Market Reactions - The CEO of Indonesia's stock market, Imam Rachman, resigned, leading to a 1.2% gain in Jakarta's benchmark index, which had previously been at all-time highs but fell 7.4% on Wednesday and 1.1% on Thursday due to MSCI's warning about market risks [1][14] - The Hang Seng index in Hong Kong dropped 1.8% to 27,455.13, while the Shanghai Composite index slipped 0.9% to 4,122.61 [1][14] - Tokyo's Nikkei 225 fell 0.1% to 53,322.85, with declines in artificial intelligence-related stocks, including a 4.5% drop for Advantest and a 1.7% drop for Disco Corp [4][14] - South Korea's Kospi edged up 0.1% to 5,224.36 after initial talks with U.S. Commerce Secretary Howard Lutnick did not yield an agreement [4][14] U.S. Stock Market Performance - U.S. stocks experienced modest movements, with the S&P 500 slipping 0.1% after reaching record highs earlier in the day and dropping by as much as 1.5% [5][14] - Microsoft saw a significant decline of 10%, marking its worst day since the COVID crash in 2020, despite reporting stronger-than-expected profits and revenue [5][14] - Tesla's stock fell 3.5%, delivering a profit that exceeded analyst expectations but was lower than the previous year [6][14] Precious Metals and Currency Trends - Gold prices decreased by 2.8% to $5,205 per ounce after briefly reaching near $5,600, having nearly doubled over the last 12 months [7][14] - Silver prices declined 4.1% to nearly $110.41, following a significant upward trend [7][14] - The U.S. dollar traded at 153.85 Japanese yen, up from 152.97 yen, while the euro slipped to $1.1921 from $1.1967 [9][14] Oil Market Dynamics - Oil prices fell after a previous increase of over 3% due to concerns about U.S.-Iran tensions affecting crude flow [10][14] - U.S. benchmark crude oil lost $1.07 to $64.35 per barrel, while Brent crude dropped $1.10 to $68.49 per barrel [11][14]

Group 1: Precious Metals - Gold and silver experienced significant declines, with silver dropping by 8% and gold falling below $5,200 per ounce [1] Group 2: Stock Market - U.S. tech stocks faced a sharp decline, with Microsoft experiencing an unprecedented drop of over 10% in a single day, potentially marking the largest daily decline since March 16, 2020 [4] - The Nasdaq index fell by more than 2% [4] - Major tech companies such as Salesforce, Oracle, and Tesla also saw declines of 8.33%, 5.73%, and 3.63% respectively [6] Group 3: Market Sentiment and Future Outlook - The market is questioning the sustainability of AI spending by major tech firms, which has driven stock prices higher over the past three years [7] - Microsoft reported a slowdown in cloud business growth for Q2 of fiscal year 2026 and provided a weak guidance for operating profit margins for Q3 [7] - Bitcoin fell below $86,000, marking its lowest point in about six weeks amid a broader risk asset pullback [7]

国际贵金属期货深夜巨震，黄金白银盘中跳水，一度回吐全部涨幅，最终普遍收涨，COMEX黄金、COMEX白银均涨超1%。截至北京时间1月30日7:00， 黄金白银延续涨势。 昨天深夜，黄金、白银闪崩：现货白银一度暴跌8%，现货黄金跌破5200美元/盎司关口。 股市方面，美东时间周四，美股三大指数收盘涨跌不一，科技股走势分化，Meta大涨10%，微软重挫10%；中概在线教育股多数上涨，好未来涨超18%； 黄金白银深夜巨震，盘中跳水一度回吐所有涨幅，而后探底回升；加密货币全线重挫，超22万人被爆仓。 具体来看，大型科技股走势分化，英伟达涨0.52%，走出三连阳；谷歌涨0.71%，收于历史新高；Meta涨近10%，2025Q4业绩超预期。 下跌方面，微软跌超10%，2026财年Q2云业务增速放缓，资本支出创新高。特斯拉跌超3%，其全年营收首次出现下滑。 微软的暴跌重创软件板块，季度盈利和营收均好于预期的ServiceNow跌近10%，甲骨文跌2.19%，德国软件商SAP跌超15%。 盘后，苹果发布最新财报，2026财年第一季度公司核心财务指标均创历史新高，其盘后股价一度涨超3%。 存储概念股整体走高，SanDisk（闪 ...

