当地时间 1 月 28 日，微软发布了第二季度财报，明明财报营收暴涨，但是市场并不买账。 财报显示，公司第二季度营收 813 亿美元，同比增长 17%，净利润更是飙升 60% 至 385 亿美元。 其中，微软云业务收入首次突破 500 亿美元大关，达到 515 亿美元，同比增长 26%。 这无疑是一份强劲的财报。然而，市场的反应却是股价在盘后一度下挫超过 8%。 CNBC 分析指出，下跌源于「云增长放缓以及微弱的利润率指引」。具体来看，被视为增长引擎的 Azure 云服务收入同比增长 39%，略低于市场预期的 40% 门槛。 投资者似乎对这家「AI 最大赢家」抱有永不满足的期待，任何增长放缓的迹象都会被放大。 但财报中一个更值得玩味的数据是：微软云的合同积压（Remaining Performance Obligation）暴增 110%，达到惊人的 6250 亿美元。 据 The Information 报道，其中约 45%（约 2812 亿美元）是与 OpenAI 的交易驱动的。这意味着，微软未来收入的很大一部分，已经和 OpenAI 的发展深 度捆绑。 01 深度绑定的「共生」与「风险」 微软与 Ope ...

Group 1 - The article provides a market analysis focusing on Microsoft Corporation and Meta Platforms Inc, highlighting their recent performance and market trends [1] - Microsoft has shown strong growth in cloud services, contributing significantly to its overall revenue increase [1] - Meta Platforms Inc is experiencing challenges in user engagement and advertising revenue, impacting its market position [1] Group 2 - The analysis indicates that both companies are navigating a competitive landscape, with Microsoft leveraging its cloud capabilities while Meta seeks to innovate in social media [1] - Financial metrics such as revenue growth percentages and user engagement statistics are critical in assessing the future outlook for both companies [1] - The article emphasizes the importance of monitoring industry trends and technological advancements that could affect both Microsoft and Meta's market strategies [1]

Group 1 - The core viewpoint of the articles highlights the increasing demand for AI-driven cloud computing services, leading to a tightening supply-demand dynamic in the computing power sector, which is reflected in rising prices from major cloud providers [8][11]. - The "算力ETF" (Computing Power ETF) has seen significant inflows, with over 1.4 billion yuan accumulated in the last ten days, indicating strong investor interest in the sector [1]. - Major tech companies like Microsoft, Meta, and others have reported impressive cloud revenue, with Microsoft achieving $50 billion in cloud revenue for the second fiscal quarter, surpassing analyst expectations [4]. Group 2 - Clawdbot, an open-source AI assistant, has gained significant attention, with deployment support from Tencent Cloud and Alibaba Cloud, indicating a shift towards more personalized AI applications [3][6]. - The pricing strategies of leading cloud providers, such as Google and AWS, have been adjusted upwards, reflecting the increased costs associated with AI training and inference demands [8][9]. - The computing power supply chain is experiencing inflation, with projections indicating significant price increases for DRAM and NAND storage, as well as CPU products, driven by AI demand [9][10]. Group 3 - The rapid growth in token usage for AI models, particularly from OpenAI and Google, suggests a burgeoning market for AI applications across various sectors, with daily token calls reaching unprecedented levels [10]. - The anticipated rise in AI model applications is expected to further drive demand for computing resources, benefiting companies involved in hardware, cloud services, and AI development [11]. - The computing power ETF, 汇添富 (159273), is positioned to capture the growth opportunities in the AI-driven cloud computing market, covering a wide range of sectors including hardware, IT services, and data center operations [12].

仅 Meta(META.US)一家公司就披露了今年高达 1350 亿美元的支出雄心——这是商业领域规模最大的计 划支出之一。其供应商也做出了相应回应：周四，SK 海力士表示计划"大幅增加"资本支出，三星也表 示将加大存储芯片生产能力的投入。 与此同时，只要公司能够展示出增长，投资者就会继续回报这种雄心。微软(MSFT.US)在披露云计算服 务增长放缓后，股价下跌了 6.1%，而 Meta 则上涨了 6.6%。 本周，一系列行业巨头公布的财报强调了市场对 AI 硬件的需求是多么旺盛，并且这种势头很可能会延 续到 2026 年。 Meta、微软以及亚马逊(AMZN.US)和 Alphabet(GOOGL.US)等同行超大规模云服务商，正在推动全球范 围内对芯片、服务器和计算机的采购浪潮，这点燃了全球硬件供应商的热情，尤其是在亚洲。 智通财经APP注意到，全球最大的科技公司表现出对 AI 支出毫不减弱的迹象，这一创纪录的浪潮正推 动着三星电子和 SK 海力士等硬件供应商的发展。尽管人们对于人工智能需求是否具有持久性，以及能 否支撑起如此巨额的资本支出仍持怀疑态度。 存储芯片制造商正将生产线转向利润丰厚的高带宽内存( ...

格隆汇1月29日｜微软公布财报后，其在法兰克福上市的股票下跌6%。 ...

