摩根士丹利科技谈：Brian Nowak 前瞻 META、GOOGL、AMZN、DASH 与 RDDT 互联网公 司财报 20260127 摘要 Meta 需明确阐述如何将长期模型产品化，尤其在商业消息、智能代理、 扩散模型、元 AI 及可穿戴设备等领域，以提升广告业务并开拓新的收入 增长点，市场关注其支出结构，但公司业务状况实则更健康，增长空间 更大。 谷歌核心搜索业务需实现显著超预期增长（如突破 15%达到 16%- 17%），才能推动估值模型调整并带动股价上涨。谷歌云预计全年增长 50%，但若搜索业务未因 AI 实现超预期增长，或资本支出增加而搜索营 收增长不足，可能下调 2027 年每股收益预期。 谷歌云（GCP）预计全年增长 50%左右，整个谷歌云业务板块全年增速 有望超过 40%，甚至可能达到 45%，关键驱动因素是需求强劲和客户 覆盖广度。最大风险并非需求，而是产能及数据中心投入使用速度。 AWS 第四季度基准预期同比增长 22%。Anthropic 使用定制 Renoir 芯 片，已部署百万片规模用于训练，AWS 未来几个季度或保持较快增速， 具体幅度取决于项目推进和芯片部署规模。OpenAI ...

【环球网科技综合报道】随着人工智能热潮兴起，大型科技公司及数据中心运营商开始愈发关注自身公众形象。1月28日，据The Verge报道，2025年下半年，Meta斥资640万美元在萨克拉门托、华盛顿等全美多座城市开展广告宣传活动，核心目标是争取公众对新 建数据中心的支持。 此次广告以爱荷华州阿尔图纳和新墨西哥州洛斯卢纳斯的Meta数据中心为原型，通过短小亲民的视频短片传递核心诉求，强调数据 中心能创造就业岗位、激活乡村社区活力。不止Meta，整个行业都在为数据中心建设争取舆论支持。《金融时报》本周消息显示， 数字现实、QTS、NTT数据等数据中心运营商计划发起大规模游说活动，以应对公众反弹、为新建数据中心辩护。 然而，近期席卷全美的冬季风暴，凸显了现有电网已不堪重负的现状，数据中心集中区域的供电压力尤为明显。对Meta、微软、谷 歌等企业而言，大型数据中心是支撑人工智能业务的核心基础设施，但公众对其好感度持续下滑。 部分社区群体纷纷抵制新建数据中心，核心担忧集中在能源成本飙升和水资源消耗过大。这类反对运动已导致全美数十亿美元的数据 中心投资被迫延迟或取消。（旺旺） ...

Summary of Key Points from Conference Call Records Industry Overview - **Market Performance**: The S&P 500 experienced a five-day winning streak, reaching record highs before major tech earnings reports. The dollar hit a four-year low, while gold prices surged. A-shares showed a volatile upward trend, with significant gains in precious metals and the computing hardware supply chain [1][2]. Core Insights and Arguments - **Tech Sector Earnings**: Major tech companies are influencing market trends, with Meta's $60 billion order for fiber optics leading to a 15% surge in Corning's stock. Micron and Microsoft also saw stock increases of over 5% and 2%, respectively, while Tesla's stock fell by 1% [1]. - **Economic Indicators**: In December, profits for large-scale industrial enterprises in China shifted from a 13.1% decline in November to a 5.3% increase, indicating improved profitability and growth in the upper and middle reaches of the industrial sector [1]. - **Commodity Prices**: Gold prices rose over 3%, while silver experienced significant volatility, with a drop of over 10% and a subsequent rise of nearly 9% [1]. Important but Overlooked Content - **Sector-Specific Developments**: - **AI Applications**: The AI sector is seeing significant advancements, with new models expected to launch during the Spring Festival. Companies like Deepseek and Kimi are releasing new products, indicating a robust growth trajectory in AI applications [5][6]. - **Fiber Optics**: Meta's substantial investment in fiber optics is a key development, with potential implications for related companies such as Yangtze Optical Fibre and Hengtong Optic-Electric [6]. - **Aviation Industry**: China’s COMAC plans to increase production and delivery of the C919 narrow-body aircraft, suggesting a potential growth area in the domestic aviation market [6]. - **Semiconductors**: Price adjustments by Zhongwei Semiconductor for MCU and Norflash products, with increases ranging from 15% to 50%, highlight the ongoing demand and pricing power in the semiconductor sector [6]. - **Cloud Computing**: Google announced a price adjustment for data transmission methods in North America, which could significantly impact cloud service providers and related companies [6].

