Core Insights - Wall Street is experiencing skepticism towards software stocks, with a recent phase of panic leading to significant selloffs across the sector due to fears that AI could disrupt SaaS business models [1][3] Market Performance - The S&P 500 software and services index declined approximately 4% on Tuesday and another 0.73% on Wednesday, resulting in a total loss of about $830 billion in market value since January 28 [2] - The S&P North American Software Index has fallen for three consecutive weeks, ending January down 15%, marking its steepest monthly decline since October 2008 [5] Company-Specific Developments - The launch of Anthropic AI's productivity tool for in-house lawyers intensified market anxiety, leading to a selloff in legal software and publishing stocks, affecting companies like London Stock Exchange Group Plc and Thomson Reuters Corp [3][4] - Microsoft reported solid earnings but faced investor concerns due to slowing cloud growth and rising AI spending, resulting in an 11% decline in its stock over the past month [6] Investor Sentiment - Amid the selloff, some investors are viewing the situation as an opportunity, with funds like Sycomore Sustainable Tech adding Microsoft shares, betting on its potential as an AI leader [7] - Microsoft is currently trading at under 23 times forward earnings, its lowest valuation in approximately three years, indicating oversold conditions in the software index [7] Investment Strategies - Inverse exchange-traded funds (ETFs) such as Tradr 1X Short Innovation Daily ETF (SARK), ProShares Short QQQ (PSQ), and ProShares UltraShort QQQ (QID) are highlighted as potential hedging options during the ongoing tech market weakness [10][11][12][13][14]

Stifel将微软的评级从"买入"下调至"持有"，目标价从540美元下调至392美元。(格隆汇) ...

格隆汇2月5日｜亚马逊即将于本周四发布的财报已成为全市场关注的绝对焦点，投资者急需从中探寻云 计算行业增长前景的关键线索。在微软因云业务增长放缓导致股价剧烈修正后，科技板块的避险情绪正 处于紧绷状态。 ...

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深夜，GitHub官宣大变身！全球两大编程AI Claude和Codex集体入驻，再加上Copilot，正式开启AI编程「三足鼎立」的时代。三个「AI码农」集体卖 命，人类开发者狂喜。 GitHub要变天了！ 凌晨，微软GitHub宣布重磅更新：正式集成全球「最强编程大脑」——Claude和Codex。 地表最强编程三剑客——Copilot、Claude、Codex，终于迎来史诗级合体！ 开发者只需一个指令，三个AI任你差遣，瞬间完成编码、修Bug、提交PR等复杂任务。 这标志着，GitHub正从一个单纯的代码托管平台，进化为多智能体协同的「AI战场」。 这一切，都通过一个「指挥中心」Agent HQ实现。软件开发中，最耗神的就是「上下文切换」。 如今通过Agent HQ，无需切换工具，丝滑完成构思到落地的全过程，极大地降低了摩擦感。 最关键的是，Copilot、Claude、Codex三个AI，可以在IDE、GitHub，以及移动端一键调用。 微软这一步棋，是希望通过GitHub，让AI智能体成为开发者们原生的核心配置。 2023年，GitHub开发者数量突破1亿大关，如今平台有超1.8亿人 目前，订阅Co ...

Core Insights - Amazon's upcoming earnings report is a focal point for investors seeking insights into the growth prospects of the cloud computing industry, especially following Microsoft's stock decline due to Azure's slowing growth [1][3] - Concerns are rising about whether Microsoft's issues are company-specific or indicative of a broader slowdown in the cloud services sector, which could have lasting impacts [3] - Analysts expect Amazon's AWS to report a 21% year-over-year revenue growth, reaching $34.8 billion, as investors look for catalysts to boost Amazon's stock price [3][6] Valuation and Market Expectations - Amazon's stock has underperformed, rising only 5.2% over the past year, compared to a 20% increase in the Nasdaq 100 index [4] - The expected price-to-earnings ratio for Amazon is around 24 times, significantly lower than its 10-year average of 46 times, indicating a relatively cheap valuation [4] - Post-earnings report, Amazon's stock is anticipated to experience about a 7% volatility, as investors seek high growth rates to meet market expectations [4] Key Financial Data Outlook - Analysts project Amazon's total revenue for Q4 to grow by 13% to $211.5 billion, with adjusted earnings per share expected to rise by 8% to $2.40 [6] - The previous earnings report saw a nearly 10% stock surge due to better-than-expected AWS revenue, but current market sentiment is cautious due to a broader "anti-software" sentiment affecting the tech sector [6] Capital Expenditure and AI Investment Strategy - Investors will closely monitor Amazon's future capital expenditure guidance and its specific investments in artificial intelligence, especially in light of Microsoft's aggressive AI spending [7] - Amazon's investment in Anthropic PBC, amounting to $8 billion, and potential $50 billion investment in OpenAI are key points of interest, as these could enhance Amazon's earnings [7] - The performance of Amazon's AI chatbot "Rufus" in the retail business will also be scrutinized to assess the effectiveness of AI technology in core operations [7] Cloud Business as a Core Indicator - Despite Amazon's diversified revenue streams, the cloud business remains the primary focus for investors, with AWS being described as the "crown jewel" of the company [8] - A stable and clear outlook for AWS is essential for maintaining investor confidence, as it is the focal point of Amazon's growth narrative [8]