Market Overview - The market showed significant divergence today, with traditional blue-chip sectors like liquor and real estate surging, leading to a substantial rise in the Shanghai Stock Exchange 50 Index, while technology sectors such as semiconductors and chips weakened, resulting in notable declines in the STAR Market and ChiNext Index [1] - The total market turnover reached 3.2 trillion yuan, an increase of over 200 billion yuan compared to the previous trading day, with more than 3,500 stocks declining [1] Key Signals - Three major changes in the market were noted: 1. The simultaneous rise of real estate and liquor stocks indicates potential structural volatility as the market rotates towards these rebound assets [1] 2. The recent surge in commodities, including gold, reflects liquidity trends, while cryptocurrencies have remained relatively subdued, suggesting inflation expectations may significantly impact AI and computing power [1] 3. The unexpected performance of government bonds, particularly the strong showing of 30-year treasury futures, indicates a complex narrative in the market, suggesting that the rotation is not strictly binary [1] Sector Performance - Consumer stocks, particularly liquor and retail, saw a significant afternoon rally, with Kweichow Moutai rising by 8% and several stocks hitting the daily limit [1] - Precious metals and oil and gas stocks experienced volatility but ultimately rallied, with China Gold achieving five consecutive limit-ups and Hunan Gold four consecutive limit-ups [1] - AI application concepts surged, with multiple stocks like Sai Group and Tiandi Online hitting the daily limit [1] - The banking sector also saw gains, with Qingdao Bank hitting the daily limit, while semiconductor, military, and automotive sectors faced the largest declines [1] Fund Flow - Major funds focused on sectors such as advertising, software development, and liquor, with significant net inflows into stocks like BlueFocus, Kweichow Moutai, and iFlytek [3] Future Outlook - Short-term market trends indicate a continued oscillation, with the Shanghai Composite Index expected to maintain an upward trajectory, although space for growth before the Spring Festival appears limited [2][8] - The market sentiment is supported by a weakening US dollar and ongoing monetary easing, which may provide a conducive environment for further capital inflow [7] - The upcoming earnings reports from A-share companies and North American tech giants are anticipated to have a more pronounced impact on market structure [6]

Core Insights - Microsoft shares experienced a decline of 6.2% in Frankfurt following the announcement of record spending on artificial intelligence in the last quarter and slower growth in cloud computing, raising concerns among investors [1] Company Summary - Microsoft reported a record expenditure on artificial intelligence in the last quarter, indicating a significant investment in this area [1] - The company also noted a slowdown in cloud-computing growth, which has contributed to investor worries [1]

Core Viewpoint - U.S. stock futures are trading higher, with Microsoft and Apple expected to attract investor attention due to their recent financial performances [1] Group 1: Microsoft Corp. (NASDAQ:MSFT) - Microsoft reported second-quarter revenue of $81.3 billion, representing a 21% year-over-year increase, surpassing the Street consensus estimate of $80.25 billion [1] - The company achieved non-GAAP earnings per share of $4.14, exceeding the Street consensus estimate of $3.86 [1] - Despite the strong financial results, Microsoft shares fell 6.1% to $452.04 in after-hours trading [1] Group 2: Apple Inc. (NASDAQ:AAPL) - Analysts anticipate Apple to report quarterly earnings of $2.67 per share on revenue of $138.42 billion [1] - Apple shares experienced a slight increase of 0.1%, reaching $256.79 in after-hours trading [1]

Bristol-Myers Squibb Company (NYSE:BMY) is one of the best inexpensive stocks to buy now. On January 20, Bristol Myers Squibb announced a partnership with Microsoft (NASDAQ:MSFT) to enhance the early detection of lung cancer. The collaboration centers on integrating Bristol Myers’ oncology expertise with Microsoft’s advanced AI-enabled radiology platform. By using these digital tools, the companies aim to streamline the identification of non-small cell lung cancer, ensuring patients are guided toward optim ...

Core Insights - Microsoft reported a strong overall performance for Q4 of fiscal year 2025, with total revenue increasing by 17% year-over-year to $81.3 billion, driven primarily by robust growth in cloud computing and other high-margin businesses [1][3] Group 1: Business Segment Performance - The "Productivity and Business Processes" segment, which includes products like Word, Excel, and PowerPoint, generated $34.1 billion in revenue, reflecting a 16% year-over-year increase, continuing to provide stable income for the company [3] - The "Intelligent Cloud" segment, powered by Azure services, showed significant growth with revenue reaching $32.9 billion, marking a 29% year-over-year increase, highlighting the effectiveness of Microsoft's strategic shift towards cloud computing [3] - In contrast, the gaming segment faced challenges, with Xbox hardware revenue declining by 32% year-over-year, leading to an overall revenue drop of 9% for the Xbox division, although subscription services like Game Pass remained a stable growth point [3] Group 2: Strategic Focus - With the continuous decline in Xbox business performance, its priority within Microsoft's overall strategy is decreasing, as the company shifts its focus towards high-value areas such as Azure cloud services and Microsoft 365 commercial subscriptions [4]