国际贵金属期货深夜巨震，黄金白银盘中跳水，一度回吐全部涨幅，最终普遍收涨，COMEX黄金、COMEX白银均涨超1%。截至北京时间1月30日7:00， 黄金白银延续涨势。 昨天深夜，黄金、白银闪崩：现货白银一度暴跌8%，现货黄金跌破5200美元/盎司关口。 股市方面，美东时间周四，美股三大指数收盘涨跌不一，科技股走势分化，Meta大涨10%，微软重挫10%；中概在线教育股多数上涨，好未来涨超18%； 黄金白银深夜巨震，盘中跳水一度回吐所有涨幅，而后探底回升；加密货币全线重挫，超22万人被爆仓。 具体来看，大型科技股走势分化，英伟达涨0.52%，走出三连阳；谷歌涨0.71%，收于历史新高；Meta涨近10%，2025Q4业绩超预期。 下跌方面，微软跌超10%，2026财年Q2云业务增速放缓，资本支出创新高。特斯拉跌超3%，其全年营收首次出现下滑。 微软的暴跌重创软件板块，季度盈利和营收均好于预期的ServiceNow跌近10%，甲骨文跌2.19%，德国软件商SAP跌超15%。 盘后，苹果发布最新财报，2026财年第一季度公司核心财务指标均创历史新高，其盘后股价一度涨超3%。 存储概念股整体走高，SanDisk（闪 ...

Core Viewpoint - Microsoft Corp. experienced a significant selloff, resulting in a loss of $357 billion in market value, marking the second-largest single-day valuation drop in stock market history [1][2]. Group 1: Market Impact - The stock closed down 10%, the largest decline since March 2020, following disappointing earnings that highlighted record spending on artificial intelligence while growth in its cloud unit slowed [1][4]. - This selloff is notable as it surpassed the market capitalizations of over 90% of S&P 500 Index members, indicating a substantial impact on the market [2]. Group 2: Industry Reaction - Other tech giants, including Alphabet Inc. and Nvidia, also faced significant losses, with each shedding more than $100 billion at one point during the selloff [3]. - Alphabet shares managed to recover slightly, closing up 0.7%, while Amazon's shares settled down 0.5% [3]. Group 3: Financial Performance - Microsoft reported a 66% increase in capital expenditures in the most recent quarter, reaching a record $37.5 billion, but the growth of its Azure cloud-computing unit showed signs of slowing [4]. - Analysts express skepticism regarding the return on investment from Microsoft's substantial AI spending, suggesting a need for reevaluation of the company's stock price to align with its historical fair value [5]. Group 4: Historical Context - The recent selloff is among the worst in Microsoft's history, comparable to significant market declines during events such as Black Monday in 1987 and the dot-com bubble [6].

Group 1 - The core point of the article is that Nvidia, Microsoft, and Amazon are negotiating to invest up to $60 billion in OpenAI, which would be the largest single funding round in the AI sector to date [1][4] Group 2 - Nvidia plans to lead the investment with $30 billion, as it is a key chip supplier for OpenAI, providing GPUs for training models like ChatGPT [4] - Microsoft, as OpenAI's largest strategic partner and cloud service provider, intends to invest less than $10 billion, continuing its support since 2019 while avoiding excessive dilution of its equity [4] - Amazon is looking to invest over $10 billion, potentially exceeding $20 billion, marking its first direct investment in OpenAI, which is seen as a strategic move to strengthen its AI ecosystem against Microsoft Azure [4] Group 3 - The funding round is perceived as a response to competitive pressures, especially after Anthropic raised $7.3 billion and other tech giants like Google and Meta accelerated their AI investments [4] - OpenAI's CEO Sam Altman has indicated that future funding needs could reach trillions of dollars to achieve the goal of Artificial General Intelligence (AGI), making this financing round just the first step in a long-term plan [4]

