美国司法部1月30日说，当天将公开涉及已故富商杰弗里·爱泼斯坦案的剩余文件，总计超过300万页。 据美国媒体报道，文件显示，多名美国政商名流与这一涉嫌性犯罪并离奇死于狱中的富商相识相交，其 中就包括美国微软公司创始人比尔·盖茨。据美国全国广播公司（NBC）、美国广播公司（ABC） 等美 媒报道，比尔·盖茨的前妻梅琳达·盖茨在此事后首度发声。 此外，她还表示对于出现在爱泼斯坦文件中一事，比尔·盖茨"必须作出回应"。"至于还有什么问题…… 那些问题应该由那些人，甚至是我前夫来回答，他们需要去回应那些事，而不是我，"梅琳达称，"而且 我非常高兴自己已经远离了那些乌烟瘴气的事。" ABC在报道中提及，比尔·盖茨的发言人此前在回应有关美国司法部最新披露的内容时，称"这些指控绝 对荒谬，完全错误"。此外，美国企业家马斯克在回应有关爱泼斯坦最新公开文件时，曾发文暗示克林 顿、比尔·盖茨等人"有罪"。 比尔·盖茨与梅琳达2021年通过联合声明，宣布结束双方27年的婚姻，声明中称，两人认为继续保持婚 姻关系已经无法让彼此继续提升。2025年1月，比尔·盖茨在接受英国《泰晤士报》专访时透露，与前妻 梅琳达·盖茨离婚是他人生中"最 ...

本报驻韩国特约记者 黎枳银 本报记者 肖震冬 韩国股市此前两日上演"过山车"式震荡，先遭遇大幅下挫，一度触发"熔断"，后又强劲反弹，市场在恐 慌性抛售与低价买盘快速回流之间反复拉扯。多方分析称，在全球人工智能（AI）投资预期出现波动 之际，这凸显以AI企业大规模支出为核心的上涨结构在高估值环境下"走钢丝"的现实。 "波动性主导首尔股市" 彭博社报道称，2日韩国综合股价指数（KOSPI）单日下跌5.3%，为去年4月以来最大跌幅，股指期货下 行一度触发程序化交易暂停。此前长期领涨市场的芯片权重股集体承压，三星电子与SK海力士当日盘 中跌幅均超过6%。韩元同步走弱，市场避险情绪瞬间升温，国内外资金在现货市场纷纷转为净卖出。 但仅仅一个交易日后，韩国股市便快速反弹。据韩国《韩民族日报》3日报道，KOSPI时隔一天重返 5000点，在前一交易日跌幅超过5%后，早盘上涨逾3%，盘中一度触发买入侧程序化交易限制。"KOSPI 经历过山车行情，波动性主导首尔股市"，《韩国先驱报》3日以此为题报道。对于反弹动因，韩国 Kiwoom证券分析师韩智英指出，在美国市场情绪暂时企稳的背景下，前一日暴跌所引发的低价买盘迅 速回流，推动指 ...

After falling 26% in three months, Microsoft looks oversold.Nearly a week after software stocks plunged in response to earnings reports from industry heavyweights like Microsoft (MSFT 2.86%), ServiceNow, and SAP that were less than perfect, the sector continued to plumb new depths.The iShares Expanded Tech-Software ETF, which tracks the cloud software sector, fell more than 5% on Tuesday and is now down 13% since Jan. 28. Investors seem to fear that AI could disrupt the cloud software sector, enabling compa ...

Core Insights - Microsoft is facing significant competition from AI start-ups, particularly Anthropic, which has rapidly developed innovative AI tools that challenge Microsoft's offerings [1][2][3] Group 1: Microsoft’s Current Challenges - Microsoft shares dropped 2.86% following a disappointing earnings report, attributed to a slowdown in cloud growth and increased AI infrastructure spending [1] - Nearly half of Microsoft's backlog is linked to OpenAI, raising concerns about dependency on a single partner [1] - The company has struggled to gain traction with its AI products, with only 15 million paid seats for Microsoft 365 Copilot out of 450 million total paid seats, indicating a low adoption rate of around 3% [5][8] Group 2: Competitive Landscape - Anthropic's Claude Code programming tool achieved a $1 billion revenue run rate in just six months, showcasing the demand for effective AI solutions [2] - Anthropic's new product, Cowork, automates general computer tasks and presents a significant innovation that Microsoft currently lacks [4][5] - Analysts express concern over Microsoft's inability to match the pace of innovation demonstrated by Anthropic, questioning why Microsoft has not developed similar tools [5] Group 3: Future Outlook - The success of Anthropic's AI tools indicates a strong market demand for genuinely useful AI applications, suggesting that Microsoft needs to reassess its AI strategy [9] - If Microsoft fails to develop AI products that address customer needs effectively, it risks falling behind in the rapidly evolving AI industry [9]

分析师 1: 各位领导，大家晚上好。我是天风证券传媒分析师王子杰今天我们这个 TMT 周会的主题 是国内外 AI 年报分析展望。接下来有请我们所长海清总先为大家进行一个分享。 分析师 2: 包括微软这些，对吧，这个代表性的都是 Meta 对吧，这些都是超预期的，就是基本开支 都是超预期的，所以对于算力的投入仍然是坚定不移，而且是超预期的这个警惕。我们可 以看到北美仍然是非常乐观。所以对应的我们也看到在海外算力公司的业绩上，比如说像 闪迪呀，也是非常爆表，对吧这个超预期。已经预期很高了，仍然在大超预期，所以海外 算力的这个业绩也很突出。那么当然我们又回到国内公司的海外算力公司，标地站，天孚 通信，对吧，来看到业绩低于预期，但是股价利空出尽就一路往上涨。 然后搞 CPU，现在很活跃。所以这个阶段是偏炒主题，所以你看，现在业绩虽然低于预期， 没关系，你炒主题，对吧？CPU 很强势，对吧？这个照样能够大涨。那么另外一方面，就 是像海外创业的新易盛，计算业绩其实超预期，尤其新易盛大超预期，结果，对吧，这个 也是遭遇了回调，就是因为这个阶段其实是偏这个主题的一个阶段。所以有业绩，而且 26 年的业绩，25 年业绩，大家可 ...

