【环球网科技综合报道】1月12日消息，据Windows Latest报道，微软文档扫描应用Microsoft Lens 将于 2026 年 1 月 9 日起正式停止对 iOS 和 Android 设备的支持。不过，它不会立即停止工作，因为微软已 宣布计划至少在 2026 年 3 月 9 日之前继续支持 Lens，之前扫描的文档目前仍可访问。 来源：环球网 微软表示："用户可以在 2026 年 3 月 9 日之前继续使用该应用扫描文档。" 微软补充道："如果该应用 仍然安装在您的设备上，您仍然可以访问之前的扫描内容。"（思瀚） 微软表示，他们将于2月9日起从Play商店和App Store下架Office Lens应用。同时，该应用的状态也将 从"已停用"改为"不再支持"。 外媒称，虽然这两个词听起来很相似，但"已停用"意味着Office Lens将不再接收任何更新，"不再支 持"则意味着如果未来的Android系统更新导致该应用无法正常工作，微软将不会进行修复。 ...

每经AI快讯，据汉朔科技公众号1月12日消息，在近日举办的NRF 2026全球零售盛会上，汉朔科技与微 软基于双方既有战略合作框架，进一步推进并展示双方战略合作的持续深化，共同致力于探索并构建下 一代数字孪生门店的未来框架，助力全球零售商构建数据驱动、全景可视且更具韧性的新一代门店运营 范式。 （文章来源：每日经济新闻） ...

Core Insights - The report predicts that Chinese research institutions will surpass the US in frontier AI model research by 2025, with open AI agents gaining further research attention and AI-generated fraud videos prompting international discussions on AI safety [2][28] - The competition between open-source and closed-source models remains intense, with leading models like GPT-5 and Gemini 2.5 Pro still being closed-source, while Chinese open-source models are gaining traction [5][6] - AI applications are rapidly proliferating across industries, with significant revenue growth expected in sectors like audio-visual, virtual avatars, and image generation by 2025 [18][22] AI Model Development - The release of GPT-o1 is expected to ignite a wave of deep reasoning model development, with major players like Meta defining "superintelligence" [3] - Despite a lack of breakthroughs in foundational models from China, the country is becoming competitive in the open-source model space, with models like DeepSeek and Qwen emerging [6][9] - Recent improvements in reasoning models are questioned, as they may fall within the error range of baseline models, indicating limited real progress [9][11] AI Agent Frameworks - The development of AI agent frameworks is accelerating, with numerous options available beyond LangChain, including AutoGen and MetaGPT [13] - AI agents are evolving to incorporate memory capabilities, enhancing their coherence and operational efficiency [13] Industry Trends - AI-first companies are outpacing their SaaS counterparts in revenue, with increased enterprise spending expected as AI adoption rises [18][22] - The browser is becoming a new battleground for AI applications, with major companies integrating AI assistant features [21] Labor Market Impact - AI automation is not diminishing the demand for cognitive labor, with the labor market adapting to changes since the emergence of ChatGPT [28] - Entry-level positions, particularly in software and customer service, are most affected by AI technologies, leading to a decline in job openings in these areas [25] Policy and Regulation - The US is pursuing an "AI-first" strategy while China accelerates its domestic chip manufacturing, intensifying the AI competition between the two nations [28][31] - Regulatory measures in the US are becoming less prominent amid significant investment waves, with the FTC increasingly concerned about "reverse" mergers in the tech sector [31][35] Security Concerns - AI safety policies are shifting, with external safety research funding being significantly lower than global AI R&D spending, raising concerns about the prioritization of safety measures [36][39] - Cyberattack capabilities are rapidly advancing, with AI-generated threats becoming a major challenge for cybersecurity [39]

