北京时间2月5日晚，美股三大指数低开，截至发稿前，道指下跌0.43%，纳指下跌0.52%，标普500指数下跌0.50%。 现货黄金、白银下跌，截至发稿，现货黄金下跌3.18%，现货白银下跌15%。 | | 伦敦金现 00 AUUSDO 责 | | | --- | --- | --- | | 4851.800 | 5020.070 昨收 4783.150 买价 | 5010. 4851.1 | | -159.130 -3.18% 开 | 5011.070 卖价 | 4853.4 | | 同花顺黄金 2 | 银行金价 1089.05 -1.94% | | | 相当 ETE の | TIn L 塩 S ETE - Z 160/ / | | | 布伦特原油主连， | | | | | --- | --- | --- | --- | | BRNOW 外期 延時 | | | | | 68.95 振幅 67.67 | 回应 | 2.51% 量 19.05 | | | 67.21 昨结 | ਜ਼ਿੰ | 69.46 持仓 60.78 | | | -1.79 -2.58% 开 68.52 今结 | | 日増 +85 | | | ...

Core Insights - Major cloud providers are significantly increasing their investments in AI infrastructure, with combined capital expenditures projected to rise from approximately $150 billion in 2022 to over $360 billion by 2025, while their average return on invested capital (ROIC) has improved by over 900 basis points during the same period [1] - The infrastructure investments have not negatively impacted profitability; instead, they have coincided with improved returns, driven by full utilization of new compute infrastructure and strong cloud revenue from enterprise customers [1] - AI infrastructure is enhancing internal operations, with companies like Meta reporting billions in incremental revenue from AI-driven ad targeting and placement [1] AI Spending and Fund Access - The Alger 35 ETF (ATFV) offers investors exposure to the efficiency trends in AI infrastructure, holding positions in key companies such as Nvidia, Microsoft, and Alphabet [1] - The fund targets approximately 35 U.S. companies identified through fundamental research as having promising growth potential, focusing on highly disrupted market segments [1] - ATFV achieved a return of 37.46% in 2025, outperforming the S&P 500 Index, and was recognized as one of the top-performing stock ETFs of the year by Morningstar [1]

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].