Core Insights - The significant capital expenditure (capex) forecasts indicate a strong commitment from major companies towards AI and related technologies, with a notable portion of the spending directed towards robotics and satellite technologies [1][2][4] - Approximately 80% of the capex is expected to be AI-related, reflecting the companies' confidence in the future of AI and its potential impact on their business models [2][4] - The anticipated $600 billion in capex from a select few companies suggests a substantial shift in revenue and profit pools within the software industry, indicating a potential disruption [3][4] Company-Specific Insights - Companies like Google and Amazon are expected to continue investing heavily in AI, with their capex numbers signaling a long-term commitment to this transformation [5][6] - The market's reaction to these capex announcements, particularly in the software sector, raises questions about the competence of these companies in navigating the evolving landscape [4][5] - The ongoing investment in AI infrastructure is seen as a precursor to increased utility and disruption across various sectors, not limited to software [6][7]

Core Insights - The article discusses Amazon's significant increase in capital expenditures (capex), projecting it to reach $200 billion by 2026, which is substantially higher than previous estimates of around $140 billion and consensus estimates of approximately $146 billion [2][5][4] - The acceleration of Amazon Web Services (AWS) growth to 24% is highlighted as a positive aspect, exceeding market expectations of 21-22% [2][3] - The competitive landscape among major tech companies, including Google, Microsoft, and Meta, is driving aggressive investments in compute resources to meet rising AI demand [7][19] Capital Expenditures - Amazon's capex for 2026 is projected at $200 billion, representing a 50% increase from 2025, which itself was a 60% increase from 2024 [3][4] - Analysts had previously estimated a much lower capex, indicating a significant upward revision in spending expectations [5][2] - The high capex is seen as necessary for Amazon to capture AI demand and maintain its competitive edge [4][19] AWS Growth - AWS growth has accelerated to 24%, which is a critical metric for evaluating the effectiveness of Amazon's increased spending [2][12] - Analysts expect AWS growth estimates to rise further due to the substantial capex commitment [12] - AWS margins have been solid, hovering around the mid-30% range, with potential for further improvement [12][13] Competitive Landscape - Major tech companies are competing for compute resources, which are essential for sustaining market advantages in the AI space [7][19] - Amazon's previous underinvestment in compute resources is acknowledged, emphasizing the need for increased spending to avoid falling behind competitors [9][19] - The demand for compute resources remains high, with companies like Nvidia experiencing sustained demand for their products [9][19] Long-term Outlook - The long-term growth potential for Amazon is supported by its high-margin businesses, including AWS and advertising, which are expected to drive significant operating margin expansion over the next 5 to 10 years [23][24] - Amazon is projected to exceed $1 trillion in annual revenue within the next decade, indicating substantial earnings potential [24] - The perception of Amazon as playing catch-up in the AI space is acknowledged, but the company is making progress in scaling its capabilities [25][28]

2026.02.06 本文字数：2000，阅读时长大约4分钟 作者 |第一财经 胡弋杰 周四，美国股市全线走低，科技权重股再度承压，微软、亚马逊跌超4%，市场对人工智能相关巨额资 本支出的焦虑持续发酵。与此同时，贵金属市场剧烈波动，白银价格出现断崖式下跌。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 48908.72 | 22540.59 | 6798.40 | | -592.58 -1.20% | -363.99 -1.59% | -84.32 -1.23% | 截至收盘，道琼斯工业指数下跌1.20%，报48908.72点；标普500指数下跌1.23%，报6798.40点；纳斯达 克综合指数下跌1.59%，报22540.59点。标普500指数与纳指均连续第三个交易日收跌，其中纳指本周累 计跌幅接近4%。 热门股表现 权重科技股普遍承压。微软重挫4.95%，亚马逊下跌4.4%，谷歌A类股下跌0.54%，谷歌C类股下跌 0.60%；特斯拉下跌2.17%，，苹果小幅下跌0.21%，Meta Platforms小幅上涨0.18%。芯片股分化，英伟 达下跌1.33 ...

来源：中国基金报 【导读】全线暴跌 中国基金报记者 泰勒 兄弟姐妹们啊，今晚全线暴跌，黄金、白银、原油、币圈、美股全崩！ 一起看看发生了什么事情。 2月5日晚间，全球市场大溃败，美股三大指数大跌，道指跌约600点，纳指跌近2%。 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 | 1 | 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 ...

