By Lucy Raitano, Dhara Ranasinghe and Chibuike Oguh NEW YORK/LONDON, Feb 6 (Reuters) - A planned $600 billion artificial intelligence spending splurge by big tech firms in 2026 is adding to investor unease as they assess the implications for profitability as well as a ​potential existential threat to software firms. Shares of Amazon, which had announced a $200 billion capital expenditure outlay, slid 7% on Friday, while ‌Alphabet lost 3% after the company said on Wednesday that capital spending could d ...

记者丨董静怡 编辑丨包芳鸣 谷歌云增长48% 就在两年前，华尔街还在担忧ChatGPT的横空出世将瓦解谷歌的搜索护城河，甚至有人预言这家互联网 科技巨头将面临"柯达时刻"。然而，随着其2025财年第四季度及全年财务报告发布，扎实的业绩数据已 然回应了此前市场的种种疑虑。 年报显示，公司全年营收达到4028.4亿美元，同比增长15%。净利润达到1321.7亿美元，同比增长 32%，利润率不降反升，这在科技巨头大规模投资AI的阶段显得格外突出。 第四季度营收为1138.3亿美元，同比增长18%，净利润344.6亿美元，同比增长29.8%，超出市场预期。 首席执行官桑达尔·皮查伊（Sundar Pichai）在财报电话会中将其称为"表现极为出色的一个季度"。 增长的核心驱动力来自谷歌云业务。第四季度，谷歌云营收达到176.64亿美元，同比增长48%，超出分 析师预期9%以上。这一增长远高于云计算行业平均增速，也明显快于竞争对手微软Azure同期表现。 2025年对谷歌而言是一个标志性年份。 美东时间2月4日盘后，谷歌母公司Alphabet发布2025年财报，全年营收达到4028.4亿美元，首次站上四 千亿美元关口。 ...

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].

Core Viewpoint - Concerns over growth and weak labor market data have led to significant declines in the U.S. stock market, with the S&P 500 index turning negative for the year [2][3][4]. Group 1: Market Performance - The Dow Jones Industrial Average fell nearly 600 points, a decline of approximately 1.2% [3]. - The S&P 500 index also dropped by 1.2%, marking a year-to-date downturn [3]. - The Nasdaq Composite Index decreased by 1.6%, continuing its most severe decline since April of the previous year [4]. Group 2: Sector Performance - Technology stocks and speculative bets on Wall Street experienced renewed declines, with the information technology sector of the S&P 500 falling by 1.7% [4]. - Software stocks saw significant drops, with Microsoft down 5% and Salesforce down 4.7% [4]. - The consumer discretionary sector faced severe losses, with DoorDash down 6.1% and both Lululemon and Ralph Lauren down over 4% [3]. Group 3: Individual Company Performance - Estée Lauder's stock plummeted by 19%, the largest decline among S&P 500 constituents, due to anticipated profit reductions of about $100 million related to tariffs [5]. - Cummins, an engine manufacturer, saw its stock drop by 11%, marking its largest single-day percentage decline since the onset of the COVID-19 pandemic [5]. - McKesson, a diversified healthcare services company, reported strong earnings, leading to a 17% increase in its stock price, the highest gain in the S&P 500 index [5]. Group 4: Commodity and Cryptocurrency Performance - Bitcoin fell by 13%, contributing to a 19% drop in the stock price of cryptocurrency firm Coinbase, marking its 13th consecutive day of decline [4]. - Silver prices decreased by 9.1% [4].

