Accessible version The shift that rewrites the economics of AI A central risk in our Buy ratings on Microsoft, Oracle, CoreWeave, and Nebius is whether the steep revenue ramp underpinning their surge in infrastructure spending will fully materialize. This note examines how agentic AI and the rapid expansion of token consumption shapes value creation, traffic, and revenue growth. We outline the core demand drivers, assess the sensitivity of our model to assumptions around agentic-AI usage, and consider how t ...

26 March 2026 Global Tech Equities Cash me if you can: USD1.3trn and more to spend United States How to spend USD1.3trn? Big Tech knows the answer We analyse the use of USD1.3trn in operating cash flows (exhibit 1) from the seven Big Tech names ("Tech-7") amongst the largest companies in the world: GOOGL, AMZN, AAPL, META, MSFT, NVDA, and ORCL. In 2026 we expect a higher proportion (exhibit 2) to go towards capex and investments (62% vs 52% in 2025) and a lower proportion to shareholders (22% vs 30%). But k ...

US Technology Equities Q4 summary: AI monetization turning into reality United States What's next in the US software sector? During this quarter we discussed these topics: Software Will Eat AI (24 Feb 2026), Software 2026: Our AI outlook (12 Feb 2026) and Can AI replace software? (9 Feb 2026). Our view remains that the "AI vs Software" debate is overblown and continues to fade. Meanwhile, investor focus is likely to shift from AI disruption to profit pools and AI momentum towards vendors that are effectivel ...

今日上午港股 1. 电力股全线走低，截至发稿， 华电国际(01071)跌5.86%，龙源电力(00916)跌3.62%，华能国际 (00902)跌1.98%，华润电力(00836)跌2.15% 。 消息面上，截至3月27日，港口煤价周环比+26元/吨至 761元/吨，创年内新高。电厂库存方面，六大电厂库存周环比减少39.1万吨至1275.0万吨，较上年同 期减少77.5万吨，日耗增加但采购维持刚需节奏之下电厂库存去化明显。 2 . 首程控股(00697)跌近6% 。消息面上，首程控股发布2025年度业绩，该集团期内取得收入14.37亿 港元，同比增加18.24%；公司拥有人应占溢利3.1亿港元；拟派发末期股息每股0.47港仙。期内资产管 理收入约10.35亿港元，同比上涨约12%，主要得益于西安咸阳国际机场T5航站楼停车场项目(西安咸 阳国际机场项目)等新增项目的高效运营，及北京首都国际机场项目等存量项目的运营提效。产业基 金收入约4.02亿港元，同比上涨约37%。 点击蓝字，关注我们 3 . 美丽田园医疗健康(02373)绩后倒跌逾11%，年内累计跌幅已超30%，截至发稿，跌5.51% 。 消息面 上，美丽 ...

港股开盘，港股恒生指数跌1.68%，报24532.85点，恒生科技指数跌2.78%，报4645.26点，国企指数跌 1.81%，报8301.1点，红筹指数跌1.07%，报4119.66点。 | HSI 恒生指数 | -1.68% 24532.85 -419.03 | | --- | --- | | HSTECH 恒生科技指数 | -2.78% 4645.26 -132.75 | | HSCE 恒生中国企业 | -1.81% 8301.10 -152.67 | 大型科技股中，阿里巴巴-W跌3.59%，腾讯控股跌1.7%，京东集团-SW跌2.99%，小米集团-W跌 2.12%，网易-S平收，美团-W跌2.56%，快手-W跌2.34%，哔哩哔哩-W跌3.57%。 个股方面，德适-B涨121.21%，瀚天天成涨44.24%，英矽智能涨14.95%，中国宏桥涨6.49%，智云科技 建设涨5.69%；威高股份跌8.73%，禾赛-W跌5.86%，中国重汽跌5.63%，大唐新能源跌5.38%，华晨中 国跌5.28%。 上周五，美股三大指数齐跌，截至收盘，标准普尔500指数跌1.67%，纳斯达克综合指数跌2.15%，道琼 斯工 ...

1）2026年800G光模块在手订单400 万只（Meta 200万、微软150万、其他50万），目标出货 500-600 万只。 1）2026年800G光模块在手订单400万只（Meta200万、微软150万、其他50万），目标出货500-600万只。 2）400G光模块预计出货200万只，客户以微软、阿里为主；1.6T光模块订单约40万只。 2）400G光模块预计出货200万只，客户以微软、阿里为主；1.6T光模块订单约40万只。 3）公司EML芯片以自用为主，金坛产线目前处于调试阶段，良率不稳定，规划月产能900万颗。 3）公司EML芯片以自用为主，金坛产线目前处于调试阶段，良率不稳定，规划月产能900万颗。 1）2026年800G光模块在手订单400 万只（Meta 200万、微软150万、其他50万），目标出货 500-600 万只。 1）2026年800G光模块在手订单400万只（Meta200万、微软150万、其他50万），目标出货500-600万只。 2）400G光模块预计出货200万只，客户以微软、阿里为主；1.6T光模块订单约40万只。 2）400G光模块预计出货200万只，客户以微软、阿 ...

听雨 发自 凹非寺 量子位 | 公众号 QbitAI 开源领域一大悲号传来—— 艾伦人工智能研究所 （Ai2） ，宣布 削减开源模型开发（包括OLMo）的资金 ，转向AI应用。 就在同一时间，AI2核心团队几乎被"打包带走"，集体流向微软。 人员包括前CEO阿里·法哈迪、前首席运营官索菲·莱布雷希特、汉娜·哈吉希尔齐和兰杰·克里希纳，都是Ai2的核心力量。 其中有的人上周刚参加完GTC大会，还跟老黄畅谈开源模型的未来。 他们的下一站，则是 微软穆斯塔法·苏莱曼的超级智能团队 。 X上已经炸了锅，全网一片哀鸣。 不少网友唏嘘：这对开源社区来说是个巨大遗憾， OLMo是极少数真正开源的模型之一 。 核心人员打包进微软 核心人员集体离职，是一个非常不妙的信号。 Ai2前CEO阿里·法哈迪、前首席运营官索菲·莱布雷希特、汉娜·哈吉希尔齐和兰杰·克里希纳，统统被苏莱曼打包进了微软。 法哈迪 已于3月12日卸任，结束了超过两年半的Ai2掌门人生涯。 他与Ai2的渊源颇为深厚。法哈迪是一位计算机视觉专家，也是华盛顿大学计算机科学与工程学院的教授，该院即以微软联合创始人、Ai2创始 人保罗·艾伦 （Paul Allen） 的 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

It hasn't been a fun time to be a Microsoft (MSFT 2.44%) shareholder. Shares of the software and cloud computing giant have been hammered, falling nearly 7% last week amid a broader market sell-off. Year to date, the tech stock is down more than 26% as of this writing.For investors looking at the company's recent financial results, this sharp decline might look like a screaming buying opportunity. After all, Microsoft just reported another exceptional quarter of top- and bottom-line growth, driven by its im ...

The Invesco QQQ Trust, Series 1 ETF (QQQ 1.86%) and the iShares Russell 2000 ETF (IWM 1.75%) both track major U.S. equity indexes. However, while QQQ is concentrated in large-cap technology and growth names, IWM provides broad exposure to small-cap stocks across a wider range of sectors. This comparison highlights how these differences play out in terms of returns, risk, and portfolio makeup for investors deciding between the two.Snapshot (cost & size)MetricQQQIWMIssuerInvescoiSharesExpense ratio0.18%0.19%1 ...