大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【字节跳动、阿里巴巴将于春节前后推出新的人工智能模型】 中国科技巨头字节跳动与阿里巴巴集团正准备在即将到来的农历新年期间推出新一代人工智能模型，这一举动 标志着双方在争夺中国AI领先地位及未来云市场主导权的战役中进入白热化阶段。 据知情人士向媒体透露，字节跳动计划于下月发布三款新模型，涵盖大语言模型、图像生成及视频生成领域， 旨在利用其快速增长的云服务业务挑战阿里巴巴的市场地位。这一发布时间点选在2月中旬的春节假期，意在 利用假期这一关键的用户流量窗口。 阿里巴巴亦不甘示弱，据知情人士向媒体称，其将在同一时期推出旗舰模型Qwen 3.5，该模型据称具备强大的 数学和编码能力。此外，阿里计划对其面向消费者的Qwen AI应用进行大规模假日营销推广，意图正面挑战目 前用户量最大的豆包聊天机器人。此次交锋正值DeepSeek等竞争对手也计划发布新模型的时刻，凸显了中国 科技企业争夺用户注意力和构建AI超级应用的紧迫性。 这场竞争不仅关乎谁能打造出中国最受欢迎的AI消费级应用，更将决定未来数年的中国AI云市场的格局归 属 ...

Market Overview - Major indexes closed off session lows, with the Dow up +55 points (+0.11%) and the S&P 500 down -0.13%. The Nasdaq fell -172 points (-0.72%) before recovering somewhat [1] Microsoft (MSFT) - Microsoft experienced a significant sell-off due to higher-than-anticipated AI spending and OpenAI exposure, resulting in a market cap loss of -$430 billion in one day. Despite beating earnings expectations for fiscal Q2, the outlook on AI spending appears riskier [2][8] Meta Platforms (META) - In contrast to Microsoft, Meta Platforms saw a +10.4% increase in stock price, benefiting from its AI investments in advertising and marketing, which are yielding gains in the social media space [3] Apple (AAPL) - Apple outperformed expectations in its fiscal Q3 report, with earnings of $2.84 per share surpassing the $2.65 consensus. Revenues reached $143.76 billion, exceeding expectations and showing a +16% year-over-year increase. iPhone sales rose +23% year-over-year to $85.27 billion, driven by a +38% surge in China sales [4][5] Visa (V) - Visa reported earnings of $3.17 per share, beating estimates by three cents, with revenues of $10.9 billion, a +15% increase from the previous year. However, concerns about future growth arise from proposed caps on credit card rates [6] SanDisk (SNDK) - SanDisk posted a remarkable earnings beat of $6.20 per share compared to the anticipated $3.54, with revenues of $3.03 billion. The company provided optimistic next-quarter earnings guidance of $12-14 per share, significantly higher than the Zacks consensus of $5.36. SanDisk's Data Center business saw a +64% growth quarter over quarter [7]

Core Viewpoint - Microsoft shares have fallen over 11% due to concerns about capital expenditure (capex) plans, despite exceeding second-quarter earnings estimates [1][36] Group 1: Capital Expenditure and Investor Sentiment - Microsoft’s capex for Q2 reached nearly $38 billion, exceeding street expectations, which has spooked investors [58] - The company is facing capacity constraints and has indicated that Azure revenue could have been significantly higher without these constraints [5][12] - In contrast, Meta's capex plans were initially met with skepticism but have since been positively received following strong quarterly results [2][3] Group 2: Azure Performance and Growth Metrics - Azure's revenue grew by 38% in constant currency, adding approximately $9 billion in annual recurring revenue (ARR) sequentially, which was a broad-based beat across the portfolio [6][58] - Microsoft has 15 million subscriptions for its M365 co-pilot, which is a relatively small number compared to its overall user base [38][60] - Microsoft Fabric has reached $2 billion in ARR, reflecting a 60% increase since its launch less than two years ago, indicating strong growth potential [15] Group 3: AI Demand and Strategic Positioning - There is unprecedented demand for AI, driven by both model providers and enterprise adoption, which Microsoft is strategically positioned to capitalize on [13][20] - OpenAI contributes significantly to Microsoft’s commercial backlog, representing 45% of the remaining performance obligations (RPO), which is seen as a strength rather than a liability [18][19] - Microsoft’s products are designed to be model-agnostic, allowing flexibility in utilizing various AI technologies, which mitigates dependency on any single provider [20] Group 4: Market Dynamics and Future Outlook - The market is currently skeptical about the ability of software companies to navigate the evolving landscape of AI and LLMs, leading to pressure on companies like Salesforce and Microsoft [21][25] - Accelerating growth and demonstrating proof points around AI adoption are critical for companies to regain investor confidence [29][30] - The current market pullback is viewed as a potential buying opportunity for quality names like Microsoft, as long-term growth prospects remain strong [27][33]