Group 1 - The core issue revolves around Meta's CEO Mark Zuckerberg opposing parental control mechanisms for AI chatbots interacting with minors, raising concerns about the company's measures to protect underage users [1][4][5] - Internal documents from the New Mexico Attorney General's office reveal that Meta employees strongly advocated for parental controls to limit generative AI interactions, but management dismissed these suggestions, attributing the decision to Zuckerberg [4] - Meta is currently facing a lawsuit from New Mexico, accusing the company of failing to prevent harmful content from reaching minors, with the case set to be heard in February [4][5] Group 2 - Reports indicate that Meta's AI chatbot has been involved in controversial interactions, including engaging in virtual sexual conversations with minors, which has led to public scrutiny [4] - The company recently suspended access to AI chatbots for teenage accounts while developing parental control features, which Zuckerberg had previously rejected [4] - Internal reviews have shown that Meta's guidelines for chatbot behavior were vague, allowing for the potential spread of harmful content, although the company claims to have removed such content [4]

2026年1月23日，全球云计算巨头亚马逊云科技宣布对其面向大模型训练的EC2机器学习容量块实施约 15%的价格上调，这是AWS长达约二十年首次打破"只降不涨"的定价传统。机器学习容量块是AWS为 应对高性能GPU等稀缺计算资源供需失衡所推出的定制化服务模式，用户可提前预订指定型号的GPU实 例，确保关键算力资源的稳定供给。全球AI发展如火如荼，该行认为AWS作为亚马逊核心的公有云平 台，此次涨价一方面再次确认了全球AI算力需求端的高景气度，另外一方面从供给角度来看，AI云产 业链资源稀缺性或日益凸显。 英伟达向CoreWeave追加20亿美元投资，AI算力租赁需求旺盛 开源证券发布研报称，亚马逊AWS近二十年来首次涨价，上调AI训练实例价格约15%。英伟达向算力 租赁商CoreWeave追加20亿美元投资。同时，Meta与康宁签订60亿美元光纤采购长单，以支持其AI数据 中心建设。这些事件共同印证了全球AI发展正持续推高对底层算力与网络设施的需求，AIDC、算力租 赁及光纤光缆等环节有望受益。 开源证券主要观点如下： 亚马逊AWS宣布涨价，AI云基础设施稀缺性或日益凸显 根据华尔街见闻公开新闻，Meta已与 ...

Portfolio Performance - The portfolio net value increased from 1.000 in September 2025 to 1.175 by January 23, 2026, reflecting a growth of 17.5%[5] - The portfolio volatility was recorded at 11.16% in January 2026, compared to 8.60% in October 2025[5] Adjustments in Holdings - The total storage position was reduced from 17% to 12% due to anticipated volatility from upcoming earnings reports from major companies[6] - The allocation for non-ferrous metals was adjusted to 15%, while nuclear power was increased to 18%[6] - A new position of 2% was established in the commercial aerospace core stock, RKL[6] Macro Observations - The Nasdaq ETF (Invesco QQQ Trust) showed a year-to-date increase of 17.09%[7] - The VIX index, indicating market volatility, rose by 2.88% recently, suggesting increased market uncertainty[7] - Gold prices increased by 1.35%, reflecting a 80.10% rise over the past year[7] Energy Sector Insights - The U.S. electricity demand is projected to triple from 200 TWH to 640 TWH by 2035, indicating a significant increase in energy needs[7] - The report highlights a structural change in the U.S. electricity system, emphasizing the need for stable policies and supply chains for nuclear energy[7] Market Trends - The report notes a significant rise in rare earth companies, with CRML increasing by nearly 200% and USAR by 108% in three weeks, indicating speculative market behavior[9] - The market is characterized by a shift towards smaller-cap stocks, with larger companies showing stagnant performance, raising concerns about market stability[9]

据CNBC，Meta Platforms(META.US)公司达成协议，拟为AI数据中心光纤电缆向康宁支付高达60亿美元。 据CNBC，Meta Platforms(META.US)公司达成协议，拟为AI数据中心光纤电缆向康宁支付高达60亿美元。 （长飞光纤等） ...

