Core Viewpoint - Microsoft reported strong financial results for Q2 of FY2026, with significant revenue and profit growth, but faced a decline in stock price due to slowing cloud business growth [1][2]. Financial Performance - Total revenue for Q2 was $81.273 billion, a 17% increase from $69.632 billion year-over-year, with a 15% increase when adjusted for constant currency [1][5]. - Net profit reached $38.458 billion, up 60% from $24.108 billion year-over-year, with a 57% increase on a constant currency basis [1][5]. - Diluted earnings per share were $5.16, a 60% increase from $3.23 year-over-year, with a 58% increase when adjusted for constant currency [5]. Segment Performance - Cloud revenue amounted to $51.5 billion, a 26% year-over-year increase, with a 24% increase on a constant currency basis [5]. - Productivity and Business Processes revenue was $34.1 billion, up 16% year-over-year, with LinkedIn revenue growing 11% [5]. - Intelligent Cloud revenue reached $32.9 billion, a 29% increase year-over-year, with Azure and other cloud services growing 39% [5]. - More Personal Computing revenue was $14.3 billion, a 3% decline year-over-year, although Windows OEM and devices revenue grew by 1% [5]. Shareholder Returns - Microsoft returned $12.7 billion to shareholders through dividends and stock buybacks, a 32% increase year-over-year [5].

专题：聚焦美股2025年第四季度财报 摩根士丹利分析师基思·维斯（Keith Weiss）：从财报数据来看， 微软本季度每股摊薄收益增长了24% （ non-GAAP），这一结果非常出色，充分体现了团队的执行力。营收增长稳健，利润率也在提升，但 盘后交易中股价却出现下跌。我认为，投资者担忧的核心问题之一是资本支出增速过快，甚至超出预 期，这引发了市场对长期资本支出投资回报率（ROI）的担忧。因此，希望各位能帮助我们厘清几个问 题：如何看待产能扩张及其对未来Azure增长的推动作用？更重要的是，该如何看待这一投资在未来实 现时的回报率？ 艾米·胡德：谢谢基思。我先回答，萨提亚之后会补充更宏观的观点。我认为你提出的问题非常直接， 也是很多投资者关心的，即资本支出与Azure营收之间的关联。其实上季度和本季度，我们都在更具体 地说明资本支出（尤其是CPU和GPU等短期资产的支出）的去向。有时，或许可以将我们给出的Azure 指引理解为"分配产能指引"，即我们能实现的Azure营收规模，因为当我们投入资金、将GPU（重中之 重）部署到集群中时，实际上是在做长期决策。 我们首先要满足的是自研应用的使用增长需求，比如Mi ...

Federal Reserve and Economic Indicators - The Federal Reserve cited elevated inflation and solid economic growth for its decision to keep interest rates unchanged at 3.5%-3.75%, with eight out of ten policymakers voting to hold rates steady [2][13] - Fed Chair Jerome Powell indicated that the Fed would remain data-dependent, noting that upside risks to inflation and downside risks to employment have diminished [3][6][13] - Despite the stabilization in the job market, inflation remains stubborn, and there hasn't been a significant enough change in employment or inflation to warrant aggressive rate cuts [6][13] Market Reactions and Sector Performance - The Dow Jones Industrial Average rose by 12.19 points (0.02%) to 49,015.60, while the S&P 500 lost 0.57 points (0.01%) to 6,978.03, and the Nasdaq Composite gained 40.35 points (0.17%) to 23,857.45 [7][13] - The S&P 500 briefly surpassed the 7,000 points milestone but could not maintain those gains, with the biggest decliners being real estate, consumer staples, and healthcare sectors [7][13] - The energy sector increased by 0.7% and technology by 0.6%, with significant contributions from chip stocks following positive earnings reports [8][13] Earnings Reports and Company Performance - Following the Fed update, investors focused on earnings from major companies, with Meta and Tesla shares rising nearly 4% and 3% respectively, while Microsoft shares fell over 3% [9][13] - IBM shares jumped 7% after its earnings report, while AT&T's shares rose after projecting annual profit above market expectations [10][13] - In contrast, Textron shares fell by 7.9% after guiding for fiscal profit below estimates, and Otis stock slipped after its fourth-quarter revenue missed expectations [10][13] Market Activity and Trends - On the NYSE, declining issues outnumbered advancers by a 1.37-to-1 ratio, with 593 new highs and 97 new lows, while on the Nasdaq, 1,710 stocks rose and 3,029 fell, resulting in a 1.77-to-1 ratio of declining to advancing issues [11][13] - The S&P 500 recorded 38 new 52-week highs and 14 new lows, while the Nasdaq Composite had 102 new highs and 125 new lows [11][13] - A total of 19.03 billion shares changed hands on U.S. exchanges, compared to the 20-day moving average of 18.29 billion [12][13]

每经AI快讯，微软盘后跌幅重新扩大至6.8%。 ...