Federal Reserve - The Federal Reserve decided to maintain the federal funds rate target range at 3.50% to 3.75%, marking the first pause after three consecutive rate cuts since September 2025 [2] - The Fed's statement revealed internal divisions, with some members advocating for continued rate cuts, while the overall economic indicators suggest a steady expansion [2][3] - The current economic situation indicates a slowdown in growth, but the demand for rate cuts is not urgent, allowing the Fed to adopt a wait-and-see approach [2] SoftBank and OpenAI - SoftBank is negotiating to invest up to $30 billion in OpenAI, which would significantly increase its stake in the company [4] - This potential investment is part of OpenAI's goal to raise up to $100 billion, potentially valuing the company at $830 billion [4] - SoftBank's aggressive investment strategy in AI, despite risks to its credit rating, reflects a strong commitment to becoming a leader in the AI sector [4][5] Tencent and Alibaba - Tencent Cloud and Alibaba Cloud have launched Clawdbot, a cloud-based AI assistant, which allows users to automate repetitive tasks easily [6] - Clawdbot, now renamed Moltbot due to trademark issues, has gained attention for its user-friendly deployment and ability to handle various tasks [6][7] - The introduction of Moltbot highlights the growing competition in the AI application space, as companies seek to capture user engagement [7] Alibaba's AI Chip - Alibaba has officially announced its self-developed AI chip, "Zhenwu 810E," which features advanced specifications and aims to enhance its AI capabilities [8] - The chip's development is part of Alibaba's broader strategy to integrate AI models, cloud services, and chip technology, enhancing its competitive edge [8][9] - The emergence of domestic chip design companies like Alibaba and Baidu is crucial for reducing reliance on foreign technology and fostering the growth of China's AI industry [9] Samsung's Financial Performance - Samsung Electronics reported a record profit in Q4 2025, with a 209.2% year-on-year increase in operating profit, driven by its semiconductor division [10] - The demand for high-performance memory chips, particularly HBM, has surged due to the AI boom, contributing to Samsung's strong financial results [10][11] - Despite challenges in its consumer electronics division, Samsung's semiconductor business remains a key growth driver [11] Meta's Revenue Growth - Meta's Q4 2025 revenue grew by 24% year-on-year, surpassing market expectations, largely due to AI-driven improvements in its advertising business [12] - The company plans to increase capital expenditures significantly to support its AI initiatives, indicating a strong focus on technology development [12][13] - Meta's advertising revenue is expected to benefit from new AI models and the commercialization of its platforms, although the sustainability of these gains remains to be seen [13] Microsoft's Financial Results - Microsoft reported a 17% year-on-year revenue increase in Q4 2025, with significant growth in its cloud services, although the growth rate has started to slow [14] - The company is heavily investing in AI, integrating these capabilities into its products, which is expected to drive future revenue growth [14][15] - However, the effectiveness of these investments in enhancing productivity and sustaining revenue growth is a key concern for the market [15]

Group 1 - OpenAI is working towards an IPO in the fourth quarter and has engaged with Wall Street banks for informal discussions regarding the IPO [2] - Nvidia, Microsoft, and Amazon are in talks to invest up to $60 billion in OpenAI as part of a new funding round, which is part of a total financing round of up to $100 billion [2] - Ant Group has acquired a stake in AI model technology developer Xihu Xincheng, which focuses on AI service innovation and application [2] Group 2 - Mogu IoT's Lingzhi AI model has completed the National Cyberspace Administration's filing, becoming a benchmark AI product in the industrial public utility energy sector [2]

