格隆汇1月28日｜英国竞争和市场管理局(CMA)提议在数字法下针对谷歌搜索设置监管"护栏"措施。管 理局正调查谷歌的出版商控制、公平排名以及数据可移植性选择界面。CMA就谷歌相关措施征求意 见，截止日期为2月25日。 ...

2026 年 1 月，全球云计算市场迎来重大价格调整，曾经维持近十年价格稳定甚至周期性降价的云服务行业出现实质性提价。 随着 AI 应用大规模扩展和算力资源短缺加剧，行业两大重量级云服务商 AWS、谷歌云相继宣布将在关键产品和服务上提价，标志着云服务定价策略进入 新阶段。 AWS 首当其冲：AI 算力服务价格上调约 15% 1 月中旬，AWS 实施了对其 EC2 机器学习容量块（Capacity Blocks for ML）服务的价格上调。 根据定价页面更新，这些用于大规模机器学习训练的 GPU 实例价格普遍上涨约 15%，例如 p5e.48xlarge 类型实例每小时费用从约 34.61 美元提高到约 39.80 美元。此次调整覆盖多个区域和实例类型，主要影响 AI 推理与训练相关的算力计费。 这次涨价没有通过传统新闻稿宣布，而是悄然反映在 AWS 的定价变更中。 此次举措被市场视为 AWS 在面临成本上升和资源稀缺双重压力下对定价策略的重要调整。 谷歌云紧随其后：数据传输等服务费率大幅上调 紧随 AWS 调价步伐，谷歌云于 1 月 27 日正式官宣将从 2026 年 5 月起对部分基础服务价格进行调整。 ...

Core Viewpoint - The European Commission has initiated two formal proceedings to ensure Google complies with the Digital Markets Act, focusing on interoperability and data sharing practices related to its Android operating system and search data [1][2]. Group 1: Interoperability Obligations - The first proceeding addresses Google's obligations under Article 6(7) of the Digital Markets Act, requiring Google to provide third-party developers with free and effective interoperability with features controlled by its Android operating system [2]. - The focus is on features utilized by Google's proprietary AI services, such as Gemini, to ensure third-party AI service providers have equivalent access, promoting innovation and competition in the AI landscape on mobile devices [3]. Group 2: Data Sharing Obligations - The second proceeding pertains to Google's obligations under Article 6(11) of the Digital Markets Act, mandating access for third-party online search engine providers to anonymized data from Google Search, including ranking, query, click, and view data [4]. - The proceedings will evaluate the extent of data sharing, anonymization methods, conditions for data access, and eligibility of AI chatbot providers to utilize this data, aiming to enhance competition against Google Search [5]. Group 3: Regulatory Process and Timeline - The European Commission aims to clarify compliance measures for Google regarding interoperability and data sharing obligations, with proceedings expected to conclude within six months and preliminary findings communicated within three months [7].

Core Viewpoint - Oracle's increasing cloud capital expenditure is positioning the company for its next growth phase, with a forecasted capital expenditure of around $50 billion for fiscal 2026, reflecting strong demand in AI and enterprise cloud services [2][3]. Group 1: Oracle's Growth Strategy - Oracle invested approximately $12 billion in the second quarter of fiscal 2026, focusing on GPU-based infrastructure and data centers to support Oracle Cloud Infrastructure growth [3]. - The company expects about $4 billion in incremental revenue acceleration starting in fiscal 2027, driven by AI training, inference, and multicloud deployments [4]. - Oracle is adopting a disciplined funding approach through a mix of debt markets and alternative models, such as customer-provided or leased chips, to align revenues with costs [5]. Group 2: Competitive Landscape - Oracle faces competition from Amazon and Alphabet, both of which are heavily investing in data centers and AI infrastructure to enhance their cloud services [6]. - Amazon's capital expenditure in the third quarter of 2025 reached nearly $90 billion, primarily for AWS and AI capacity, reinforcing its cloud leadership [7]. - Alphabet invested about $24 billion in the same period, focusing on servers and data centers to support Google Cloud and AI demand, with a significant backlog of $155 billion [8]. Group 3: Oracle's Stock Performance and Valuation - Oracle's shares have declined by 26.3% over the past six months, underperforming the Zacks Computer and Technology sector's growth of 14.4% [9][10]. - The current forward 12-month Price/Earnings ratio for Oracle is 23.1x, lower than the industry average of 26.69x, indicating a relatively undervalued position [10]. - The Zacks Consensus Estimate for Oracle's fiscal 2026 earnings is $7.42 per share, suggesting a growth of 23.05% compared to fiscal 2025 [11].

An Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) autonomous cab service, Waymo's "Ojai" Robotaxi, built in collaboration with Chinese automaker Zeekr, crashed into multiple vehicles in Los Angeles' Echo Park area.Ojai Robotaxi Was Driven By A HumanSurveillance camera footage has emerged of the incident on Tuesday, which took place on Sunday, around the Dodger Stadium area in the city. The video shows a Waymo veering off the road onto a grassy patch, before it came back on the street and crashed into multiple p ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

科技巨头"Mag 7"财报季将于周三拉开帷幕，微软、Meta和特斯拉将在盘后公布业绩，苹果紧随其后于周四发布，四家公司总市 值达10.5万亿美元。高盛Delta One部门负责人Rich Prvorotsky最新表示，这一轮财报季归根结底将围绕一个核心问题："谁在减少 支出，谁在增加支出。" 市场预期"Mag 7"第四季度利润增长20%，这将是2023年初以来最慢的增速。在此背景下，这些公司面临压力，需要证明其承诺 的巨额资本开支正在以更显著的方式产生回报。投资者对资本开支指引的关注度空前高涨，这一数据将直接影响市场对AI投资回 报周期的判断。 本周将有三分之一的标普500成分股（按市值计算）公布业绩。据彭博汇编数据，迄今已有近80%的标普500公司业绩超出分析师 预期。瑞银全球财富管理的Ulrike Hoffmann-Burchardi表示："我们预计科技股业绩将表现强劲，但也预期盈利增长将扩展至各个 板块。" 尽管业绩稳健，但Wolfe Research的Chris Senyek指出，营收和利润双双超预期的公司股价在财报后反而出现负面表现。"换句话 说，双重超预期正因稳健业绩而受到惩罚，"他表示，"我们认 ...

Core Insights - The article compares two leading companies, Alphabet and Netflix, highlighting that while both are growing at similar rates and valuations, Alphabet is considered the better investment choice due to its diversified business model and lower risk profile. Company Overview - Alphabet generates the majority of its revenue from advertising but also has a rapidly growing cloud computing business, which accounted for about 15% of its revenue in Q3, with a year-over-year growth of 34% [9][12] - Netflix primarily derives its revenue from subscriptions to its streaming service, which is available in over 190 countries and has over 325 million subscribers [4][5] Financial Performance - Netflix's revenue grew by 17.6% year over year in Q4, an acceleration from 17.2% in Q3, and its full-year growth rate for 2024 was 16% [5] - Alphabet's revenue increased by 16% year over year in Q3, with its Google Services revenue rising by 14% [9][11] Profit Margins - Netflix's operating margin expanded from 26.7% in 2024 to 29.5% in 2025, with expectations to reach 31.5% in 2026 [7][8] - Alphabet's cloud segment saw an impressive operating income growth of 85% year over year, reaching $3.6 billion [12] Growth Opportunities - Netflix's advertising revenue more than doubled in 2025, reaching over $1.5 billion, which is 3.3% of its total revenue, and is expected to double again [8] - Alphabet's diversified business model allows for broad-based double-digit growth across major segments, making it less vulnerable to market fluctuations [14] Acquisition Considerations - Netflix is pursuing a significant acquisition of Warner Bros. Discovery's assets valued at $82.7 billion, which poses both opportunities and risks [16] - Alphabet does not have any pending acquisitions that could introduce significant risks, making it a more stable investment option [17]

Core Viewpoint - Investors have recently shifted focus to niche stocks as skepticism grows regarding the returns on investments made by the Magnificent Seven tech giants in artificial intelligence development [1][12]. Group 1: Performance of the Magnificent Seven - The Magnificent Seven tech giants, including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, have led the stock market for the past three years, but their performance has declined since the end of 2025 [1][12]. - Alphabet and Amazon are the only stocks among the Magnificent Seven that have seen gains, with Alphabet rising nearly 20% during the recent downturn [2][12]. - The Magnificent Seven index is currently trading at 28 times profits expected over the next 12 months, which is below previous peaks and in line with the average over the past decade [10][13]. Group 2: Investment Shifts and Market Reactions - Traders have increasingly invested in companies benefiting from Big Tech's spending, such as Sandisk, which is up over 130%, Micron Technology, which has risen 76%, and Western Digital, which has gained 67% since the Magnificent Seven index peaked [3][12]. - The upcoming earnings reports from Microsoft, Meta, Tesla, Apple, Alphabet, and Nvidia are expected to provide insights into the health of various tech sectors, with a projected profit growth of 20% for the fourth quarter, the slowest since early 2023 [4][6][12]. Group 3: Capital Expenditures and Growth Expectations - Major tech companies are expected to spend approximately USD 475 billion on capital expenditures in 2026, significantly up from USD 230 billion in 2024, raising investor expectations for returns on these investments [7][12]. - Microsoft’s Azure revenue rose 39% in its fiscal first quarter, with expectations of 36% growth in the second quarter, highlighting the demand for cloud services driven by AI [7][12]. - Companies that fail to meet growth targets may face significant market penalties, as seen with Meta Platforms, which experienced an 11% drop in stock price following a projection of increased capital expenditures without clear profit pathways [8][12]. Group 4: Comparative Earnings Growth - The 493 companies in the S&P 500 not included in the Magnificent Seven are projected to deliver only 8% earnings growth in the fourth quarter, significantly slower than the expected growth from the tech giants [9][12]. - Nvidia shares have increased by 1,184% since the end of 2022, yet are priced at 24 times anticipated profits, slightly above the S&P 500's multiple of 22, indicating that the stocks are not historically expensive [10][13]. Group 5: Market Sentiment and Future Outlook - Investors are awaiting signs of growth from the Magnificent Seven, with the current earnings season viewed as a critical milestone for assessing progress [11][13]. - The sentiment in the market has shifted to a "show-me story," where investors demand tangible results from Big Tech's investments in AI and other technologies [4][12].

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]