要说最近一段时间PC界最大的乐子，莫过于微软在开年又给大家送了份"大礼"。 前段时间，微软向Windows 11 24H2和25H2的用户推送了一个修复安全漏洞的累积更新补丁。作为Windows更新中最平常、最常见的补丁类型，它并不需要 用户事先同意就可以自动安装，并且在电脑空闲或用户关机/重启时更新（除非你有事先设置更新需确认），所以影响的波及范围也比大型功能更新补丁更 大。 图源：微软 图源：推特 这个错误代码说明主板的BIOS无法识别到你的系统盘，所以无法从系统盘里把Windows系统引导出来，遇到这个情况，首先可以尝试去BIOS看看系统盘还 能否识别出来，如果可以识别但无法引导，那么还能通过手搓一个系统启动盘的方法，尝试重装系统或进入WinRE状态卸载该更新，看看能否重建引导。 至于这个BUG的原理目前还不明确，不过触发原因倒是大致锁定了，那就是如果在更新该补丁前，用户执行过"更新回滚"和用第三方工具强行删除Edge、 Defender等Windows的官方应用，就有可能因为"系统状态不一致"而触发BUG，而且是大概率的事情。 从这个名为KB5074109的补丁推送后，用户就陆续遇到了无法开机、卸载失 ...

28 January 2026 | 11:02PM EST Equity Research Microsoft Corp. (MSFT) Trading off short-term Azure growth ultimately drives more strategic AI positioning long term MSFT 12m Price Target: $600.00 Price: $481.63 Upside: 24.6% Selina Zhang +1(212)357-9979 | selina.zhang@gs.com Goldman Sachs & Co. LLC Key Data _____________________________________ Market cap: $3.6tr Enterprise value: $3.5tr 3m ADTV: $12.3bn United States Americas Software M&A Rank: 3 | GS Forecast __________________________________ | | | | | | - ...

Core Insights - Microsoft's commercial remaining performance obligations (RPOs) surged to $625 billion, reflecting a 110% year-over-year increase, indicating strong demand for AI-driven cloud computing services [4][6] - The significant growth in RPOs is a positive signal for investors, as it suggests a robust pipeline of contracted demand, although it does not guarantee immediate revenue recognition [2][10] Group 1: Commercial RPOs Growth - The commercial RPOs represent the dollar value of contracted work not yet recognized as revenue, serving as a key indicator of demand for Microsoft's services [3] - The year-over-year increase in RPOs is more than double the previous quarter's growth rate of 51%, highlighting an acceleration in backlog growth [4] - The portion of RPOs expected to be recognized in the next 12 months grew only 39% year over year, with only 25% of total RPOs anticipated to be recognized in that timeframe [6] Group 2: Customer Concentration and Risks - A significant 45% of Microsoft's commercial backlog is attributed to a single customer, OpenAI, which introduces customer concentration risk [7] - Excluding OpenAI, the growth rate of commercial RPOs is much slower at 28% year over year, indicating potential vulnerabilities in the backlog [7] Group 3: Revenue Growth and Capital Expenditures - Despite the increase in RPOs, Microsoft's Azure and other cloud services revenue growth decelerated to 38% year over year in fiscal Q2, down from 39% in the previous quarter [8] - The company reported capital expenditures of $37.5 billion in fiscal Q2, a 66% increase year over year, raising concerns about the sustainability of its growth strategy [9] Group 4: Financial Performance - Microsoft achieved a revenue growth of 17% year over year in fiscal Q2, with non-GAAP earnings per share rising 24% year over year, showcasing strong financial performance [12] - The current price-to-earnings ratio of approximately 27 suggests that Microsoft stock remains attractive based on recent results and reasonable valuation [13]