Core Viewpoint - Microsoft Corp. experienced a significant drop in share prices, attributed to profit-taking and concerns over heavy spending and exposure to OpenAI [1] Financial Performance - In the second quarter ending December 31, 2025, Microsoft reported a net income increase of 59.5% to $38.46 billion from $24.1 billion year-on-year [2] - Revenues grew by 17% to $81.3 billion from $69.6 billion in the same period last year [2] - Cloud revenues surged by 26% to $51.5 billion [2] Capital Expenditures and Backlog - Capital expenditures rose significantly by 66% to $37.5 billion, raising concerns among analysts [3] - OpenAI constitutes 45% of Microsoft's backlog, leading to questions about the financial viability of achieving projected goals [4] Analyst Concerns - Jefferies analyst Brent Thill expressed concerns regarding Microsoft's exposure to OpenAI and the implications of its backlog on financial performance [4]

Core Viewpoint - Microsoft Corp. experienced a significant selloff, resulting in a loss of $357 billion in market value, marking the second-largest single-day valuation drop in stock market history [1][2]. Group 1: Market Impact - The stock closed down 10%, the largest decline since March 2020, following disappointing earnings that highlighted record spending on artificial intelligence while growth in its cloud unit slowed [1][4]. - This selloff is notable as it surpassed the market capitalizations of over 90% of S&P 500 Index members, indicating a substantial impact on the market [2]. Group 2: Industry Reaction - Other tech giants, including Alphabet Inc. and Nvidia, also faced significant losses, with each shedding more than $100 billion at one point during the selloff [3]. - Alphabet shares managed to recover slightly, closing up 0.7%, while Amazon's shares settled down 0.5% [3]. Group 3: Financial Performance - Microsoft reported a 66% increase in capital expenditures in the most recent quarter, reaching a record $37.5 billion, but the growth of its Azure cloud-computing unit showed signs of slowing [4]. - Analysts express skepticism regarding the return on investment from Microsoft's substantial AI spending, suggesting a need for reevaluation of the company's stock price to align with its historical fair value [5]. Group 4: Historical Context - The recent selloff is among the worst in Microsoft's history, comparable to significant market declines during events such as Black Monday in 1987 and the dot-com bubble [6].

Group 1 - The core point of the article is that Nvidia, Microsoft, and Amazon are negotiating to invest up to $60 billion in OpenAI, which would be the largest single funding round in the AI sector to date [1][4] Group 2 - Nvidia plans to lead the investment with $30 billion, as it is a key chip supplier for OpenAI, providing GPUs for training models like ChatGPT [4] - Microsoft, as OpenAI's largest strategic partner and cloud service provider, intends to invest less than $10 billion, continuing its support since 2019 while avoiding excessive dilution of its equity [4] - Amazon is looking to invest over $10 billion, potentially exceeding $20 billion, marking its first direct investment in OpenAI, which is seen as a strategic move to strengthen its AI ecosystem against Microsoft Azure [4] Group 3 - The funding round is perceived as a response to competitive pressures, especially after Anthropic raised $7.3 billion and other tech giants like Google and Meta accelerated their AI investments [4] - OpenAI's CEO Sam Altman has indicated that future funding needs could reach trillions of dollars to achieve the goal of Artificial General Intelligence (AGI), making this financing round just the first step in a long-term plan [4]