The last time I wrote about Microsoft Corporation ( MSFT ), in October 2025, I analysed the company’s Q1 numbers and the overall report in detail to identify the factors that could have drivenAn independent investor in the Indian and US equity markets with a CFA Charter and a PhD in Finance from University of Durham, U.K. I hold an Honorary Associate Professor in Finance and Corporate Governance title at Brunel University London. I have a YouTube and a Podcast channel, titled The Stock Doctor,' where I disc ...

Core Insights - The article discusses Microsoft Corporation's (MSFT) performance and analysis of its Q1 numbers, focusing on factors that may have influenced its results [1]. Group 1: Company Performance - The analysis includes a detailed examination of Microsoft's Q1 financial results, highlighting key drivers behind the company's performance [1]. Group 2: Analyst Background - The author has extensive experience in investment banking and holds a CFA Charter and a PhD in Finance, indicating a strong analytical background [1]. - The author is also an Honorary Associate Professor in Finance and Corporate Governance, further emphasizing expertise in the field [1]. Group 3: Research Focus - The author actively engages in quantitative research across various domains, including US equities, Behavioral Finance, Corporate Governance, Activist Hedge Funds, Cryptocurrencies, and M&A [1]. - Publications in top-ranked peer-reviewed journals suggest a high level of credibility and knowledge in financial analysis [1].

硬·AI 作者 | 张雅琦 编辑 | 硬 AI 华尔街对OpenAI的态度正在经历戏剧性逆转。曾经被市场追捧的OpenAI合作概念股如今遭遇抛售，微 软、Oracle等公司股价大幅下挫，而与OpenAI竞争的谷歌母公司Alphabet则凭借AI业务的强劲财务回报 成为最大赢家，股价自去年10月以来飙升约36%。 市场逻辑的转变在华尔街分析师口中体现得淋漓尽致。Freedom Capital Markets科技研究主管Paul Meeks表示： "市场正在形成一种叙事，即更青睐谷歌而非OpenAI。去年这个时候，OpenAI每一次宣布与某家公 司合作都会受到掌声。 但到了2025年底，人们开始说，'天哪，我的收入积压或AI基础设施支出有 太多来自OpenAI。 '" 华尔街对OpenAI的态度从追捧转向担忧，受其亏损及履约能力质疑影响，深度绑定的微软与Oracle股价剧烈下挫。与此 同时，谷歌凭借Gemini 3带动的全线财务回报及云业务48%的营收增速脱颖而出，以4万亿美元市值支撑起指数繁荣，或 成为AI下半场角逐的赢家。 这种情绪转变在股价上表现明显。Oracle股价自去年10月以来已暴跌约49%，其超过5 ...

业 研 究 2026 年 02 月 05 日 谷歌云发展超预期，资本开支高速增长，继续看好 AI 算力全链条 谷歌云营收增速超预期，谷歌、Meta、微软资本开支指引乐观 谷歌：根据谷歌最新财报，谷歌云 2025Q4 营收达 177 亿美元，同比增长 48%， 高于分析师预期的 162 亿美元，同时，2025Q4 Gemini App 月活超 7.5 亿，高于 2025Q3 的 6.5 亿。资本开支方面，2025Q4 达 279 亿美元，同比增长 95%，全年 资本开支实现 914 亿美元，同比增长 74%，预计 2026 年资本支出为 1750-1850 亿美元，中值为 1800 亿美元，同比增长 97%。 ——行业点评报告 行业走势图 数据来源：聚源 -29% 0% 29% 58% 86% 115% 2025-02 2025-06 2025-10 通信 沪深300 相关研究报告 《Meta、康宁、微软财报亮眼，重视 硅光 CPO、光纤、液冷投资机会—行 业周报》-2026.2.1 《超节点：光、液冷、供电、芯片的 全面升级—行业深度报告》-2026.1.28 《重视通信涨价方向：AI 云 IAAS 和 光纤 ...