Meta与康宁（GLW盘前+7%）达成协议，将在AI数据中心支付高达60亿美元用于光纤光缆。 我们再次提示重点关注光纤光缆行业情况。 目前看，光纤光缆需求火热，652D&657持续强势涨价，散纤市场基本一天一个价表现火热。 数据中心需求有望成为未来数年拉动整体光纤需求高 光纤光缆继续坚定推荐：META与康宁达成60亿美金合作，AI光互联驱动需求增长，产业复苏加速坚定看好 Meta与康宁（GLW盘前+7%）达成协议，将在AI数据中心支付高达60亿美元用于光纤光缆。 我们再次提示重点关注光纤光缆行业情况。 目前看，光纤光缆需求火热，652D&657持续强势涨价，散纤市场基本一天一个价表现火热。 光纤光缆继续坚定推荐：META与康宁达成60亿美金合作，AI光互联驱动需求增长，产业复苏加速坚定看好 此次META和康宁签订重大合约，我们认为一、对于数据中心带动光纤需求高增长更加明确，重要趋势；二、本身 康宁产能就非常紧张，P大厂锁定后，国内厂商有很大的机会做出海市场；三、海外657A1价格有望持续向上，涨 价带动利润弹性。 AI带动光纤光缆需求持续提升，产能向AI/特种光纤倾斜。 由于AI的需求提升，如多模、超低损光纤 ...

Market Overview - Technology stocks extended gains, with major contributions from Microsoft, Amazon, Nvidia, Apple, and Broadcom, leading to the Nasdaq reaching its highest level since late October and the S&P 500 nearing the 7,000 milestone, marking its fourth record closing high in 2026 [1][15] - The Dow Jones Industrial Average fell by 408.99 points, or 0.83%, closing at 49,003.41, while the S&P 500 gained 28.37 points, or 0.41%, to 6,978.60, and the Nasdaq Composite rose by 215.74 points, or 0.91%, to 23,817.10 [6][15] Earnings Reports - 102 S&P 500 companies are set to report earnings this week, with 79.7% of the 64 that had reported by Friday exceeding analyst expectations [8][15] - General Motors saw an 8.7% increase in shares after reporting higher fourth-quarter core profit [15] - Boeing reported a fourth-quarter profit due to a unit sale but faced larger-than-expected losses in its two biggest divisions, leading to a 1.6% decline in shares [9][15] - American Airlines shares closed down 7% due to expected impacts from a winter storm on first-quarter results, despite a positive 2026 profit forecast [10][15] - JetBlue shares fell 6.9% after reporting a wider-than-expected quarterly loss attributed to bad weather and a government shutdown [10][15] Sector Performance - The technology sector led gains among the S&P 500's 11 major industry sectors, rising by 1.4%, with Corning being the biggest gainer, rallying 15.6% after signing a deal with Meta worth up to $6 billion for fiber-optic cables in AI data centers [7][15] Consumer Confidence and Economic Indicators - U.S. consumer confidence unexpectedly declined in January, reaching its lowest level since 2014, but this did not significantly impact the stock market [4][15] - A recent decline in the U.S. dollar, dropping over 1% on Tuesday, is viewed positively for U.S. equities as it benefits exports, which is expected to enhance S&P earnings going forward [5][6][15] Federal Reserve Watch - Investors are awaiting a policy announcement from the U.S. Federal Reserve, with expectations of unchanged interest rates, while focusing on guidance regarding future rates and economic commentary [11][15] Market Breadth - Advancing issues outnumbered decliners by a 1.61-to-1 ratio on the NYSE, with 693 new highs and 95 new lows, while on the Nasdaq, 2,725 stocks rose against 2,056 that fell, resulting in a 1.33-to-1 ratio [12][15]

Summary of Conference Call Notes Company Involved - Corning Incorporated Key Points and Arguments - Corning has secured a significant agreement with Meta to supply $6 billion worth of optical communication products related to AI data centers by 2030, which is expected to drive substantial revenue growth for the company [1] - The order primarily includes MMC/MPO connectors and fiber optic cables, indicating a strong demand for advanced optical solutions in data centers [1] - Other Cloud Service Providers (CSPs) are anticipated to follow suit with similar orders, suggesting a potential increase in market share for Corning in the optical communication sector [1] - Recently, there has been a notable increase in the prices of optical fiber rods, which may positively impact Corning's profit margins [1] Other Important but Possibly Overlooked Content - The agreement with Meta represents a strategic partnership that could enhance Corning's position in the rapidly growing AI and data center market [1] - The mention of other CSPs potentially placing orders indicates a broader trend in the industry towards increased investment in optical communication infrastructure [1]