格隆汇1月29日｜TD Cowen：将微软目标价从625美元下调至610美元。将特斯拉目标股价从509美元上 调至519美元。 ...

OpenAI 正拟从其一众头部科技合作伙伴处获得巨额投资，该公司计划募资至多 1000 亿美元，以满足其 人工智能业务不断增长的资金需求。据知情人士透露，英伟达作为 OpenAI 的现有投资方，其芯片为 OpenAI 的人工智能模型提供算力支持，目前该公司正洽谈向其注资至多 300 亿美元。 微软是 OpenAI 的长期投资方，且拥有向云服务客户独家销售 OpenAI 模型的权利，此次正洽谈的投资 额低于 100 亿美元；亚马逊则为新晋潜在投资方，洽谈的注资金额远超 100 亿美元，甚至有可能突破 200 亿美元。 核心要点 两名知情人士表示，除上述三家企业外，OpenAI 现有投资方软银也在洽谈注资至多 300 亿美元，上述 三家企业的投资均为额外追加。 若这一轮规模空前的融资顺利落地，将缓解投资者对 OpenAI 现金消耗速度的担忧。近期，公开市场投 资者对 OpenAI 能否兑现其与甲骨文、微软的相关支出承诺已日渐持怀疑态度。 此次新一轮融资完成前，OpenAI 的估值预计将达 7300 亿美元。 一众科技巨头的入局，将为 OpenAI 带来远超以往的资金资源，用于人工智能模型的运行、训练及其他 算力相 ...

马斯克旗下人工智能公司xAI，也有最新动向。特斯拉当地时间周三（1月28日）宣布，将向xAI投资20亿美 元，并表示其 Cybercab无人出租车的生产计划正按计划于今年实现。今年1月6日，xAI宣布完成E轮200亿美元 融资，整体估值达到2300亿美元，较去年春季时的估值翻了一番。 OpenAI拟融资近1000亿美元 据《The Information》报道，英伟达、亚马逊和微软正在就向OpenAI投资至多600亿美元展开磋商，此举可能 成为人工智能领域迄今规模最大的融资轮之一。当前，在生成式人工智能竞争日趋激烈之际，OpenAI拟持续 扩大其计算需求与长期研究能力，因此促成了这一谈判。 AI巨头，正在筹集巨额资金！ 据最新消息，英伟达、微软、亚马逊正在洽谈向OpenAI投资高达600亿美元，作为OpenAI新一轮1000亿美元重 大融资的一部分。1月28日还有消息称，软银正洽谈向OpenAI追加至多300亿美元投资。 据报道，此次融资谈判尚处初步阶段，尚未签署最终协议。上述三家公司分别提出不同规模的投资承诺，但相 关数字仍可能变动。 特斯拉宣布对xAI投资20亿美元 OpenAI的上述融资谈判，发生在整个 ...

Market Overview - U.S. stock index futures showed slight gains, with Dow E-minis up 9 points (0.02%), S&P 500 E-minis up 13 points (0.19%), and Nasdaq 100 E-minis up 54.5 points (0.21%) as investors reacted to tech mega-cap earnings and AI-related spending [1][6]. Company Earnings and Performance - The latest results from three "Magnificent Seven" companies indicate that investors are willing to overlook significant AI expenditures if they anticipate tangible returns [2]. - The "Magnificent Seven" group, which constitutes about one-third of the S&P 500's market capitalization, has been a driving force behind the sustained rally in U.S. equities, maintaining elevated trading prices [3]. - Microsoft experienced a 7.5% drop in premarket trading due to disappointing cloud revenue, raising concerns about the monetization of its substantial investments in OpenAI [7]. - Meta's stock surged nearly 9% in premarket trading after it provided an optimistic revenue forecast alongside a 73% increase in its capital expenditure budget for the year [7]. - Tesla's shares rose 2.4% after announcing plans to more than double its capital expenditure to a record level [7]. - IBM's shares jumped 9.5% after exceeding earnings estimates for the fourth quarter [7]. - Southwest Airlines' shares increased by 5.3% following a forecast of stronger-than-expected annual profit despite winter storm disruptions [6]. Capital Expenditure Concerns - Capital expenditure (capex) remains a central concern for hyperscalers, with market focus shifting from growth optics to the timing and returns of AI investments [3][6]. - Traders are becoming cautious, as evidenced by Microsoft's elevated capex causing concerns about its profitability trajectory [3].

Core Insights - Microsoft Corporation (MSFT) is recognized as one of the most profitable stocks over the last 20 years, leading the list compiled by analysts [1] Group 1: Financial Performance and Outlook - UBS has lowered its price target for MSFT to $600 from $650 while maintaining a Buy rating, indicating a positive outlook despite the price adjustment [2] - The ramp-up of MSFT's Fairwater AI data centers in Atlanta and Wisconsin is highlighted as a key driver for Azure growth, with the Wisconsin facility expected to be operational in Q1 [2] - The progress at these data centers supports an upgraded outlook for Azure ahead of MSFT's fiscal second-quarter earnings report scheduled for January 28 [2] Group 2: Product Developments - At the Xbox Developer_Direct presentation, Microsoft's Double Fine studio announced a new multiplayer party brawler game titled "Kiln," set for release in Spring 2026 across multiple platforms [3] Group 3: Company Overview - Microsoft Corporation is a global technology leader providing software, hardware, cloud, and AI solutions, known for products like Windows, Office, and Azure, while focusing on innovation, productivity, and digital transformation [4]