Group 1: Microsoft - Microsoft plans to initiate a new round of layoffs in January 2026, with an estimated scale of 11,000 to 22,000 employees, accounting for approximately 5% to 10% of its total workforce. The layoffs will primarily focus on the Azure cloud team, Xbox gaming division, and global sales department [4]. Group 2: JD.com - JD.com has established a "Chameleon Business Unit" to fully undertake the development and commercialization of core AI products such as JoyAI App and JoyInside. This initiative aims to accelerate the commercialization of AI technology and enhance the integration of technology, products, market, and sales resources [5]. Group 3: Apple - Apple is accelerating the selection process for a successor to CEO Tim Cook, who is expected to step down this year. John Ternus, Senior Vice President of Hardware Engineering, is currently the leading candidate for the position [6]. - Tim Cook's total compensation for 2025 is reported to be $74.2948 million, a slight decrease of 0.4% from 2024. The compensation structure includes a $3 million base salary, $57.5 million in stock awards, and $12 million in performance cash bonuses [7]. Group 4: NVIDIA - NVIDIA has hired Alison Wagonfeld, a former Google Cloud executive, as Chief Marketing Officer, indicating the company's intent to enhance its brand influence [8]. Group 5: Samsung Electronics - Samsung Electronics announced a stock buyback worth 250 billion KRW (approximately $1.73 billion) to be used for employee and management compensation, with the buyback period set from January 8 to April 7 [11]. Group 6: LG Electronics - LG Electronics reported an operating loss of 109.4 billion KRW for Q4 2025, marking the first quarterly operating loss in nine years, despite achieving a record annual sales figure of 89.2025 trillion KRW [12]. Group 7: Naver - Naver has established South Korea's largest AI computing cluster, deploying 4,000 next-generation NVIDIA GPUs, which is expected to enhance the speed of AI model development by approximately 12 times [13]. Group 8: Meta - Meta has shut down nearly 550,000 accounts in Australia to comply with a ban on social media use by minors, including approximately 330,000 Instagram accounts and 173,000 Facebook accounts [18]. Group 9: Global Startup Investment - Investment in global startups is highly concentrated in U.S. AI companies, accounting for 40% of total investment, with a projected increase in this trend through 2026. In 2025, global startup investment grew by 31% year-on-year, reaching $512.6 billion, with U.S. AI companies attracting about $220 billion [19].

Core Insights - C2X's subsidiary Beaver Lake Renewable Energy has signed a long-term agreement with Microsoft to deliver 3.6 million high-quality Carbon Removal Units (CRUs) over 12 years, equating to an annual carbon storage capacity of 300,000 tons [1] Group 1: Project Overview - The Beaver Lake project, located in Pineville, Louisiana, will utilize sustainably sourced forestry waste to produce bio-methanol and capture the resulting biogenic CO2 [1] - Upon full completion, the project is expected to produce over 500,000 tons of bio-methanol annually while capturing and permanently sequestering approximately 1 million tons of CO2 [1] - Each CRU corresponds to 1 ton of CO2 removed from the atmosphere and safely stored [1] Group 2: Financial and Operational Aspects - The total investment for the Beaver Lake project is approximately $2.5 billion, with construction planned to start in the second half of 2026 and operations expected to begin in 2029 [1] Group 3: Strategic Importance - The CEO of C2X highlighted that the collaboration with Microsoft offers dual benefits of bio-methanol production and permanent carbon removal [1] - Microsoft's carbon removal business leader noted that the project presents a unique opportunity for large-scale carbon removal [1] Group 4: Verification and Transparency - All carbon removal units will be registered with a third-party verification process at a registry recognized by the International Carbon Reduction and Offset Alliance, ensuring rigorous and transparent carbon accounting [1]

Core Viewpoint - The AI industry is increasingly dominated by major tech giants like Google, Microsoft, and ByteDance, making it difficult for smaller companies to compete effectively [6][9][10]. Group 1: Competitive Landscape - Major players such as Google and Microsoft are leveraging their vast resources to enhance their AI offerings, with Google's Gemini surpassing OpenAI's ChatGPT in various evaluations [10][12]. - Smaller AI companies like Manus and Kimi are struggling to maintain their market positions as they face overwhelming competition from these tech giants [10][11]. - The integration of AI into widely used applications, such as Google's embedding of Gemini into Android and Microsoft's integration of AI into Office, creates a significant barrier for smaller firms [10][12]. Group 2: Resource Dependency - The success of AI applications is heavily reliant on the backing of large corporations, as smaller companies lack the necessary resources and ecosystem integration to thrive [11][12]. - AI startups often find it challenging to monetize their technologies compared to larger firms that can bundle services and leverage existing customer bases [15][18]. - The financial struggles of AI startups are evident, with many facing increasing losses and limited paths to profitability [24][25]. Group 3: Monetization Strategies - Larger companies can implement diverse monetization strategies, such as bundling AI services with existing products, which enhances their revenue potential [15][18]. - Smaller companies often lack the ability to create similar attractive packages, limiting their monetization options to straightforward subscription models [21][20]. - The competitive pricing landscape for AI subscriptions is constrained, making it difficult for startups to charge premium prices [21][23]. Group 4: Acquisition Trends - The trend of larger companies acquiring smaller AI firms is becoming more prevalent, as seen with Meta's acquisitions of Scale and Manus, which can provide these startups with enhanced capabilities and market access [27][28]. - Acquired companies can benefit from the resources and infrastructure of their parent companies, allowing them to operate more effectively within the market [27][28]. - The desire for independence among some AI firms, like OpenAI, complicates the landscape, as they aim to establish themselves as major players rather than being absorbed by larger entities [28].

