U.S. stock markets are poised for a pivotal Wednesday, January 28th, 2026, as investors keenly await the Federal Reserve's latest interest rate decision and a flurry of earnings reports from influential technology giants. Premarket trading indicates a mixed but generally upward trend for futures, with the tech-heavy Nasdaq leading the charge, signaling continued optimism in the artificial intelligence (AI) sector.Premarket Activity and Futures MovementsAs the trading day begins to unfold, U.S. stock index f ...

专题：聚焦美股2025年第四季度财报 元宇宙公司（META）定于周三美股收盘后发布 2025 财年四季度业绩报告，华尔街将密切关注该公司 在人工智能数据中心领域的持续投入情况。 自去年 10 月发布三季度业绩以来，元宇宙公司股价已累计下跌逾 12%，投资者对这家社交媒体巨头的 巨额资本支出表示担忧。 元宇宙公司不仅将 2025 年资本支出预期从 660 亿至 720 亿美元上调至 700 亿至 720 亿美元，还表示预 计 2026 年的资本支出增幅将 "显著扩大"。 市场预计，该公司四季度资本支出将达 219 亿美元，较去年同期的 144 亿美元大幅增长。据分析师一致 预期，元宇宙公司四季度营收预计为 584 亿美元，每股收益预计 8.16 美元，较 2024 年四季度的 484 亿 美元营收、8.02 美元每股收益实现增长。 市场预计，元宇宙公司旗下现实实验室部门四季度营收为 9.59 亿美元，同时录得 59 亿美元的营业亏 损。 并非只有元宇宙公司在人工智能数据中心领域投入巨资，其在广告和人工智能领域的竞争对手亚马逊、 谷歌、微软也在各自的数据中心上投入了巨额资金。 元宇宙公司还斥重金招揽人工智能领域顶 ...

Meta Platforms Inc. (NASDAQ:META) is expected to report a significant increase in quarterly revenue and EPS, continuing its streak of exceeding analyst expectations.The company's advertising revenue is projected to grow by 21.5%, with the Asia-Pacific region contributing significantly to this growth.Financial metrics such as a P/E ratio of 28.94, a price-to-sales ratio of 8.95, and a current ratio of 1.98 highlight Meta's strong financial position and low debt levels.Meta Platforms Inc. (NASDAQ:META) is a l ...

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].

Earlier this week, Elon Musk reignited a public debate over chat app privacy after calling WhatsApp "not secure," following a lawsuit that accuses Meta Platforms, Inc. (NASDAQ:META) of misleading users about its end-to-end encryption claims.Musk Targets WhatsApp, Signal, Promotes X ChatMusk posted on X that "WhatsApp is not secure" and alleged that "even Signal is questionable," urging users to switch to X Chat, the messaging feature built into his social media platform.In 2021, Musk's endorsement sent Sign ...

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 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].

Core Viewpoint - Meta is expected to report strong revenue growth in its fourth-quarter earnings, but the company's investment in AI is leading to increased capital and operating costs [1] Group 1: Earnings Expectations - Wall Street anticipates robust revenue growth for Meta in the upcoming fourth-quarter earnings report [1] Group 2: Cost Implications - The company's AI development efforts are significantly driving up both capital and operating expenses [1]

Investor Chamath Palihapitiya highlighted Oracle Corp.’s (NYSE:ORCL) surging credit default swaps, hinting at growing unease in credit markets over the debt-fueled AI infrastructure push.CDS Rates Surge Past COVID-19 LevelsOn Tuesday, in a post on X, Palihapitiya shared a chart showing Oracle’s CDS had surged to 160 basis points, which reflects the rising annual cost of insuring the company’s debt against default. Palihapitiya just said “gulp” in his post, while pointing out that the company’s CDS spreads h ...

【提醒：日内请重点关注（以下均为北京时间）】① 时间待定 芬兰总理奥尔波将访华（1月25-28 日）； ② 欧股盘前 阿斯麦控股发布业绩报告； ⑦ 23:30 美国能源信息署（EIA）发布政府版原油库存周报； ③ 18:00 欧洲央行执委Elderson在关于任命的听证会发表开场白演讲，欧洲央行12月中旬提名其继续担 任监管委员会副主席； ⑧ 次日02:00 欧洲央行执行理事会成员Isabel Schnabel讲话； ④ 美股盘前 苹果供应商康宁公司（GLW）、星巴克发布业绩报告； ⑤ 21:30 美国12月商品贸易帐； ⑥ 22:45 加拿大央行公布利率决议； ⑨ 次日03:00 美联储发布FOMC利率决议声明（没有"季度性"经济预期概要/SEP）； ⑩ 次日03:30 美联储主席鲍威尔举行例行新闻发布会； ⑪ 美股盘后 微软、Meta、特斯拉发布业绩报告，拉姆研究、IBM、ServiceNOW也将发布业绩报告； ⑫ 次日05:30 巴西央行公布利率决议； ⑬ 次日05:45 新西兰12月进出口与贸易帐； ...