记者丨 董静怡 编辑丨包芳鸣 增长主要由企业AI基础设施、企业AI解决方案以及核心谷歌云平台产品需求激增驱动。 Alphabet披露，到2025年末，谷歌云的年化营收已超过700亿美元，未履行订单金额达2400亿 美元，同比增长超一倍。 2025年对谷歌而言是一个标志性年份。 美东时间2月4日盘后，谷歌母公司Alphabet发布2025年财报，全年营收达到4028.4亿美元，首 次站上四千亿美元关口。在激烈的AI竞赛中，这家硅谷巨头依然掌握着主动权。 不过，伴随着亮眼业绩的还有巨额的投入。谷歌在财报会议中同时宣布，预计2026年资本支出 将达到1750亿美元至1850亿美元（折合人民币12142—12836亿元），较2025年的910亿美元 翻倍。财报披露后，谷歌股价在盘后交易中一度大幅跳水，最大跌幅超7%。 人工智能已不再是未来图景，而是驱动当下增长的强大引擎，但同时，要维持这股势头，其代 价正变得越来越高。 谷歌云增长4 8% 就在两年前，华尔街还在担忧ChatGPT的横空出世将瓦解谷歌的搜索护城河，甚至有人预言这 家互联网科技巨头将面临"柯达时刻"。然而，随着其2025财年第四季度及全年财务报告发布， ...

Core Viewpoint - The unprecedented 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 [5][6]. Group 1: Investment Plans and Market Reactions - Amazon, Google, and Microsoft collectively lost $900 billion in market value after announcing their capital expenditure plans, which total $660 billion by 2026, a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [5][6]. - Amazon's capital expenditure for this year is projected to reach $200 billion, exceeding expectations by $50 billion, which has led to an 11% drop in its stock price [6]. - 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 [6][7]. Group 2: Investor Sentiment and AI Return Cycles - The rising capital expenditures signal that realizing the full potential of AI may require more time and resources, testing investor confidence in long-term returns [8]. - Analysts express concerns that the increased capital spending indicates a longer timeline for AI strategies to yield attractive returns, leading to a pause in investor enthusiasm for tech stocks [8][14]. - The Nasdaq index has dropped 4% over the past five days, reflecting a shift in market sentiment towards tech stocks [8]. Group 3: Company-Specific Developments - Apple reported record quarterly revenue of $144 billion, benefiting from strong iPhone sales, while its capital expenditure decreased by 17% to $2.4 billion, contrasting sharply with its peers [10][11]. - Apple's collaboration with Google to enhance its AI capabilities through a pay-as-you-go model has allowed it to minimize capital expenditures while still gaining AI benefits [11][12]. - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it announces its earnings, as investors seek signs that the high capital expenditures will soon translate into revenue growth [13].

Core Insights - EnBW has signed a 15-year power purchase agreement (PPA) with Google to supply 100MW of clean electricity from the He Dreiht offshore wind farm, aligning with Google's goal of operating on 24/7 carbon-free energy by 2030 [1][2] Group 1: EnBW's Role and Projects - EnBW is reinforcing its role in customized, long-term energy offerings by providing green power from its offshore wind projects, helping Google achieve its sustainability goals [2][3] - The He Dreiht offshore wind farm, currently under construction, is set to be one of Europe's largest projects with a total capacity of 960MW, most of which has already been secured through long-term PPAs [2] - EnBW is negotiating with other potential buyers for the remaining capacity of the He Dreiht project [2] Group 2: Industry Impact and Sustainability - The agreement with Google is seen as a strong signal for the transformation of the energy market, contributing to the decarbonization of industry and the digital economy [3][4] - Google emphasizes the importance of reliable and clean electricity for its global data centers, which support AI and other data-driven technologies [4][5] - PPAs are crucial in the technology sector for achieving climate objectives, especially as energy demand rises due to digitalization and AI applications [5][6] Group 3: Recent Developments - EnBW has decided to halt the development of the Mona and Morgan offshore wind projects in the UK, which had a planned total capacity of 3GW [6]

加上"元"公司，这些科技巨头今年拟用于训练、运行先进AI模型所需的数据中心以及专业芯片的支出高 达6600亿美元，将比它们2025年实际花费的4100亿美元高出约60%，更是2024年所花费2450亿美元的 2.5倍以上。 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。 科技巨头庞大AI投资"吓坏"美股 卜晓明 近期相继公布今年在人工智能(AI)领域投资共计多达6600亿美元的计划后，美国几家科技巨头在股市遭 遇重挫。投资者担忧，相关资本支出规模正超越新技术本身的盈利潜力。 据英国《金融时报》6日报道，自过去一周陆续公布季度财报以来，亚马逊、谷歌和微软的市值已合计 蒸发9000亿美元。投资者对这些公司庞大的资本支出计划感到震惊。相关投资金额总和甚至超过了以色 列的国内生产总值，让这些公司的云业务营收增长相形见绌。 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%来自美国开放人工智 ...