股市对科技七巨头的热情正在降温 市场依旧对科技七巨头保持乐观的一个因素是，他们的估值水平相对适中。科技七巨头指数基于未来12 个月预期盈利的市盈率为29倍，远低于本十年前期的40多倍。目前，标普500指数的预期市盈率为22 倍，纳斯达克100指数为25倍。(作者/箫雨) 自2022年美联储开始加息以来，美国"科技七巨头"(Magnificent 7)首次出现大多数公司表现跑输标普 500 指数的情况。尽管2025年科技七巨头指数上涨25%，跑赢标普500指数的16%涨幅，但这主要是由于谷 歌母公司Alphabet、英伟达的巨大涨幅带动了整体指数上涨。 "市场并非一刀切。如果你只是单纯买入整个组合，表现不佳的股票可能会抵消表现出色股票的收 益。"Natixis投资管理解决方案公司首席投资组合策略师杰克·亚纳西维奇(Jack Janasiewicz)指出，该公 司管理着1.4万亿美元资产。 过去三年，科技巨头引领了美国牛市。自2022年10月牛市行情启动以来，仅英伟达、Alphabet、微软和 苹果四家公司就贡献了标普500超过三分之一的涨幅。然而，随着市场对标普500指数其他成分股的兴趣 升温，投资者对这些科技 ...

Summary of Microsoft Corp. (MSFT) Conference Call Company Overview - **Company**: Microsoft Corp. (MSFT) - **Industry**: Technology, specifically Software - **Rating**: Buy with a 12-month price target of $655, representing a 37% upside from the previous target of $630 [1] Core Insights and Arguments - **AI Leadership**: Microsoft is positioned to benefit from compounding AI product cycles, leveraging its leadership in AI compute and investments in OpenAI and Anthropic [1][19] - **EPS Growth**: Projected EPS growth to exceed $35 by FY30, indicating over 20% growth compared to peers with median market caps over $1 trillion, which typically see mid-teens growth [1] - **Investment Strategy**: Microsoft is making strategic investments in AI and quantum technologies, which are expected to drive significant product cycles over the next 20 years [13][19] - **Capex Allocation**: Not all capital expenditures (capex) directly translate to Azure revenue growth; Microsoft is focusing on internal AI and first-party applications, which are expected to yield better unit economics [14][41] - **Gross Margin Expectations**: Anticipated gross margins on Azure AI could reach pre-AI highs (from low 30s to high 60s) within 5-7 years, supported by improved demand planning and cost controls [14][63] Financial Projections - **Revenue Growth**: Total revenue is expected to grow from $281.7 billion in FY25 to $464.4 billion by FY28, with a CAGR of approximately 14.9% to 19.2% over the forecast period [9] - **EBITDA and EPS Growth**: EBITDA is projected to grow from $156.5 billion in FY25 to $279.4 billion by FY28, with EPS increasing from $13.77 to $23.46 in the same period [9] - **Free Cash Flow**: Expected to grow from $71.6 billion in FY25 to $109.2 billion by FY28, indicating strong cash generation capabilities [10] Market Position and Competitive Landscape - **Cloud Market Share**: Microsoft holds approximately 20-25% of the cloud computing market, positioning it as a strong competitor against AWS [25] - **Historical Context**: Microsoft has successfully navigated multiple technology adoption cycles over the past 50 years, maintaining relevance and market share through innovation [21][26] Additional Insights - **AI Adoption Cycle**: Microsoft is in the midst of an AI investment cycle, with capex expected to grow significantly, reaching $148 billion in FY26, which is 400% above FY22 levels [40] - **Supply Constraints**: The company anticipates being capacity constrained through FY26, which will impact Azure growth but also indicates strong demand signals [40][55] - **Long-term Vision**: Microsoft is focused on building Azure for the next 50 years, prioritizing workloads that serve a broad customer base rather than niche applications [40] Conclusion Microsoft Corp. is strategically positioned to capitalize on the growing AI market and maintain its leadership in cloud computing. The company's robust financial projections, combined with its historical adaptability and strategic investments, suggest a strong outlook for future growth and profitability.

