与此同时，负责元宇宙与硬件研发的 Reality Labs 部门在第四季度录得 60.2 亿美元经营亏损，全年累计 亏损接近 192 亿美元（现汇率约合 1335.57 亿元人民币），显示出其尖端技术研发仍处于高投入、低回 报的阵痛期。尽管该部门第四季度实现销售额 9.55 亿美元（现汇率约合 66.43 亿元人民币），但持续亏 损态势未改。 1 月 29 日，Meta 今天公布了 2025 财年第四季度及全年财报，各项核心指标均显著超越华尔街此前预 期。 财报显示，受益于 AI 驱动的广告效率提升，Meta 该季度实现营收 598.9 亿美元（现汇率约合 4166 亿 元人民币），同比大幅增长 24%; 每股收益 (EPS) 达到 8.88 美元（IT之家注：现汇率约合 61.8 元人民 币），优于市场一致预期的 8.21 美元（现汇率约合 57.1 元人民币）。2025 年全年营收规模首次突破 2000 亿美元大关，达到 2009.7 亿美元（现汇率约合 1.4 万亿元人民币）。该公司 2025 年全年资本支出 高达 722 亿美元（现汇率约合 5022.29 亿元人民币）。 核心业务方面，Meta 旗下 ...

环球市场动态 美 国 关 税 通 胀 见 顶 时 间 后 移 股 票 周三亚太股市个别发展，MSCI 不 排除将印度尼西亚降级至前沿市 场，拖累股市大跌 7.3%。港股高开 高走，A 股涨跌不一。奢侈品股受 压，欧股下跌。美联储一如预期维 持利率不变，美股个别发展，变动 不大。 外 汇 / 商 品 特朗普警告伊朗尽快达成核协议， 美伊局势紧张，周三纽约期油升至 四个月高位，国际金银价格续创新 高；贝森特关于美国绝没有入市干 预日元的表态也为美元带来支撑， 在美联储维持利率不变之后美元指 数触及日内高点。 固 定 收 益 美联储维持利率不变在 3.50%– 3.75%。美国国债持稳，收益率曲线 略微走平。声明称就业风险减弱， 并不急于进一步降息。日本 40 年 期国债拍卖结果较好推动市场企 稳。贝森特否认将干预日元汇率。 亚洲债市企稳，债券利差普遍收窄。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 1 月 29 日 ▪ 美联储 2026 年 1 月议息会议维持政策利率不变，符合市场预期。议息会议声明和鲍威尔发言均表示美国失业 率出 ...

Yesterday was a tale of two hyperscalers. Both Meta and Microsoft held after-the-bell earnings calls (for Meta’s fourth quarter and Microsoft’s second). Both have faced recent shareholder skepticism about the scale of investment in AI-powered data centers and their seemingly far-off returns. Both companies announced capex projections that blew past consensus expectations. And yet only one firm, Meta, seemed to overcome Wall Street’s wariness. Double standard? SUBSCRIBE:  Receive more of our free The Dail ...

Core Insights - The latest earnings reports from Microsoft, Meta, and Tesla highlight a deepening "AI arms race" and accelerating business structure differentiation within the tech industry, with Meta's stock rising nearly 11%, Tesla's up over 4%, and Microsoft's down over 7% post-earnings [1] Group 1: Earnings Performance - Meta reported Q4 revenue of $59.893 billion, a 24% year-over-year increase, exceeding analyst expectations of $58.42 billion, with 97% of revenue coming from its core advertising business [3] - Microsoft achieved Q2 FY2026 revenue of $81.27 billion, a 17% year-over-year increase, surpassing expectations, but its cloud business growth showed signs of fatigue with Azure growth slowing to 38% [4] - Tesla's total revenue for 2025 was $94.8 billion, a 3% year-over-year decline, with its core automotive business revenue down 10% [5] Group 2: Strategic Focus on AI - Meta is heavily investing in AI, with a focus on "super intelligence," planning capital expenditures of $72.22 billion in 2025, which is expected to increase by 1.6 to 1.9 times in 2026 [7] - Microsoft continues to deepen its partnership with OpenAI, with a $250 billion cloud services agreement, but faces concerns over the independence of its core cloud business due to reliance on OpenAI [8] - Tesla is transitioning from a traditional automotive company to an AI-focused entity, with significant investments in AI and energy, including a $2 billion investment in xAI to enhance its AI capabilities [8] Group 3: Market Reactions and Future Outlook - Post-earnings, Meta's stock surged, while Microsoft's fell, indicating a shift in investor sentiment towards companies that can demonstrate effective AI integration with core business operations [9] - The tech industry is expected to undergo a restructuring and valuation reassessment as more companies, including Amazon and Google, release their earnings, further clarifying the trends in AI investment and business model transformation [12]