Group 1 - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion, with a slowdown in cloud business growth; capital expenditures increased by 66% to a record $37.5 billion [1] - Meta's Q4 revenue reached $59.89 billion, with earnings per share of $8.88, driven by strong advertising business; Q1 revenue and full-year capital expenditure guidance exceeded expectations [1] - Tesla's Q4 revenue declined by 3% to $24.9 billion, but operating profit of $1.41 billion and gross margin of 20.1% surpassed expectations; Elon Musk announced the halt of Model S/X production to shift focus to humanoid robot Optimus [1] - IBM's Q4 revenue grew by 12% to $19.69 billion, with cumulative AI business orders exceeding $12.5 billion [1] - Caterpillar's Q4 revenue increased by 18% to $19.13 billion, with adjusted earnings per share of $5.16, both exceeding expectations [1] - Blackstone reported Q4 inflows of $71.48 billion, the highest level in over three years; total assets reached $1.275 trillion [1] Group 2 - Deutsche Bank reported a net profit of €1.3 billion for Q4 and plans to repurchase €1 billion in stock [3] - STMicroelectronics saw a slight recovery in Q4 sales to $3.33 billion, although demand for automotive chips remains weak [3] - Google integrated Gemini AI features into the Chrome browser, introducing tools like Nano Banana and Personal Intelligence [3] - Alphabet's autonomous taxi service Waymo aims to launch a driverless ride-hailing service in London by Q4 [3] - TSMC raised its CoWoS capacity targets for 2026-2027 and is reassessing its advanced packaging expansion plans [3] - Alibaba's Pingtouge launched a high-end AI chip "Zhenwu 810E," which has been deployed in multiple large-scale clusters on Alibaba Cloud [3] - Toyota anticipates a 4.6% year-over-year increase in global sales in 2025, reaching 11.3 million units, setting a new record [3] - Used car retailer Carvana faced a short-sell report from Gotham Research, accused of overstating net profits by over $1 billion [3] - Snap established a wholly-owned subsidiary, Specs, to develop augmented reality (AR) glasses [3]

专题：聚焦美股2025年第四季度财报 专题：聚焦美股2025年第四季度财报 周四盘前交易时段，软件公司股价普遍走低，此前微软和SAP均公布了财报。 微软下跌7%，SAP下跌14%。 其他个股动态：Datadog下跌5.7%，Atlassian下跌4.3%，Snowflake下跌3.4%，Workday下跌4.3%， MongoDB下跌2.9%，Salesforce下跌3.1%，Adobe下跌1.9%。 相关新闻：微软股价盘后大跌 支出创纪录新高且云业务增长放缓 责任编辑：刘明亮 周四盘前交易时段，软件公司股价普遍走低，此前微软和SAP均公布了财报。 微软下跌7%，SAP下跌14%。 其他个股动态：Datadog下跌5.7%，Atlassian下跌4.3%，Snowflake下跌3.4%，Workday下跌4.3%， MongoDB下跌2.9%，Salesforce下跌3.1%，Adobe下跌1.9%。 相关新闻：微软股价盘后大跌 支出创纪录新高且云业务增长放缓 责任编辑：刘明亮 ...

Core Insights - Microsoft's Q2 FY2026 earnings report showed revenue and profit exceeding Wall Street expectations, but the stock price faced pressure due to concerns over rising capital expenditures and the pace of cloud business growth [1][3]. Financial Performance - Revenue reached $81 billion, a 17% year-over-year increase, surpassing market expectations by 1% [3]. - Non-GAAP EPS was $4.41, up 23% year-over-year, exceeding market expectations by 5% [3]. - Azure cloud business grew 38% at constant currency, slightly above Wall Street's forecast of 37% [3]. Capital Expenditure Concerns - Capital expenditures for the quarter were $37.5 billion, exceeding market expectations by 9% [3][4]. - Investors are worried that high capital spending has not yet translated into a proportional increase in Azure's growth rate [4]. - Goldman Sachs noted that Microsoft is prioritizing resources for strategic products like Copilot and internal R&D over short-term Azure revenue growth [4]. Azure Capacity Constraints - Microsoft management indicated that Azure is currently facing capacity limitations rather than a lack of demand [5]. - Goldman Sachs emphasized that Azure's growth guidance of 37%-38% for Q3 should be viewed as a reflection of capacity allocation rather than pure demand [5]. - If capacity had not been directed towards first-party applications and internal R&D, Azure's revenue growth could have exceeded 40% [5]. AI Product Development - The commercialization path for Copilot is becoming clearer, with a 160% year-over-year increase in M365 Copilot seats, reaching 15 million paid seats [7]. - Copilot is expected to have a better customer lifetime value to customer acquisition cost ratio compared to Azure, due to higher margins and customer stickiness [7]. - The growth guidance for M365 commercial cloud has slightly slowed to 13%-14%, reflecting the addition of new seats at lower average revenue per user [7]. Valuation Adjustments - Goldman Sachs adjusted Microsoft's valuation model, lowering the target P/E ratio from 32x to 28x, resulting in a target price reduction to $600 [8]. - Key downside risks include lower-than-expected revenue contributions from the OpenAI partnership, prolonged ramp-up times for internal chip production, and potential negative impacts from leadership changes [8].

Shares of Microsoft (NASDAQ:MSFT) gained 7.57% over the past five trading sessions after losing 4.87% the five prior. ...

Group 1 - The company offers a Growth Investor Pro service that teaches investing, trading, and risk management [1] - A swing trading alerts system has been successfully operated for several years [1] - Weekly live webinars are provided, along with access to senior staff and a 24x7 chat environment [1] Group 2 - A one-month trial of the service is available for $99, allowing potential subscribers to evaluate before committing to an annual subscription [2] - The service has received numerous 5-star reviews during both bear and bull markets [2]