图片来源： Unsplash OpenAI 正在寻求筹集高达 1000 亿美元的资金，以满足其 AI 日益增长的需求，并已从一些最大的科技合作伙伴处获得巨额支票。 据知情人士透露，现有 投资者英伟达正在谈判投资高达 300 亿美元，该公司的芯片为 OpenAI 的 AI 模型提供算力支持。 长期支持者微软正在谈判投资不到 100 亿美元，该公司拥有将 OpenAI 模型销售给其云客户的独家权利。 而潜在新投资者亚马逊也在谈判投资显著超过 100 亿美元的资金，甚至可能超过 200 亿美元。 两位知情人士透露，这些投资将不包含现有投资者软银的注资，后者目前也正就高达 300 亿美元的投资进行谈判。若本轮巨额融资能够顺利落地，将缓解 投资者对公司资金消耗的担忧。近期公开市场投资者对 OpenAI 履行其向甲骨文和微软支出承诺的能力日益存疑。 这轮融资前，公司估值或达 7300 亿美元。 科技巨头的参与将为 OpenAI 提供远超以往的可用资源，用以支付 AI 模型的训练和运行成本以及其他计算费用——该公司去年夏季预估 2026 至 2030 年间 相关开支将超过 4300 亿美元，期间还将消耗近 700 亿美元资 ...

Group 1: Precious Metals - Gold and silver experienced significant declines, with silver dropping by 8% and gold falling below $5,200 per ounce [1] Group 2: Technology Stocks - Major technology stocks saw a collective drop, with Microsoft down 11.73%, Salesforce down 8.33%, and Oracle down 5.73% [4] - The decline in tech stocks is attributed to market skepticism regarding AI spending and concerns about whether demand can support substantial capital expenditures [4] - Over the past three years, the "Big Seven" tech stocks have been the main drivers of market growth, but by the end of 2025, Wall Street began questioning the return on the billions invested in AI by these companies [5] Group 3: Market Trends - Microsoft reported a slowdown in cloud business growth for Q2 of fiscal year 2026 and provided a weak guidance for operating margins in Q3 [5] - Bitcoin fell below $86,000 amid a pullback in risk assets, marking its lowest point in about six weeks [5]

Core Viewpoint - The Schall Law Firm is investigating Microsoft Corporation for potential violations of securities laws related to misleading statements and undisclosed information affecting investors [1][2]. Group 1: Investigation Details - The investigation centers on whether Microsoft issued false or misleading statements or failed to disclose critical information to investors [2]. - Following the Q2 2026 financial results announcement on January 28, 2026, Microsoft shares fell nearly 10% due to capacity constraints associated with AI [2]. - Microsoft CFO Amy Hood indicated that approximately 45% of the commercial RPO balance is from OpenAI, with the remaining balance growing by 28%, reflecting strong customer demand [2].

Market Overview - The global financial markets experienced significant volatility, with gold and silver prices dropping sharply after reaching historical highs, with maximum intraday declines of over 5% and 8% respectively [1][9][10] - The U.S. stock market also faced turbulence, with the Nasdaq index plunging 2.6% at one point before closing down 0.72% [2][11] Cryptocurrency Market - The cryptocurrency market saw a major sell-off, with Bitcoin dropping over 5% to below $85,000, while Ethereum and other altcoins experienced declines exceeding 6% [3][6] - Cryptocurrency-related stocks also suffered, with Strategy stock falling over 9% and Coinbase Global down more than 4% [5] Gold and Silver Market - Gold prices experienced a sharp decline, falling from a peak of $5,600 per ounce to $5,105.83, marking a maximum drop of 5.7% before rebounding [9] - Silver prices also fell from a historical high of $121.67 per ounce to $106.80, with a maximum intraday decline of 8.5% [9] Investor Sentiment - There is a growing skepticism regarding Bitcoin's status as a macro hedge, as it has underperformed compared to gold and silver despite rising geopolitical tensions [6][7] - Recent data indicates that Bitcoin holders have entered a loss realization phase for the first time in 2023, suggesting a decline in investor confidence [6] Corporate Earnings Impact - Microsoft shares plummeted nearly 12% during trading after reporting a slowdown in cloud business growth, impacting the software sector significantly [11][12] - Other tech stocks reacted variably, with Meta seeing a 10.4% increase after announcing substantial capital expenditure plans, while other companies like ServiceNow and SAP faced declines [12][13]