Core Insights - Microsoft is currently facing challenges in the chatbot market despite its partnership with OpenAI, indicating a struggle to maintain user engagement and market share [1] Group 1 - Microsoft has relied heavily on its collaboration with OpenAI to enhance its chatbot capabilities [1] - Recent data suggests that Microsoft is losing ground in user adoption compared to competitors in the chatbot space [1]

Got to talk about software looking a little sick, but this is nothing new. We've been tracking the dichotomy between semiconductors and software for a while. Neither one had a particularly good day, but uh software came out way worse.And let's just take a look. This is our heat map of software today. Only Cisco in the green.This is not comprehensive, but you sort by performance. You can see, look, a lot of these names down 9 10%. So, this is kind of a big deal here.And then if we take a look at the year-to ...

2月3日，商业航天板块再度获得市场青睐，资金净流入136亿元，居市场首位。机构认为，在AI算力需 求持续外溢、地面算力基础设施约束日益凸显的背景下，商业航天逐渐成为全球科技巨头竞逐"算力布 局"的战略高地。 近期，围绕"算力上太空"的多重重磅消息密集落地，成为商业航天板块走强的直接催化。马斯克推动 SpaceX与xAI合并，SpaceX申请部署百万颗算力卫星，以及OpenAI、Meta、微软等科技巨头同步上调 AI资本开支预期，共同强化了太空算力商业化加速落地的市场预期，商业航天需求空间再度扩容。 机构提示，可围绕"太空算力产业链"进行分层投资布局： 一是算力卫星与核心通信环节。重点关注星间激光通信、高可靠电子与信息处理系统相关标的，如铖昌 科技、航天科技等，直接受益于算力卫星对高速组网与数据处理能力的需求提升。 二是卫星制造与关键材料方向。算力卫星数量放量将显著拉动高性能材料与核心部件需求，菲利华、天 银机电等在航天材料或卫星配套领域具备技术积累的企业有望受益。 从上涨逻辑来看，AI资本开支外溢，是商业航天行情的重要催化因素。当前地面数据中心正面临能源 成本高企、用电指标受限与散热效率下降等现实瓶颈，而太空 ...

微软于周二向员工宣布，公司将提拔四名销售高管。数月前，这家软件巨头刚任命销售负责人贾德森 阿尔索夫（Judson Althoff ）担任其商业业务首席执行官。企业员工正运用生成式 人工智能模型开发各 类新应用，投资者一直关注微软及其他老牌软件企业借此能实现多大的业务增长。今年以来，微软股价 已下跌 15%，在七大科技巨头股中表现垫底。上周，微软公布的 Azure 云业务增长数据未达部分市场 预期。公司高管表示，在仍满足 Azure 客户需求的前提下，计划将更多计算资源调配至研发团队及其人 工智能产品，包括 Microsoft 365 Copilot 生产力软件插件、GitHub Copilot 代码辅助工具等。 ...

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly in AI and cloud computing, with significant capital expenditures from major players like Meta, Microsoft, and Alibaba [6][31]. Core Insights - Major tech companies are increasing capital expenditures to enhance AI capabilities, with Meta's projected spending reaching between $115 billion and $135 billion for the year [5][31]. - AI demand remains strong, with companies like OpenAI and Anthropic accelerating their growth and preparing for IPOs, indicating a robust market for AI applications [4][11]. - The report highlights a shift in pricing strategies among cloud service providers, with Google Cloud and Amazon AWS raising prices for data transmission and machine learning services, marking a departure from the long-standing trend of price reductions [20][21]. Industry Frontiers - OpenAI has raised over $100 billion in funding, with a valuation of $830 billion, and is preparing for an IPO in Q4 2026 [4][11]. - Anthropic has revised its revenue projections, expecting a threefold increase in sales this year, potentially reaching $18 billion, and over $55 billion next year [11][12]. - ByteDance is set to release a new AI model in mid-February, aiming to capture a larger share of the AI market in China [12][27]. Capital Trends - Google Cloud announced a price increase for global data transmission services effective May 2026, with Amazon AWS also raising prices for its machine learning services by approximately 15% [5][20]. - Meta has secured a $6 billion long-term supply agreement with Corning for fiber optic cables, emphasizing the importance of infrastructure in AI development [21]. - Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion to 480 billion yuan over the next three years [25][26]. Weekly Perspectives - The report notes that AI investments are yielding positive results for companies like Meta, with improved user engagement and advertising performance [31][32]. - The demand for AI infrastructure is expected to surge, driven by the increasing need for advanced computing capabilities [32]. - The report anticipates a significant growth in the number of ASIC chips required for AI applications, projecting a boom in demand from 2026 to 2027 [32]. Industry Chain Data Updates - In December, China's smartphone market saw a significant decline in sales, with Huawei maintaining the largest market share [34]. - The PC market experienced a mixed performance, with desktop sales increasing while laptop sales declined [35].