析师也在近期的一份报告中指 出，AI资本支出将面临放缓，这是目前科技行业投资面临最大的不利因素。 不过科技公司扩大AI资本支出的野心并未受到影响。谷歌已于周一发行了罕见的100年期的"世纪债券"，以支持AI基 础设施的扩张。根据IFR的数据，谷歌百年债券的认购额几乎是目标金额的十倍，收益率为 6.05%。 相关统计数据显示，过去3年里，科技巨头在AI基础设施方面的支出增长了超过4倍。而最 ...

7400亿美元的2026年AI资本开支同比增长约70%，正吞噬美股科技巨头经营现金流，除微软外，其他公司自由现金流或转负。AI相 关债务占美国IG债市约14%，资金由股市溢价转向债市承接。随着现金流和融资压力加剧，市场容错率下降，一旦回报兑现节奏放 缓，风险将向更广泛资产蔓延。 当硅谷巨头们的AI资本开支膨胀到接近全年现金流规模时，市场关心的已不再是"值不值"，而是"撑不撑得住"。 据最新公开数据显示，谷歌、亚马逊、微软、Meta四家超大规模云厂商2026年合计资本支出指引约为 6500亿美元 。 若计入甲骨文（Oracle）与CoreWeave，整体规模上升至 7400亿美元 。 这些数字不仅高于市场预期，而且是 成倍级别的偏离 。 7400亿美元 意味着什么？ 7400亿美元较2025年同比增长约 70%； 它是2025年底市场一致预期（约35%的资本支出增长）的 两倍； 7400亿美元接近整个超大规模云厂商体系 全年经营现金流总量。 更值得警惕的是：高盛分析师Shreeti Kapa指出，如果达到这一水平，这种支出的强度将接近上世纪90年代互联网泡沫巅峰时 期占GDP 1.4%的水平 。虽然仍低于工业革 ...

来源：格隆汇APP Hawtin还指出，人工智能竞赛中一个关键因素可能决定胜负：专有数据。"数据的所有权将绝对决定谁 能最终胜出。"并以谷歌母公司Alphabet去年的强劲表现为例。Hawtin表示，尽管Alphabet去年起初表现 不佳，但最终仍成为"科技七巨头"中表现最好的公司，全年涨幅达65%，而"这主要归功于其庞大的专 有数据集"。 格隆汇2月11日｜"科技七巨头"——苹果、微软、亚马逊、Alphabet、Meta、特斯拉和英伟达——不断 增长的资本支出，预示着投资者面临的风险增加，并可能成为这些主导公司最终跑输大盘的催化剂。这 是英国基金管理公司Liontrust全球股票主管Hawtin的最新观点。他指出，最近财报中宣布的激进支出计 划是那些寻求可靠回报的股东们最关心的问题。 ...

36氪制图 OpenClaw不依赖单一模型，而是在后台协调多个Agent分工协作。它像一个中控台，让AI从"回答者"变成"执行者"。尽管目前在多步骤规划上成功率仍有衰 减，但它证明了：在App之上，已经可以建立一层新的执行结构。 "透视图"是36氪新推出的轻量化数据图文栏目——以数据透视趋势，以图片呈现要点。"Talk is Cheap. Show me the data." 作者丨邱晓芬 GitHub上的开源项目OpenClaw近期迅速走红。在与Y Combinator的访谈中，创始人Peter Steinberger抛出一句话："未来的操作系统不再需要图标，只需要意 图。"他甚至激进地判断，80%的App将因为不再被主动打开而自然消亡。这并非危言耸听，而是三种交互结构正在重塑"入口"。 36氪制图 01. 调度层重构：OpenClaw的"蜂群"思路 02. 硬件层接管：豆包手机的"视觉暴力" 36氪制图 字节跳动选择了更直接的路径——不等待接口开放，利用视觉识别让 AI 自己"用App"。这验证了界面层接管的可能性，但在当前30 TOPS的端侧算力瓶颈 下，跨应用操作仍面临延迟（约3秒）与成功率（约50% ...