Market Overview - US employment data shows weakness, leading to a decline in US stocks, with all three major indices dropping over 1% and small-cap stocks leading the decline, as the Russell 2000 fell by 1.8% [2] - The S&P 500 saw declines in 9 out of 11 major sectors, with software stocks ETF dropping by 5%, Oracle down nearly 7%, and Microsoft down nearly 5% [2] - Cryptocurrency and silver experienced significant drops, with Bitcoin falling by 12% to below $63,000, marking a nearly 50% decline since last October [4] Bond Market - Risk aversion has driven US Treasury yields significantly lower, with the 10-year yield dropping by 9 basis points to 4.19% and the 2-year yield also down by 9 basis points to 3.46%, reaching a near one-month low [3] Commodity Market - Gold prices fell by 4% to $4,763.2 per ounce, while silver plummeted by 19% to around $70.84 per ounce [12] - WTI crude oil prices dropped approximately 2.84% to $63.29 per barrel [12] Company News - Foxconn (Hon Hai) reported January sales of NT$730 billion, a 35.5% year-on-year increase, reflecting strong demand for AI infrastructure [17] - Meituan has acquired Dingdong Maicai, indicating consolidation in the Chinese e-commerce market [18] Employment Data - The US JOLTS job openings for December hit a five-year low, significantly below expectations, indicating a cooling labor market [19] - Challenger companies announced layoffs of 108,435 in January, the highest for the month since 2009, with a 205% month-on-month increase [19] Central Bank Actions - The Bank of England maintained its interest rate at 3.75%, with a close 5-4 vote indicating a strong signal for potential rate cuts [21] - The European Central Bank held rates steady for the fifth consecutive time, citing challenges in predicting inflation [20] Technology Sector - Amazon's Q4 revenue grew by 14%, with AWS revenue exceeding expectations, but the company’s stock fell over 10% post-earnings due to high capital expenditure guidance of $200 billion for the year [22] - Nvidia announced delays in releasing new gaming chips due to a shortage of storage chips, prioritizing AI business needs [22] AI Developments - Anthropic launched a financial research AI model, causing significant drops in stock prices for traditional financial information services like FactSet and Reuters [23] - OpenAI introduced its enterprise-level AI agent platform, Frontier, aimed at automating business processes, amidst growing competition in the AI space [24]

这一次并不存在单一的触发因素，不像去年4月那样。相反，一连串缓慢累积的消息不断敲响警钟，引 发市场对资产估值的焦虑，而许多人早已怀疑这些估值涨得过高，并最终导致投资者几乎同时选择撤 退。 软件类股票延续跌势，人工智能公司Anthropic推出了一款旨在执行金融研究的新模型，凸显出新技术带来的 竞争威胁。 此前与黄金一道创下历史新高的白银价格暴跌17%。 比特币单日暴跌10%，抹去了自特朗普15个月前赢得大选以来的全部涨幅，原因是投资者开始平掉通过借钱 融资、但已出现亏损的交易。 美国国债则反弹，再次发挥"最后避风港"的传统角色。 谷歌母公司Alphabet尽管其营收超出预期，但在公布雄心勃勃的支出计划后，股价仍承压下行。 从科技股到黄金再到加密货币，此前每天都在被资金蜂拥追逐的华尔街各类最热门交易，如今全面转 向突然的避险退潮。 这一次并不存在单一的触发因素，不像去年4月那样，由于美国总统特朗普发动贸易战，市场陷入恐 慌性暴跌。相反，一连串缓慢累积的消息不断敲响警钟，引发市场对资产估值的焦虑，而许多人早已 怀疑这些估值涨得过高，并最终导致投资者几乎同时选择撤退。 周四的市场走势再次印证了这一点： 标普500下 ...

AI 时代的想象力正被逐步释放。 从最初的文本生成，到文件与工具调用，再到以自然语言驱动的小程序构建，人类与 AI 的交互形式不断扩展。而最近，这条路径开始指向一个更具冲击 力的方向——可用自然语言直接生成一个可供进入、探索与改变的世界。 北京时间 1 月 30 日凌晨，Google DeepMind 向外部开放了 Project Genie。这是其世界模型（World Model）研究体系中，首次以可交互形态对公众开放的 实验性原型，也被视为 Genie 系列的阶段性成果。 如果说过去的生成式 AI 主要解决的是「内容如何被生成」，那么世界模型开始触及的，是一个更底层的问题：当视频不再只是内容，而成为空间，我们 该如何重新理解「媒介」本身？ 行业前瞻：视频从「观看」变为「进入」的空间 在 Andreessen Horowitz（a16z）发布的 2026 年前瞻观点中，视频被反复提及。但这里的「视频」，已经不再等同于短视频或长视频，而是一种可被进 入、可被操控、可持续演化的空间媒介。 a16z 合伙人 Yoko Li 说，「到 2026 年，视频将不再只是被动观看的内容，而会变成一个我们可以真正'进入'的空 ...