Group 1 - Nvidia, Microsoft, and Amazon are discussing a potential investment of up to $60 billion in OpenAI as part of a larger funding round that could total $100 billion [1] - Nvidia is negotiating to invest up to $30 billion, while Microsoft plans to invest less than $10 billion, and Amazon's investment could exceed $10 billion, potentially reaching $20 billion [1] Group 2 - ByteDance has initiated the official version of the Doubao mobile assistant project, with a new device expected to be released in late Q2 2026 [3] - ByteDance and Alibaba are both preparing to launch new AI models around mid-February, with ByteDance planning three new models including a large language model, an image generation model, and a video generation model [3] - Tesla CEO Elon Musk announced the company will cease production of the Model S and Model X, transitioning the production line to focus on autonomous driving technology [3] Group 3 - Tesla's electric vehicle production reached approximately 1.655 million units in 2025, with a record delivery of 1.636 million units, and the Model Y was the best-selling SUV in multiple markets [12] - The Shanghai Gigafactory delivered 851,000 electric vehicles, accounting for over half of Tesla's global deliveries [12] Group 4 - Sony and Singapore's GIC are investing between $2 billion and $3 billion to build a music copyright library through a joint venture [6] - Mirxes completed a placement of 21.88 million shares, raising approximately HKD 711 million, with a share price premium of nearly 40% compared to its listing price [8]

金价、银价高位巨震。 当地时间1月29日，美股三大指数涨跌不一，纳斯达克指数跌0.72%，标普500指数跌0.13%，道琼斯指数涨 0.11%，大型科技股涨跌互现，纳斯达克中国金龙指数涨0.35%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 句 | | --- | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 49071.56c | 55.96 | 0.11% | | | IXIC | 纳斯达克指数 | 23685.12c | -172.33 | -0.72% | | | SPX | 标普500 | 6969.01c | -9.02 | -0.13% | | 黄金、白银价格出现急涨急跌的震荡。伦敦金现盘中一度从每盎司5500美元以上跳水至5100美元附近，当日振 幅近9%，随后又迅速反弹至每盎司5300美元以上。白银同样坐了趟"过山车"。 微软创六年以来最大单日跌幅 当地时间周四，微软股价下跌9.99%，报433.5美元，创下2020年3月以来最大单日跌幅。盘中微软股价一度下跌 超12%，市值一度蒸发约4300亿美元，已经超越了越南和芬兰等国家的 ...

微软公司在28日盘后发布的数据显示，该公司在2025年第四季度营业收入和每股盈利超出预期，但由于该季度云服务业务增长放缓并预期2026年一季度经 营利润率表现疲软，微软公司股价29日大幅下跌9.99%，并打压市场人气。 美国Sage顾问服务公司负责研究的执行董事罗伯•威廉姆斯（Rob Williams）表示，人工智能已经变得像一把双刃剑。人工智能对增长和支出带来贡献，并 让估值处于当前的水平。现在，这方面有更多的疑问，因而正变得更难继续带来利好。 转自：新华财经 新华财经纽约1月29日电（记者刘亚南）由于微软等权重科技股大幅下跌拖累，纽约股市三大股指29日低开低走，早盘显著走低，随后跌幅收窄，尾盘有 所拉升，收盘时纽约股市三大股指涨跌不一。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨55.96点，收于49071.56点，涨幅为0.11%；标准普尔500种股票指数下跌9.02点，收于6969.01点， 跌幅为0.13%；纳斯达克综合指数下跌172.33点，收于23685.12点，跌幅为0.72%。 板块方面，标普500指数十一大板块七涨四跌。通信服务板块和房地产板块分别以2.92%和1.42%的涨幅领涨， ...

AI startup Perplexity signed a $750 million deal with Microsoft Corp. to use its Azure cloud service, spreading its business beyond longtime cloud partner Amazon.com Inc.The three-year commitment will let Perplexity deploy AI models through Microsoft’s Foundry service, including those made by OpenAI, Anthropic and xAI, according to people familiar with the deal, who requested anonymity to discuss a private matter.“We are excited to partner with Microsoft for access to frontier models from X, OpenAI and Ant ...

Group 1 - The core viewpoint of the article emphasizes that the China Railway Group has declared the 12306 platform as the only official ticket sales channel, stating that it has not partnered with any third-party platforms and will enhance its system to combat ticket scalping [2][3] - The China Railway Group's passenger department director, Zhu Wenzhong, highlighted the negative impact of third-party platforms on the stability of the 12306 system and announced plans to optimize the risk control system for effective identification [3] - The railway authority is focusing on four key areas for ticket sales organization: addressing the needs of students, workers, and the elderly; introducing a limited-time free refund policy for erroneous purchases; continuously improving ticket sales strategies; and ensuring the stable operation of the 12306 system [5] Group 2 - The article mentions that the 2026 Spring Festival travel period is expected to see a record 9.5 billion person-times of cross-regional movement, with self-driving travel being the main mode of transport, accounting for about 80% [6] - The article also notes that the total passenger volume for railways and civil aviation is projected to reach 540 million and 95 million respectively during the Spring Festival travel period, with both figures expected to exceed historical peaks [6]