Summary of Key Points from the Conference Call Industry Overview - Coverage has been assumed for the Software Sector and 12 additional companies, indicating a constructive outlook on AI adoption as a positive tailwind for the Software Total Addressable Market (TAM) over the next 5-10 years [1][7][8] - The Software TAM is expected to grow significantly, with projections suggesting a TAM of $2.8 trillion by 2037, representing a 30% increase from current estimates [19][21] Core Companies and Recommendations - **Buy Ratings**: Microsoft (MSFT), Oracle (ORCL), Salesforce (CRM), ServiceNow (NOW), Snowflake (SNOW), and Navan (NAVN) are recommended for purchase due to their strong positioning in the evolving software landscape [7][8] - **Sell Ratings**: Adobe (ADBE) and Datadog (DDOG) are recommended for sale due to competitive pressures and growth challenges [7][8] Key Debates in the Software Sector 1. **AI Infrastructure**: The ability of infrastructure software companies to convert initial AI compute shares into sustainable, profitable businesses is crucial. Companies like Microsoft and Oracle are expected to optimize their capital expenditures and improve gross margins from below 40% to over 60% [9][10] 2. **Application Software Disintermediation**: There is a risk that traditional SaaS leaders may be disintermediated by AI-native companies. The competition is expected to heighten as new technology cycles emerge, with a focus on companies that are further along in repurposing their tech stacks [9][10] 3. **Value Accrual in Software Stack**: The orchestration of agents and LLMs across various layers of the software stack is seen as a key area for value capture. Microsoft and ServiceNow are positioned well to leverage their existing IP in this space [10][19] Financial Metrics and Projections - Microsoft is expected to drive significant upside in Azure revenue by 2026, while Oracle is anticipated to show improved visibility into gross profit growth [9][10] - The report suggests that the average software company has increased gross profit per employee by 35% from 2021 to 2025, although there are risks of gross margin compression in the medium term [34] AI Adoption and Market Dynamics - AI adoption is projected to be uneven, creating opportunities for new competition. However, the overall sentiment is that the signals for uptake will be positive by 2026 [8][20] - The report emphasizes that the value unlocked by AI will likely outweigh the impact of increased competition, reversing trends observed in 2025 [20] Additional Insights - The Software TAM is divided into "scaffolding" (2/3) and "agentic" (1/3), with expectations that AI will drive incremental growth tied to enterprise adoption [25][30] - The report highlights the importance of competitive moats, such as ecosystems and network effects, which cannot be easily replicated, thus providing a buffer against competition [34] Conclusion - The Software sector is poised for growth driven by AI adoption, with specific companies positioned to capitalize on this trend. Investors are advised to focus on companies with strong competitive advantages and clear paths to revenue growth in the evolving landscape [30][34]

Core Viewpoint - The strategy of heavily investing in major U.S. tech stocks has underperformed since 2025, with many companies lagging behind the S&P 500 index for the first time since the Fed began raising interest rates in 2022 [1] Group 1: Market Performance - The "Seven Giants" index rose by 25% in 2025, outperforming the S&P 500's 16% increase, but this growth was primarily driven by Google and Nvidia [1] - The Seven Giants index only increased by 0.5% at the beginning of 2026, while the S&P 500 rose by 1.8% [1] - The earnings growth for the Seven Giants is projected to be around 18% in 2026, the slowest since 2022, compared to a 13% expected growth for the other 493 S&P 500 constituents [5] Group 2: Individual Company Insights Nvidia - Nvidia, a leading AI chip manufacturer, faces increased competition and concerns about the sustainability of spending from its largest customers [5] - Despite a 1165% increase since the end of 2022, Nvidia's stock has dropped 11% since reaching an all-time high on October 29, 2025 [5] - Analysts remain optimistic, with 76 out of 82 covering analysts rating it as a "buy," indicating a potential 39% upside in the next 12 months [6] Microsoft - Microsoft is expected to spend nearly $100 billion in capital expenditures for the fiscal year ending June 2026, with projections rising to $116 billion for the next fiscal year [9] - The company has struggled to convince customers to pay for integrated AI features, leading to investor concerns about the return on its significant investments [10] Apple - Apple has taken a conservative approach to AI, resulting in a nearly 20% stock price drop by early August 2025, but later rebounded by 34% by the end of the year [11] - The company is expected to achieve a 9% revenue growth in the fiscal year ending September 2026, the fastest since 2021 [11] Google - Google has emerged as a leader in AI, with its Gemini AI model receiving positive reviews and its self-developed TPU seen as a key revenue growth driver [12] - The stock price increased over 65% in 2025, but analysts predict only a 3.9% increase in 2026 [12] Amazon - Amazon was the worst performer among the Seven Giants in 2025 but has seen a strong rebound in early 2026, driven by its AWS cloud computing business [13] - The company is expected to benefit from efficiency improvements in warehousing and logistics, potentially leading to significant stock price growth [13] Meta - Meta's significant investments in AI have raised investor skepticism, particularly after increasing its capital expenditure forecast to $72 billion for 2025 and expecting a "substantial increase" in 2026 [14] - The stock saw a 35% increase earlier in 2025 but has since declined by 17% [14] Tesla - Tesla's stock price was the lowest among the Seven Giants in the first half of 2025 but surged over 40% in the second half as the focus shifted to autonomous vehicles and robotics [15] - Analysts predict a 12% revenue growth for Tesla in 2026, following a projected 3% decline in 2025 [15]