新华社记者吴晓凌 多家美国科技巨头28日公布财报，业绩喜忧参半。特斯拉公司业绩下滑，微软、"元"公司业绩大涨，亚 马逊公司公布新一轮裁员计划。 新华社旧金山1月28日电 综述｜美科技巨头业绩喜忧参半 微软董事长兼首席执行官萨提亚·纳德拉表示，人工智能的普及还处于早期阶段，但微软的人工智能业 务规模已经超过公司最核心的传统业务。 社交平台脸书母公司"元"公司发布财报显示，去年第四季度，该企业营收约为599亿美元，同比增长 24%；净利润约为228亿美元，同比增长9%。2025年，公司营收约为2010亿美元，同比增长22%；净利 润约为605亿美元，同比下降3%。 "元"公司创始人兼首席执行官马克·扎克伯格表示，公司在2025年取得强劲的业务表现，期待在2026年 推进"个人超级智能"的发展。 "元"公司预计，2026年其资本支出将在1150亿美元至1350亿美元之间，主要用于支持"超级智能实验 室"项目等核心业务。公司"现实实验室"的运营亏损预计将与2025年大致持平。 美国电商和科技企业亚马逊公司28日表示，正在推进新一轮组织架构调整，预计将影响公司约1.6万个 岗位。这是继去年10月亚马逊裁减约1.4万名公 ...

该行予Meta"买入"评级，目标价为815美元。 对于业绩电话会议，该行预期焦点将放在，对未来12至24个月更广泛AI战略的任何见解、如何理解公 司为内部和外部使用案例混合而扩展的计算资源，以及管理层如何在潜在的核心营运效率与增长投资资 金之间取得平衡。此外，该行预计会出现关于所指示的2026年第一季度收入增长率可持续性，以及将计 算资源应用于公司核心业务是否正在带来收入机遇新范式的问题。 高盛发表报告，预期投资者对Meta去年第四季度业绩报告将有轻微正面反应，原因在于强劲的第四季 度收入趋势、相对于该行预估更强劲的今年第一季度收入指引，以及前瞻性的营运支出/资本支出指引 虽然高于该行先前的估计，但略低于市场担忧的水平。 ...

Meta Platforms Inc. (NASDAQ:META) reported a strong financial performance with an earnings per share (EPS) of $8.88 and revenue of $59.89 billion, exceeding estimates.The company's advertising revenue saw a significant increase, contributing to the overall growth with $58.14 billion in revenue.Despite a wider loss in the Reality Labs division, Meta's daily active users grew to 3.58 billion, indicating a solid market presence and user engagement.Meta Platforms Inc. (NASDAQ:META), a leading technology company ...

By Aditya Soni and Deborah Mary Sophia Jan 29 (Reuters) - Big Tech earnings so far this week have sent a clear warning: investors are willing to overlook soaring spending on artificial intelligence if it fuels strong growth, but are quick to punish companies that fall short. The contrast was clear in ​Thursday's market reaction to earnings from Microsoft and Meta, highlighting how dramatically the stakes have changed since the launch of ChatGPT started the AI boom more ‌than three years ago. Microsoft ...

国际金价周三强劲上涨，一个交易日内接连冲破多道整数关口，创盘中和收盘历史新高。纽约白银期价 周三追涨黄金，当天涨超7%。 此外，美联储周三结束1月议息会议并宣布维持利率不变，会后发布的政策声明称，美国经济活动稳步 扩张，就业市场出现企稳迹象，并重申通胀压力略为高企。 28日美国三大股指涨跌不一 当地时间周三，美联储午盘后公布1月利率决议，微软、Meta和特斯拉三家科技巨头盘后密集发布财 报，投资者谨慎交易，美国三大股指全天小幅波动。受部分AI行业公司财报利好推动，标普500指数周 三一度短暂站上7000点整数关口，创盘中历史新高。午盘后，美联储宣布"按兵不动"并释放"鹰派"信 号，标普500指数转跌，美国三大股指周三涨跌不一。截至收盘，道指微涨0.02%，标普500指数微跌 0.01%，纳指涨0.17%。 符合预期 美联储1月议息会议"按兵不动" 货币政策方面，美联储周三结束1月议息会议并宣布维持利率不变，给去年下半年累计下调利率75个基 点的降息周期按下暂停键，符合市场预期。美联储会后发布的政策声明称，美国经济活动稳步扩张，就 业市场出现企稳迹象，并重申通胀压力略为高企。 声明暗示，美联储认为美国经济基本面 ...

Group 1 - The core viewpoint of the news highlights the significant growth in AI computing power and applications, leading to a bullish market trend, particularly in cloud computing ETFs and key stocks like iFlytek [1][3] - iFlytek announced an expected net profit of 785 million to 950 million yuan for 2025, representing a year-on-year growth of 40% to 70%, driven by the accelerated deployment of AI applications [3] - The fourth quarter net profit for iFlytek is projected to reach 852 million to 1.017 billion yuan, indicating a staggering quarter-on-quarter increase of 394% to 490% [3] Group 2 - Meta's recent earnings report also exceeded market expectations, with significant revenue growth and a capital expenditure forecast of up to 135 billion yuan for 2026, nearly double that of the previous year [3] - The computing power industry is experiencing inflation from 2025 to early 2026, affecting storage, CPUs, and other semiconductor chips, driven by increased demand for AI training [3] - Alibaba is preparing to advance the independent listing of its AI chip subsidiary, Tianshu, which is expected to boost the development of domestic computing power chips [4] Group 3 - The open-source AI assistant Clawdbot has gained market attention, transforming personal AI assistants into proactive digital partners, indicating a shift in value from models to application frameworks [5] - The cloud computing ETF tracks a comprehensive index covering leading software developers and electronic component companies, providing a one-stop solution for the AI computing era [5]