Market Overview - The software sector and cryptocurrency experienced a significant downturn, with the S&P 500 index falling by 1.23% to 6798.4 points, the Nasdaq Composite down 1.59% to 22540.59 points, and the Dow Jones Industrial Average decreasing by 1.2% to 48908.72 points, marking the worst three-day sell-off since April of the previous year [1][3] - Bitcoin dropped below $64,000, losing nearly half its value over the past six months, while spot silver saw a single-day decline of nearly 20% [1] Employment Data Impact - The recent weak U.S. employment data has halted the recent sector rotation, with 318 stocks in the S&P 500 declining. December job openings unexpectedly fell to the lowest level since 2020, and the number of layoffs reached the highest January level since the severe recession in 2009 [3] - Allianz's Chief Economic Advisor, Mohamed El-Erian, noted that layoffs are occurring despite GDP growth of approximately 4%, indicating a decoupling of employment from economic growth, which could have profound economic, political, and social implications [3] Company-Specific Developments - Amazon's stock plummeted over 10% after announcing a capital expenditure forecast of $200 billion for the year, significantly higher than the previous year's $130 billion and analyst expectations of $150 billion, which negatively impacted its profit guidance [3] - Nvidia's stock fell by 1.33%, while other major tech companies like Apple, Google, and Microsoft also saw declines, with Microsoft down 4.95% and Amazon down 4.42% [6] AI and Software Sector - The software sector faced pressure following the release of a new flagship model by AI company Anthropic, contributing to a broader sell-off in AI-related stocks. FaceSet dropped 7.21%, reaching its lowest point since March 2020, while Thomson Reuters fell over 5%, hitting a new low since 2021 [6] - Amid concerns over AI capital expenditures, some supply chain stocks performed well, such as Tianhong Technology, which rose 6.9% due to Google's $185 billion capital expenditure guidance [6] Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.9%. Notable performances included NIO up 5.86% and Baidu up 0.73%, while Alibaba and JD.com saw slight declines [7] Other Industry News - Pandora, the world's largest jewelry company, surged 16.83% after announcing plans to reduce reliance on pure silver by introducing platinum-plated jewelry in response to rising silver prices [8] - The proposed merger between Rio Tinto and Glencore to form the world's largest mining group collapsed, with Glencore citing undervaluation of its contribution to the merger [9] - Nvidia announced delays in the release of its RTX 50 series graphics cards due to memory shortages, prioritizing AI chip production instead [10] - Hims & Hers Health plans to launch a cheaper generic version of the oral weight loss drug semaglutide, causing a significant drop in the stock price of Novo Nordisk, which had just received approval for its brand product [11]

Welcome back to opening bet. I want to talk more about tech because we've seen the NASDAQ down two and a half month low at this point and it's down 2.6% this week. Sarah Kunst is with us, managing director at Cleo Capital.Is tech still a great investment. Is this just a minor blip. What is troubling tech so much versus the rest of the market.>> I think that it was the the sort of lead on the way up and we're going to see it be a bit of a lead on the way down. Um, I don't think that there's kind of this mono ...

Core Insights - The AI industry is heavily investing in data centers, with the belief that the company with the most compute power will dominate the market in the future [1][6] Company Projections - Amazon projects $200 billion in capital expenditures through 2026, a significant increase from $131.8 billion in 2025, with investments in AI, chips, robotics, and satellites [3] - Google anticipates capital expenditures between $175 billion and $185 billion for 2026, up from $91.4 billion the previous year, indicating a substantial increase in fixed asset spending [4] - Meta forecasts $115 to $135 billion in capex for 2026, while Oracle projects $50 billion, and Microsoft’s recent quarterly figure suggests a potential $150 billion if trends continue [5] Investor Sentiment - Despite the high capital expenditures, investor confidence is wavering, with stock prices of these companies dropping as they commit hundreds of billions to AI [6][10] - The pressure is not only on companies like Meta, which are still developing their AI strategies, but also on established players like Microsoft and Amazon, as the overall spending levels are causing investor discomfort [7] Industry Dynamics - The tech industry views high-end compute as a critical resource for future survival, leading to aggressive spending strategies among major companies [6] - There is a growing concern that big tech firms will need to manage perceptions of their AI investments to maintain investor confidence, despite the belief in AI's transformative potential [10]