Core Viewpoint - Big Tech companies have experienced a significant decline in market capitalization, losing over $1 trillion due to concerns over AI spending and capital expenditures [1]. Group 1: Market Performance - Microsoft, Nvidia, Oracle, Meta, Amazon, and Alphabet all saw their shares decline in the week leading up to Thursday's market close, driven by fears surrounding AI spending [1]. - Amazon's shares fell by 7% in premarket trading on Friday, while Alphabet decreased by 0.7%, and Meta remained largely unchanged; Oracle, Nvidia, and Microsoft saw slight increases in the low single-digit percentages [2]. Group 2: Capital Expenditure Plans - Big Tech companies announced plans to invest $660 billion into AI this year, a figure that exceeds the GDP of several countries, including the United Arab Emirates, Singapore, and Israel [2]. Group 3: Industry Sentiment and Volatility - Companies developing hardware for AI are expected to face ongoing volatility as market sentiment shifts, with concerns about capital expenditures related to large language model (LLM) build-outs and the potential for over-expansion of capacity [3]. - Investment director Paul Markham highlighted that questions regarding the extent of capital expenditures and the eventual return on investment will persist in the industry [3].

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：北美云商 Capex 信心强劲， 康宁光互连长单驱动扩产 报告要点 [Table_Summary] 2026 年第 4 周，通信板块上涨 5.26%，在长江一级行业中排名第 3 位；2026 年年初以来，通 信板块上涨 5.42%，在长江一级行业中排名第 16 位。根据最新财报，微软云业务延续高景气， Azure 收入高增、订单能见度抬升，本季度增近 1GW 数据中心容量，资本开支维持高位。Meta AI 赋能广告业务实现量价齐升，全年资本开支加码。康宁光通信业务高速增长，Gen-AI 产品 放量加速释放盈利弹性，与 Meta 签署最高 60 亿美元多年期长单，推动扩产前置。AI 光互连 需求爆发，北美云商资本开支信心强劲。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：北美云商 ...

根据美国证券交易委员会(SEC)披露，瑞银(UBS.US)递交了截至2025年12月31日的第四季度持仓报告(13F)。 | 2025-12-31 P | | | --- | --- | | 13F Activity | | | Market Value | $0.62t, Prior: $0.64t | | Inflows (Outflows) as % of | (-5.6516) de | | Total MV | | | New Purchases | 1347 stocks | | Added To | 4181 stocks | | Sold out of | 1188 stocks | | Reduced holdings in | 4520 stocks | | Top 10 Holdings % | 14.52% | | Turnover 9611 | 21.81% | | Turnover Alt %141 | 10.1% | | Time Held Top 20 | 22.7 quarters | | Time Held Top 10 | 22 quarters | | Time Hel ...

Market Analysis by covering: Microsoft Corporation, Alphabet Inc Class A, Amazon.com Inc, Meta Platforms Inc. Read 's Market Analysis on Investing.com ...

| Stock | History | Sector | Shares Held or | Market | % of | Previous | | Change in | 96 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | 2 Value | Portfolio | % of Portfolio | Rank | Shares | Change | | | | | Amt | | | | | | | | NVDA | History | INFORMATION TECHNOLOGY | 77,489,454 | 14,451,783,174 | 2.34% | 2.56% | | -10,042,089 | -11.47% | | MSFT | History | INFORMATION TECHNOLOGY | 28,044,188 | 13,562,730,202 | 2.20% | 2.46% | 2 | -2,320,211 | -7.64% | | AAPL | History ...

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 - The rapid advancement of artificial intelligence (AI) has significantly impacted various industries, particularly through the introduction of products like DALL-E2 and ChatGPT by OpenAI, which have gained public attention since late 2022 and early 2023 [1] - The latest earnings season for the US stock market highlights the commentary from technology companies regarding AI's influence on their industries and business operations [2] Alphabet (Google) - The Gemini app has reached 750 million monthly active users, up from 650 million in Q3 2025, with increased user engagement following the launch of Gemini 3 in December 2025 [3][4] - Alphabet leads in AI model portfolios across text, vision, and image-to-video, with Gemini 3 Pro achieving the fastest adoption rate in the company's history, processing three times the daily tokens compared to its predecessor [3][6] - Google Cloud's backlog grew by 55% sequentially to $240 billion in Q4 2025, driven by strong demand for AI products, with revenue from AI solutions built by partners increasing nearly 300% year-over-year [7][10] - Google Cloud's revenue grew 48% year-over-year in Q4 2025, with operating margin increasing to 30.1% from 23.7% in Q3 2025 [23][24] - Alphabet's management anticipates significant capital expenditures of $175 billion to $185 billion in 2026 to enhance AI compute capacity and meet customer demands [25][26] AI and Advertising - Gemini is enhancing advertising quality and tools, allowing for better query understanding and ad relevance, with advertisers creating 70 million creative assets in Q4 2025 [19][20] - The introduction of Direct Offers in AI Mode aims to provide exclusive offers to users ready to purchase, indicating a shift towards monetizing AI-driven user experiences [22] Waymo - Waymo raised its largest investment round to date, surpassing 20 million fully autonomous trips and expanding its service to new markets, including Miami and plans for the UK and Japan [17] Amazon - AWS experienced a 24% year-over-year growth in Q4 2025, with a backlog of $244 billion, up 40% year-over-year, driven by increased demand for AI workloads [34] - Amazon's Bedrock service, which facilitates the use of multiple AI models, has reached a multi-billion dollar annualized revenue run rate, with customer spending increasing by 60% sequentially [35] - The launch of NovaForge allows enterprises to integrate their proprietary data into the pre-training phase of AI models, enhancing customization [38] AI Agents and Commerce - Amazon's AI shopping assistant, Rufus, has expanded its capabilities, enabling it to research products and make purchases, with 300 million customers using it in 2025 [44] - The management believes that agentic commerce will enhance consumer experiences, with customers using Rufus being 60% more likely to complete a purchase [44] Industry Trends - Companies are increasingly adopting AI to improve operational efficiency and customer engagement, with successful SaaS companies deeply integrating AI into their workflows [30][31] - The demand for AI compute capacity remains a significant concern for companies, with management focusing on addressing supply chain constraints and optimizing investments [32]

