Core Insights - Investors are seeking a better balance between AI spending and AI revenue, particularly looking for stronger performance from Microsoft's cloud business in the latest quarter [1] Company Focus - The emphasis is on Microsoft's cloud business performance, indicating that investors are not satisfied with the current returns from AI investments [1]

Core Viewpoint - Microsoft reported strong financial results for Q2 FY2026, exceeding Wall Street expectations, but concerns over slowing Azure growth and record capital expenditures led to a significant drop in stock price after hours [1][2]. Financial Performance - For the second quarter ending December 31, Microsoft achieved revenue of $81.27 billion, a year-over-year increase of approximately 17%, surpassing the market expectation of $80.3 billion [2]. - Net profit reached $38.46 billion, translating to earnings per share of $5.16, significantly above the expected $3.92 [2]. - Adjusted earnings per share were $4.14, also exceeding forecasts [2]. - A notable portion of the profit increase was attributed to changes in accounting treatment for the investment in OpenAI, contributing an additional $1.02 to earnings per share [2]. Cloud Business Performance - Microsoft's "Intelligent Cloud" segment, including Azure, generated revenue of $32.91 billion, a nearly 29% year-over-year increase, slightly above expectations [3]. - Azure and other cloud services revenue grew by 38% year-over-year at constant currency, matching analyst predictions, but the growth rate slowed by one percentage point compared to the previous quarter [3]. - Despite the overall cloud revenue surpassing $50 billion for the first time at $51.5 billion, the deceleration in Azure's growth raised concerns about the sustainability of AI-driven cloud growth [3]. Capital Expenditures and AI Investment - Capital expenditures surged to $37.5 billion, a 66% year-over-year increase, exceeding analyst expectations of $36.2 billion [4]. - Approximately two-thirds of this expenditure was allocated to computing chips for data centers to meet AI demand [4]. - CEO Satya Nadella noted an increase of nearly 1 gigawatt in computing capacity during the quarter, but the significant investment raised questions about the return on AI investments [4]. - The "remaining performance obligations" (RPO), indicating future revenue from signed contracts, reached a record $625 billion, more than doubling year-over-year, with 45% of this amount linked to agreements with OpenAI [4][5]. Competitive Landscape and Stock Performance - Microsoft is the first among major cloud service companies to report quarterly financial results, serving as a key indicator of the efficiency of AI investments among tech giants [7]. - In contrast to Microsoft's stock decline, Meta's stock rose significantly after announcing increased AI spending, highlighting differing market perceptions of AI strategies [7]. - The emergence of competitors like Google's Gemini model and Anthropic is intensifying pressure on Microsoft's AI and traditional software businesses [7]. - As of the close on Wednesday, Microsoft's stock was priced at $481.63, experiencing a drop of over 7% in after-hours trading, and a decline of approximately 11% over the past three months, underperforming the S&P 500 index, which rose by 1% during the same period [7].

钛媒体App 1月29日消息， 微软股价大幅下跌，该公司支出飙升至历史新高，而云业务销售额增长放 缓，投资者担心其人工智能投资可能需要比预期更长的时间才能获得回报。第二财季资本支出达到375 亿美元，比上年同期增长66%，超过分析师预期的362亿美元。经汇率波动调整后，Azure云计算部门当 季营收增长38%，勉强符合分析师预期。但这一增速较上一季度放缓。该公司预计当前财季Azure销售 额将增长37%至38%。微软股价在盘后交易中下跌约7%，纽约常规交易时段收于481.63美元。（广角观 察） ...