Group 1: Banking and Wealth Management - The scale of bank wealth management products has decreased by approximately 815 billion yuan, with 14 major wealth management companies managing a total of 24.59 trillion yuan as of the end of January 2026, marking a decline for the second consecutive month since reaching a peak in November 2025 [1][2] - Despite the decline, there is optimism in the industry as low fixed deposit rates and a large amount of fixed deposits maturing in 2026 may lead to a reallocation of household wealth towards wealth management products [1] - Sales of bank wealth management products surged before the Spring Festival, with some products breaking sales records, indicating a potential recovery in the market [1] Group 2: Private Equity and Investment - The number of domestic private equity firms managing over 10 billion yuan has reached a record high of 122, increasing by 10 from the end of December 2025 [1] - Eight new private equity firms entered the 10 billion yuan club in January 2026, showcasing a growing trend in the private equity sector [1] Group 3: Energy Market - The EIA's short-term energy outlook report predicts that Brent crude oil prices will average $58 per barrel in 2026, up from a previous estimate of $56 per barrel, while WTI crude oil prices are expected to average $53.42 per barrel, an increase from $52.21 per barrel [2] Group 4: Silver Market - The World Silver Association forecasts that the silver market will experience a supply deficit for the sixth consecutive year in 2026, with a projected shortfall of 67 million ounces [3] - Global silver demand is expected to remain stable, driven by robust retail investment, which may offset declines in other key demand areas such as jewelry and industrial use [3] Group 5: IPO Market - The Hong Kong IPO market has been active in 2026, with fundraising exceeding 79 billion HKD, representing a year-on-year increase of over 1220% [3][4] - As of February 10, 2026, 422 companies are queued for IPOs in Hong Kong, with over 100 having submitted applications since the beginning of the year [3] Group 6: Credit Card Industry - In 2025, 65 credit card centers were closed, surpassing the total number of closures from 2020 to 2024, indicating a significant contraction in the credit card industry [4] - The trend of closing credit card centers is spreading from state-owned and joint-stock banks to city commercial banks, reflecting a shift from expansion to competition in the credit card sector [4] Group 7: Corporate Actions - Ningde Times issued its first green technology innovation bond for 2026, raising 5 billion yuan with a coupon rate of 1.70% [6] - Huazhang Technology plans to acquire 100% of Huayi Microelectronics for 29.96 billion yuan, aiming to enhance its packaging and testing business in the semiconductor sector [10]

Core Viewpoint - Alphabet Inc. has successfully raised nearly $32 billion in debt within 24 hours to support its artificial intelligence initiatives, achieving record corporate bond sales in both the sterling and Swiss franc markets [1][2]. Group 1: Debt Issuance Details - The debt issuance included the largest-ever corporate bond sales in the sterling and Swiss franc markets, following a $20 billion debt sale on Monday [2]. - The sterling offering featured a rare 100-year note, marking the first such sale by a technology firm since the dot-com era [2][10]. - The 100-year bond attracted nearly 10 times the orders for the £1 billion ($1.4 billion) available, pricing at just 1.2 percentage points above 10-year UK government bonds [3]. Group 2: Market Demand and Investor Interest - High demand was noted across the deals, with a wide range of maturities appealing to various investors, including asset managers, hedge funds, pension funds, and insurers [4]. - The overall borrowing needs of tech firms, particularly in AI, have led to significant interest from investors, with Alphabet's capital expenditures projected to reach $185 billion this year, double last year's spending [5]. Group 3: Industry Context and Comparisons - Other tech companies, such as Oracle, Meta Platforms, and Microsoft, have also announced substantial spending plans, with Morgan Stanley predicting borrowing by cloud-computing firms to reach $400 billion this year [6]. - Alphabet's recent moves to diversify its debt-raising efforts included tapping the euro bond market, where it raised €6.5 billion ($7.7 billion) [13]. Group 4: Concerns and Market Dynamics - The significant borrowing by major tech firms has raised concerns regarding potential pressure on bond valuations, as these securities are considered expensive by historical standards [8]. - Investor apprehensions about the sustainability of the AI boom and its impact on related sectors, such as Software-as-a-Service, have been noted [8].