Investment Rating - The report maintains a "Buy" rating for Meta, indicating a strong outlook for the company's stock performance relative to the benchmark index [11]. Core Insights - Meta's Q4 2025 performance exceeded expectations, with revenue reaching $59.9 billion, a 24% year-over-year increase, and GAAP EPS of $8.88, significantly surpassing market forecasts [2]. - The company has provided a strong revenue guidance for Q1 2026, estimating between $53.5 billion and $56.5 billion, alongside a substantial increase in capital expenditures for 2026, projected at $115 billion to $135 billion, primarily focused on AI capabilities and infrastructure [2][5]. - The Family of Apps segment generated $58.9 billion in revenue for Q4 2025, up 25% year-over-year, driven by a 24% increase in advertising revenue [2]. - Reality Labs reported $955 million in revenue for Q4 2025, a 12% decline year-over-year, with future investments shifting towards AI glasses and wearable devices [2]. Business Performance and User Metrics - In Q4 2025, the Family of Apps had over 3.5 billion daily active users, with significant growth in platforms like Facebook, Instagram, and WhatsApp [3]. - Instagram Reels saw over a 30% increase in viewing time year-over-year, while Threads experienced a 20% increase in user engagement due to improved recommendation systems [3]. AI Integration and Business Impact - Meta's AI initiatives are enhancing core business operations, with advertising and content recommendations entering a "model scaling" phase [4]. - The GEM advertising model and new sequence learning architecture contributed to a 3.5% increase in Facebook click-through rates and over 1% improvement in Instagram conversion rates [4]. - The introduction of large language models (LLMs) into recommendation systems has significantly improved content understanding and user engagement, leading to the highest revenue increment from product optimization in two years [4]. Capital Expenditure and Profit Outlook - Meta has raised its capital expenditure guidance for 2026 to $115 billion to $135 billion, reflecting a substantial year-over-year increase [5]. - Despite the rise in capital expenditures, the company expects absolute operating profits in 2026 to exceed those of 2025, supported by improved AI advertising efficiency and core business growth [5]. - The report expresses confidence in Meta's long-term growth potential driven by AI, with a clear path for revenue and profit enhancement through advertising and recommendation system improvements [5].

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]

2月5日消息，Meta最新曝光的内部备忘录显示，AI新部门"超级智能实验室"开发的新一代大语言模型已 完成预训练，并称其为"Meta迄今能力最强的预训练基座模型"。 这份标注日期为1月20日的备忘录指出，在未进行精调（或称后训练，post-training）的情况下，代 号"牛油果"（Avocado）的模型已在知识、视觉感知和多语言表现上媲美当前领先的精调模型，且计算 效率较前代大幅提升。 在近期的财报电话会议上，Meta首席执行官马克·扎克伯格（Mark Zuckerberg）对超级智能实验室的产 出表达了务实且前瞻的看法。他表示："我预计我们的首批模型会不错，但更重要的是，它们将展示我 们快速前进的轨迹。随着我们在今年持续发布新模型，我期待我们能稳步推动技术前沿。" 从内部备忘录的泄露到达沃斯论坛上的官方证实，Meta正试图向外界传递一个明确的信号：在经历重 组、投入创纪录资金并引入新领导层后，其AI研发已取得阶段性突破。 无论是号称性能比肩精调模型的"牛油果"，还是被CTO评价为"非常出色"的首批交付模型，都承载着 Meta打一场AI翻身仗的希望。 本文来自"腾讯科技"，作者：金鹿，编辑：晓静，36氪经 ...