Core Viewpoint - Microsoft reported strong financial results for Q2 of FY2026, with revenue and profit exceeding Wall Street expectations. However, concerns over slowing growth in Azure cloud services and significant capital expenditures related to AI investments led to a sharp decline in its stock price post-announcement [1]. Financial Performance - For the second quarter ending December 31, Microsoft achieved revenue of $81.27 billion, a year-over-year increase of approximately 17%, surpassing the market expectation of $80.3 billion. Net profit reached $38.46 billion, translating to earnings per share of $5.16, significantly exceeding the expected $3.92. Adjusted earnings per share were $4.14, also above forecasts. Notably, the surge in net profit was partly due to changes in accounting treatment for investments in OpenAI, contributing an additional $1.02 to earnings per share [2]. Cloud Business Performance - Microsoft's "Intelligent Cloud" segment, including Azure, generated revenue of $32.91 billion, a nearly 29% year-over-year increase, slightly above expectations. However, the growth rate of Azure and other cloud services, which increased by 38% year-over-year at constant currency, showed a deceleration of one percentage point compared to the previous quarter. This slowdown raised concerns among investors betting on stronger cloud performance [3]. Capital Expenditures and AI Investment Concerns - Capital expenditures surged to $37.5 billion, a 66% year-over-year increase, exceeding analyst expectations of $36.2 billion. Approximately two-thirds of this expenditure was allocated to computing chips for data centers to meet AI demands. CEO Satya Nadella noted an increase of nearly 1 gigawatt in computing capacity during the quarter. Despite significant investments, the company faces challenges in rapidly expanding sufficient computing capacity to meet demand [4]. Remaining Performance Obligations (RPO) - The remaining performance obligations (RPO), representing future revenue under contract but not yet recognized, reached a record $625 billion, more than doubling year-over-year. This figure surpassed Oracle's reported $523 billion. However, 45% of Microsoft's RPO is tied to agreements with OpenAI, highlighting the company's deep reliance on this AI startup [4][5]. Other Business Segments - The Productivity and Business Processes segment, which includes Office, Dynamics, and LinkedIn, generated revenue of $34.12 billion, a 16% year-over-year increase, exceeding expectations. Microsoft also reported that its AI assistant, Microsoft 365 Copilot, has gained 15 million commercial user seats, indicating initial adoption momentum. Conversely, the More Personal Computing segment, which includes Windows, Xbox, Surface, and Bing, saw revenue decline by approximately 3% year-over-year to $14.25 billion, slightly below expectations, with gaming revenue down 9.5% [6]. Industry Competition and Stock Pressure - Microsoft is the first of the three major cloud service companies to report quarterly financial results, serving as a key indicator of the efficiency of AI investments among tech giants. Microsoft, Amazon, Google, and Meta are expected to collectively spend over $500 billion on AI this year. In contrast to Microsoft's post-earnings stock decline, Meta's stock surged following its announcement of increased AI spending, reflecting differing market expectations regarding AI strategies. Analysts noted that Microsoft's stock performance is closely tied to OpenAI's outcomes, particularly amid competition from Google's Gemini model and other emerging competitors [7].

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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。 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。 微软盘后股价跌近7%。微软智能云业务板块（含 Azure 云基础设施）营收达329.1亿美元，同比增长近 29%，略好于市场预期，不过Azure 云服务及其他云业务营收同比增长39%，而该业务在财年第一季度 的同比增速为40%。生产力和商业流程业务板块营收341.2亿美元，同比增长约16%，个人计算业务板块 营收142.5亿美元，同比下跌约3%。 截至本财年末，微软的商业剩余履约义务金额达62 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【美联储宣布维持基准利率不变】 当地时间1月28日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将联邦 基金利率目标区间继续维持在3.5%至3.75%之间。 会议纪要显示，现有指标表明，就业增长仍处于低位，失业率已显现出趋于稳定的迹象。通胀水平仍处于较高 水平。委员会致力于实现最大就业和长期通胀率达到2%的目标。经济前景的不确定性仍然很高。委员会密切 关注其双重使命面临的风险。为支持其目标，美联储决定将联邦基金利率目标区间继续维持在3.5%至3.75%之 间。 具体表决细节显示，美联储以10票赞成、2票反对的结果，决定将基准利率维持在3.5%至3.75%区间。美联储 理事沃勒以及米兰投下反对票，主张降息25个基点。 在此次利率政策出台前，市场普遍预期美联储将在本周政策会议上维持利率不变，此前该机构已在2025下半年 连续三次降息。 【微软、特斯拉、META公布最新"成绩单"】 微软公司第二财季营收812.7亿美元，预估803.1亿美元；第二季度智能云业务营收329.1亿美元，预估32 ...

苹果周四将发布业绩。 周三盘后，Meta、微软和特斯拉发布最新业绩。 微软发布第二财季财报显示，营收812.7亿美元，同比增长17%，市场预期802.7亿美元，净利润384.6亿 美元，合每股收益EPS 5.16 美元，较去年同期241.1 亿美元（合每股收益3.23 美元）大幅增长。 微软盘后股价跌近7%。微软智能云业务板块（含 Azure 云基础设施）营收达329.1亿美元，同比增长近 29%，略好于市场预期，不过Azure 云服务及其他云业务营收同比增长39%，而该业务在财年第一季度 的同比增速为40%。生产力和商业流程业务板块营收341.2亿美元，同比增长约16%，个人计算业务板块 营收142.5亿美元，同比下跌约3%。 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。 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 ...