Core Insights - Microsoft is experiencing capacity constraints in its cloud computing business, significantly impacted by OpenAI, which accounts for approximately 45% of its commercial bookings backlog, which has increased by 110% year over year to $625 billion [1] Group 1: Financial Performance - Microsoft reported a record capital expenditure of $37.5 billion in the second quarter, reflecting a 66% year-over-year increase, driven by the competitive landscape in AI [4] - Despite an overall earnings beat, Microsoft's shares fell over 6% in after-market trading, indicating market concerns about its dependency on OpenAI and slower growth in Azure revenue [3][4] Group 2: Strategic Focus - CEO Satya Nadella emphasized the importance of acquiring Azure clients while also maintaining focus on other services like M365, GitHub, and Dragon Copilot, indicating a balanced approach to business growth [2][3] - CFO Amy Hood highlighted the need to allocate resources effectively among various applications and research initiatives, while also addressing the growing demand for Azure capacity [5] Group 3: Partnership with OpenAI - OpenAI has committed to spending $250 billion on Azure services, but faces limitations due to a lack of compute resources, which affects its product and research capabilities [6] - Microsoft holds a 27% stake in OpenAI, and the partnership is viewed positively, contributing to innovation and leadership in app development [7]

Microsoft topped revenue and earnings estimates in its fiscal 2026 second quarter. But shares slid Wednesday evening as Azure failed to deliver meaningful growth upside. In-line guidance did little to change that narrative, which has been hurting the stock. Revenue increased about 16% year over year to $81.28 billion, beating the Street consensus estimate of $80.26 billion, according to data from LSEG. Earnings per share increased 28% from last year to $4.14, ahead of the $3.97 estimate, LSEG data showed. Q ...

钛媒体App 1月29日消息，根据最新公布的持股清单，挪威规模达2.2万亿美元的主权财富基金在2025年 下半年减持了美国大型科技股，包括其最大持股英伟达。到年底，负责管理该基金的挪威银行投资管理 公司已经减持了其前四大科技股，其中包括苹果、微软和Alphabet。该基金在6月底至年底期间，将英伟 达股份从其投资组合中1.32%的占比减持至1.26%，同时将其持有的微软的股份从1.35%减持至1.26%。这 两家公司仍然是该基金价值最高的五大投资之一，紧随其后的是Alphabet和亚马逊。苹果位列第二。 （广角观察） | | | June 30 Ownership | Yearend Ownership | | --- | --- | --- | --- | | | | (%) 6月30日所有权 | (%) 年末持股比例 | | Name 姓名 | Industry 行业 | (%) | (%) | | NVIDIA Corp NVIDIA 公 | Technology 技术 | 1.32 | 1.26 | | ID | | | | | Apple Inc 苹果公司 | Technology 技术 | 1.2 ...

2026.01.29 本文字数：1766，阅读时长大约3分钟 作者 |第一财经 樊志菁 周三盘后，Meta、微软和特斯拉发布最新业绩。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软 件股与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了 广泛关注。 按照日程安排，苹果周四将披露最新业绩。 特斯拉业绩超预期 Meta公布利好营收预测，盘后涨逾7% 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿 美元，同比增长24%，市场预期 585.9 亿美元。调整后每股收益EPS 8.88 美元，预期8.23美元。 Meta预计一季度营收将在535亿至565亿美元区间，高于分析师514.1亿美元的预期值。 此外，2026年全年总支出将在1620亿至1690亿美元之间；为推进人工智能业务的资本支出预计在1150亿 至1350亿美元区间，不仅高于分析师1107亿美元的全年预期，也是2025年资本支出规模的近两倍。 Mata表示，此次资本支出增加，是为支持其超级智能实验室的研发工作及核心业务发展， ...

Core Insights - Microsoft achieved a significant milestone by reporting over $50 billion in quarterly revenue for its cloud business, with a demand backlog exceeding $625 billion, largely driven by OpenAI [1] - Despite these impressive figures, Microsoft's stock fell nearly 5% in after-hours trading due to a slowdown in Azure revenue growth and acknowledged capacity constraints expected to last until at least the end of its fiscal year in June [1] Financial Performance - In the first quarter of fiscal 2026, Microsoft allocated $34.9 billion to capital expenditures, with approximately half directed towards GPUs and CPUs for PCs, servers, and Azure data centers [3] - Capital expenditures in Q2 reached about $37.5 billion, bringing the total for the first half to $72.4 billion, indicating substantial infrastructure investment [3] Azure Growth and Demand - Azure's growth rate decreased from 40% in Q1 to 39% in Q2, raising concerns about capacity constraints and return on investment [4] - Despite the slowdown, Microsoft continues to experience strong demand across various workloads, customer segments, and geographic regions, with demand outpacing available supply [4] Investor Concerns - Investors are increasingly worried about the relationship between rising capital expenditures and Azure's revenue growth, questioning whether Microsoft can expand its computing capacity as planned [2][3] - The head of U.S. software research at Morgan Stanley highlighted concerns regarding the return on investment related to the accelerated capital expenditures [3] Management's Perspective - Microsoft's CFO, Amy Hood, suggested that investors should not directly correlate capital expenditures with Azure's revenue figures, proposing that Azure guidance should be viewed as an allocated capacity guide for revenue delivery [5]

公众号记得加星标⭐️，第一时间看推送不会错过。 微软不仅是OpenAI模型的全球最大用户，也是OpenAI构建最新GPT模型时为其提供计算、网络和存储支持的最大合作伙伴。这给了微软两个理由 去打造更强大的Maia AI加速器，而微软也刚刚宣布他们已经完成了这项工作。 所有的大型云服务和超大规模云服务商，以及四大GenAI模型开发商中的三家——OpenAI、Anthropic和Meta Platforms——都在竭力打造各自的 定制AI XPU，以降低GenAI推理工作负载的单代币成本。第四家独立模型开发商xAI似乎准备采用特斯拉与Dojo合作开发的任何产品（如果其可扩 展性足够强，并能适应GenAI的训练和推理任务），但目前看来，xAI对Nvidia的GPU感到满意。 虽然仍有一些玩家对人工智能训练感兴趣，但实际上，英伟达几乎垄断了这个市场。随着全球企业和政府直接或间接通过云技术将人工智能推理投 入生产，预计人工智能推理所需的计算能力将比人工智能训练高出一个数量级，因此，一百多家人工智能计算引擎初创公司有机会开辟一片新天 地，并从中获利。 与所有超大规模数据中心运营商一样，微软希望在部署人工智能驱动的自动驾驶 ...