Core Viewpoint - Microsoft recently faced significant backlash due to a cumulative update (KB5074109) for Windows 11 that introduced multiple severe bugs, affecting user experience and system functionality [1][2][3]. Group 1: Bugs and Issues - Users reported being unable to boot their systems, experiencing a "black screen" issue that prevents access to the operating system, with some encountering the error code "UNMOUNTABLE_BOOT_VOLUME" [3][5]. - Another critical issue is the inability to shut down systems, as the update interferes with the virtualization context cleanup process, causing systems to revert to a startup state instead of shutting down [6]. - The update also led to performance issues with applications like Outlook, where users experienced freezing and significant drops in performance due to conflicts between the new patch and graphics drivers [9][10]. Group 2: User Reactions and Alternatives - Many users expressed frustration over the repeated occurrence of such issues with Windows updates, leading to calls for a transition to Linux as a more stable alternative [12][15]. - Linux has seen improvements in gaming compatibility and can meet the needs of most office users, although it still lacks support for certain professional software like Adobe products [14][15]. - The ongoing issues with Windows updates have raised concerns about Microsoft's ability to maintain system stability, prompting users to consider dual-booting with Linux as a viable option [15].

28 January 2026 | 11:02PM EST Equity Research Microsoft Corp. (MSFT) Trading off short-term Azure growth ultimately drives more strategic AI positioning long term MSFT 12m Price Target: $600.00 Price: $481.63 Upside: 24.6% Selina Zhang +1(212)357-9979 | selina.zhang@gs.com Goldman Sachs & Co. LLC Key Data _____________________________________ Market cap: $3.6tr Enterprise value: $3.5tr 3m ADTV: $12.3bn United States Americas Software M&A Rank: 3 | GS Forecast __________________________________ | | | | | | - ...

Core Insights - Microsoft's commercial remaining performance obligations (RPOs) surged to $625 billion, reflecting a 110% year-over-year increase, indicating strong demand for AI-driven cloud computing services [4][6] - The significant growth in RPOs is a positive signal for investors, as it suggests a robust pipeline of contracted demand, although it does not guarantee immediate revenue recognition [2][10] Group 1: Commercial RPOs Growth - The commercial RPOs represent the dollar value of contracted work not yet recognized as revenue, serving as a key indicator of demand for Microsoft's services [3] - The year-over-year increase in RPOs is more than double the previous quarter's growth rate of 51%, highlighting an acceleration in backlog growth [4] - The portion of RPOs expected to be recognized in the next 12 months grew only 39% year over year, with only 25% of total RPOs anticipated to be recognized in that timeframe [6] Group 2: Customer Concentration and Risks - A significant 45% of Microsoft's commercial backlog is attributed to a single customer, OpenAI, which introduces customer concentration risk [7] - Excluding OpenAI, the growth rate of commercial RPOs is much slower at 28% year over year, indicating potential vulnerabilities in the backlog [7] Group 3: Revenue Growth and Capital Expenditures - Despite the increase in RPOs, Microsoft's Azure and other cloud services revenue growth decelerated to 38% year over year in fiscal Q2, down from 39% in the previous quarter [8] - The company reported capital expenditures of $37.5 billion in fiscal Q2, a 66% increase year over year, raising concerns about the sustainability of its growth strategy [9] Group 4: Financial Performance - Microsoft achieved a revenue growth of 17% year over year in fiscal Q2, with non-GAAP earnings per share rising 24% year over year, showcasing strong financial performance [12] - The current price-to-earnings ratio of approximately 27 suggests that Microsoft stock remains attractive based on recent results and reasonable valuation [13]

OpenAI’s largest suppliers may soon become its biggest backers. Amazon, Microsoft, and Nvidia are in talks to invest in the ChatGPT developer as it prepares for a potential fourth-quarter IPO, according to reports. Earlier reports said Amazon was in talks to invest up to $50 billion in OpenAI, according to the Wall Street Journal. The move would make Amazon one of OpenAI’s largest backers. Additional reporting by The Information said the fundraising effort could expand to include Microsoft and Nvidia, w ...