Core Viewpoint - Alphabet's recent stock sell-off following its strong Q4 results presents a buying opportunity despite concerns over increased spending on AI [1][2] Group 1: Financial Performance - Alphabet reported a significant increase in revenue and profits for Q4, with Google Cloud revenue soaring by 48% year over year to $17.7 billion, resulting in an annual revenue run rate of $70 billion [6][10] - Google Search revenue also increased by 16.7% year over year in Q4 to $63.1 billion, with usage reportedly at an all-time high [10] - The company ended 2025 with a cash position of $126.8 billion and generated $24.6 billion of free cash flow in Q4, indicating strong financial health [10][11] Group 2: AI Investments - Alphabet plans to increase its AI spending to between $175 billion and $185 billion, with expectations of solid returns from these investments [4] - The CFO stated that AI investments are already translating into strong performance across the business, reinforcing the value of these expenditures [3][4] Group 3: Growth Opportunities - The cloud backlog reached $240 billion at the end of the year, more than double the level from the end of 2024, indicating robust demand for Google Cloud services [7] - The partnership with Apple to develop next-generation AI models using Google's Gemini is expected to significantly boost Alphabet's revenue [12] - Waymo, Alphabet's self-driving car technology company, is positioned as a leader in the promising robotaxi market, representing another growth opportunity [12]

Group 1 - The core point of the article highlights that major US tech companies plan to invest a total of $660 billion in AI infrastructure by 2026, a figure that exceeds Israel's GDP and represents a 60% increase from the previous year's $410 billion [1][2] - Amazon, Microsoft, and Google have collectively seen their market value drop by $900 billion following their quarterly earnings reports, despite strong revenue growth in their cloud businesses [1][2] - Apple's strategy of minimal capital expenditure has allowed it to achieve record sales, making it the only major tech company to avoid the recent market sell-off [1][5] Group 2 - Amazon's capital expenditure for the year is projected to reach $200 billion, exceeding expectations by $50 billion, which has led to an 11% drop in its stock price [2] - Microsoft has experienced the most significant decline, with its stock price falling 18% after revealing a 66% increase in data center spending, raising concerns among investors [2] - Despite Google's record revenue of over $400 billion, its stock has also been negatively impacted by plans to double its capital expenditure to $185 billion [2] Group 3 - The rising capital expenditures signal that the realization of AI commitments may require more time and resources, testing investor confidence in long-term returns [3] - Analysts express concerns that the increased capital spending may not yield attractive returns, leading to a cautious market sentiment towards tech stocks [3] - The Nasdaq index has dropped 4% over the past five days, reflecting a shift in market sentiment towards AI investments [3] Group 4 - The failure of a $100 billion investment and infrastructure deal between OpenAI and Nvidia has contributed to market volatility, with Oracle's stock dropping 18% due to its heavy reliance on OpenAI [4] Group 5 - Apple's minimal capital expenditure strategy, with a reported $2.4 billion in Q4 and a total of approximately $12 billion for the year, contrasts sharply with the massive investments of its competitors [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] Group 6 - Nvidia is set to report earnings amid a turbulent market, with investors looking for signs that the escalating capital expenditures will soon translate into revenue growth [6] - Meta has announced plans to double its capital expenditure to $135 billion, but its stock gains have been reversed in the broader market sell-off [6] - Despite a 14% increase in combined annual revenue to $1.6 trillion for the four companies, market pessimism continues to overshadow positive financial results [6]