Group 1 - 31 provinces in China have announced their economic growth rates for 2025, with nearly half exceeding last year's targets. Tibet leads with a growth rate of 7%, followed by Gansu at 5.8% and Hebei and Henan at 5.6% [4] - Shenzhen Metro Group has provided an additional loan of 2.36 billion yuan to Vanke for debt repayment, with a three-year term and an interest rate of 2.34% [4] - Hang Seng Bank has officially delisted from the Hong Kong Stock Exchange, following a privatization plan by HSBC that was approved by the Hong Kong High Court [5] Group 2 - ByteDance has implemented new social media guidelines prohibiting employees from using company resources for personal profit, which is expected to significantly reduce the number of commercial accounts operated by employees [6] - Amazon announced a restructuring that will affect nearly 16,000 jobs, while continuing to recruit talent in key strategic areas [7] - Tesla plans to cease production of the Model S and Model X vehicles to focus on its "Optimus" robot production line, marking a shift towards a future based on autonomous driving [9] Group 3 - Meta reported fourth-quarter revenue of $59.89 billion, a 24% year-over-year increase, with advertising revenue also up by 24% [17] - Microsoft announced second-quarter revenue of $81.27 billion, with significant contributions from its cloud and productivity segments [17] - Tesla's fourth-quarter revenue was $24.90 billion, a 3% year-over-year decline, with net profit down 61% to $840 million [17]

Core Viewpoint - Microsoft reported strong financial results for Q2 of FY2026, exceeding Wall Street expectations in both revenue and profit, but concerns over slowing Azure growth and record capital expenditures led to a significant drop in stock price after hours [1][2]. Financial Performance - For the second quarter ending December 31, Microsoft achieved revenue of $81.27 billion, a year-over-year increase of approximately 17%, surpassing the market expectation of $80.3 billion. Net profit reached $38.46 billion, with earnings per share (EPS) of $5.16, significantly exceeding the expected $3.92. Adjusted EPS was $4.14, also above expectations [2]. - The substantial increase in net profit was partly due to changes in accounting treatment for the investment in OpenAI, contributing an additional $1.02 to EPS [2]. Cloud Business Performance - Microsoft's "Intelligent Cloud" segment, including Azure, generated revenue of $32.91 billion, a nearly 29% year-over-year increase, slightly above expectations. However, the growth rate of Azure and other cloud services raised concerns [3]. - Azure and other cloud services revenue grew by 38% year-over-year at constant currency, matching analyst predictions but slowing by one percentage point from the previous quarter. This deceleration disappointed investors betting on stronger cloud performance [3]. Capital Expenditures and AI Investment Concerns - Microsoft reported a significant increase in capital expenditures, reaching $37.5 billion, a 66% year-over-year rise, exceeding analyst expectations of $36.2 billion. Approximately two-thirds of this expenditure was allocated to computing chips for data centers to meet AI demand [4]. - CEO Satya Nadella noted an increase of nearly 1 gigawatt in computing capacity during the quarter. Despite the substantial investment, the company faces challenges in rapidly expanding sufficient computing capacity to meet demand [4]. - The "remaining performance obligations" (RPO), indicating future revenue from signed contracts, reached a record $625 billion, more than doubling year-over-year. Notably, 45% of this figure is attributed to agreements with OpenAI, highlighting Microsoft's reliance on the AI startup [4][5]. Other Business Segments - The productivity and business processes segment, including Office, Dynamics, and LinkedIn, generated revenue of $34.12 billion, a 16% year-over-year increase, exceeding expectations. Microsoft also reported that its AI assistant, Microsoft 365 Copilot, has gained 15 million commercial user seats, indicating initial adoption momentum [5]. - The personal computing segment, which includes Windows, Xbox, Surface, and Bing, reported revenue of $14.25 billion, a slight year-over-year decline of about 3%, slightly below expectations. Game revenue decreased by 9.5% [6]. Industry Competition and Stock Pressure - Microsoft is the first of the three major cloud service companies to report quarterly financial results, serving as a key indicator of the efficiency of tech giants' AI investments. The total capital expenditure in AI by Microsoft, Amazon, Google, and Meta is expected to exceed $500 billion this year [7]. - In contrast to Microsoft's post-earnings stock decline, Meta's stock rose significantly after announcing increased AI spending, reflecting differing market expectations regarding AI strategies. Meta's projected annual capital expenditures are between $115 billion and $135 billion, above analyst estimates [7]. - Analysts noted that Google's strong performance with its latest Gemini model and the emergence of competitors like Anthropic are putting pressure on Microsoft's AI business and traditional software [7]. - Microsoft's stock closed at $481.63, experiencing a drop of over 7% in after-hours trading following the earnings report. Over the past three months, Microsoft's stock has declined approximately 11%, underperforming the S&P 500 index, which rose by 1% during the same period [7].