周四（1月29日），微软暴跌拖累美股早盘走低，但三大指数盘中持续缩小跌幅，最终道指收盘转涨。 截至收盘，标普500指数跌0.13%，报6969.01点；纳斯达克综合指数跌0.72%，报23685.12点。盘中，两只指数分别一度跌1.5%和 2.6%。 | 名称 | | 局新价 | 淵味顏 | 涨跌幅 | | --- | --- | --- | --- | --- | | 道現期指数 | 0 | 49071.56 | +55.96 | 0.11% | | 标普500指数 | | 6969.01 | -9.02 | -0.13% | | 纳斯达克综合指数 | | 23685.12 | -172.33 | -0.72% | 道琼斯指数涨0.11%，报49071.56点，盘中一度跌0.85%。30只成分股中，22家上涨8家下跌，IBM、霍尼韦尔涨近5%，弥补了微软跌约 10%的拖累。 前一交易日，微软发布的业绩报告显示，公司云业务增速从40%放缓至39%；毛利率约为68%，降至三年来最低。微软周四收跌9.99%， 盘中一度跌逾12%。 "但现在，人们对它提出了更多疑问，它越来越难以持续带来利好消息。"Williams ...

Group 1 - The State Council issued a work plan to optimize and expand service supply, aiming to enhance service consumption and support high-quality economic development [2] - The work plan focuses on key areas such as transportation services, housekeeping services, and inbound consumption, emphasizing innovation and talent development [2] - The commercial aerospace industry is being prioritized, with plans to develop new fields like space resource development and space tourism during the 14th Five-Year Plan [3] Group 2 - Shanghai aims to become a national hub for the commercial aerospace industry, targeting an industry scale of approximately 100 billion yuan by 2027 [4] - The Beijing humanoid robot innovation center has launched a testing platform, capable of producing 5,000 humanoid robots annually [4] - The Kunshan AI industry fund has been established with a total scale of 5 billion yuan, focusing on AI core hardware and infrastructure [5] Group 3 - The market is experiencing mixed performance, with major U.S. indices showing slight fluctuations [6] - Microsoft shares dropped 10%, marking the largest single-day decline since March 2020, due to concerns over high AI capital expenditures [8] - Gold prices reached a record high of $5,594.82 per ounce before settling at $5,389.19, with a monthly increase of approximately 24% [9]

据最新消息，英伟达、微软、亚马逊正在洽谈向OpenAI投资高达600亿美元，作为OpenAI新一轮1000亿 美元重大融资的一部分。1月28日还有消息称，软银正洽谈向OpenAI追加至多300亿美元投资。 据《The Information》报道，英伟达、亚马逊和微软正在就向OpenAI投资至多600亿美元展开磋商，此 举可能成为人工智能领域迄今规模最大的融资轮之一。当前，在生成式人工智能竞争日趋激烈之际， OpenAI拟持续扩大其计算需求与长期研究能力，因此促成了这一谈判。 马斯克旗下人工智能公司xAI，也有最新动向。特斯拉当地时间周三（1月28日）宣布，将向xAI投资20 亿美元，并表示其 Cybercab无人出租车的生产计划正按计划于今年实现。今年1月6日，xAI宣布完成E 轮200亿美元融资，整体估值达到2300亿美元，较去年春季时的估值翻了一番。 OpenAI拟融资近1000亿美元 OpenAI的上述融资谈判，发生在整个人工智能行业投资激增的背景下，各公司纷纷筹集巨额资金用于 建设基础设施、延揽人才和推动产品开发。 当地时间周三，特斯拉宣布，将向其CEO埃隆·马斯克的人工智能公司xAI投资20亿美元 ...

来源丨新华社 编辑丨曾静娇 黄金白银深夜跳水反弹，Meta涨10%，微软跌10%，好未来飙升18%，加密货币超22万人被爆仓 中国投资者去年买走全球近十分之一黄金 SFC 21君荐读 美国总统特朗普29日签署行政令，宣布国家紧急状态，威胁对向古巴提供石油的国家输美商品 加征从价关税。 ...

格隆汇1月30日｜微软公司股价周四遭遇抛售，跌近10%报433.5美元，市值大减3570亿美元，单日缩水 金额在股市史上高居第二。财报显示，微软人工智能(AI)支出创纪录，而核心的云业务部门增长放缓。 历史上唯一一次市值单日缩水金额比这更大的，是英伟达去年在DeepSeek推出低成本AI模型后创下的 5930亿美元纪录。数据显示，微软市值变动金额超过了逾90%的标普500指数成分股的市值本身。其他 一些科技股也感受到了这股寒气。Alphabet和英伟达市值周四均一度蒸发超过1000亿美元。 ...

Core Viewpoint - Microsoft reported a significant capital expenditure of $37.5 billion in a single quarter, which exceeded market expectations, but this did not lead to a notable acceleration in cloud business growth. The company is prioritizing the allocation of new computing power to self-developed AI products and internal research rather than solely focusing on revenue-generating Azure cloud services, leading to market concerns about short-term capital efficiency and return visibility [1][6]. Financial Performance - In Q2 of FY2026, Microsoft achieved revenue of $81 billion, a year-on-year increase of 17%, surpassing market expectations by 1%. Non-GAAP EPS was $4.41, up 23% year-on-year, exceeding market expectations by 5%. Azure cloud business grew by 38% at constant currency, slightly above Wall Street's forecast of 37% [3][5]. Capital Expenditure Concerns - Investors expressed concerns over Microsoft's rising capital expenditures, which reached $37.5 billion in the quarter, 9% higher than market expectations. The market anticipated that such a substantial investment would lead to a significant acceleration in Azure's growth rate, which did not materialize immediately [6][7]. Strategic Allocation of Resources - Goldman Sachs noted that Microsoft's strategy involves sacrificing short-term Azure revenue growth to prioritize computing power for first-party applications (like Copilot) and internal R&D projects. This strategic choice is expected to drive more meaningful AI positioning and better returns in the medium term [6][7]. Azure Capacity Constraints - Microsoft management indicated that Azure is currently facing capacity limitations rather than a lack of demand. Goldman Sachs emphasized that the guidance for Azure growth of 37%-38% in Q3 should be viewed as a reflection of capacity allocation rather than pure demand. If capacity had not been directed towards first-party applications and internal R&D, Azure's revenue growth rate could have exceeded 40% [8]. Copilot Commercialization - The commercialization path for Copilot is becoming clearer, with adoption and usage accelerating. The number of paid seats for M365 Copilot increased by 160% year-on-year, reaching 15 million. Goldman Sachs believes that Copilot will have a better customer lifetime value to customer acquisition cost ratio compared to Azure, due to its higher gross margins and customer stickiness [9]. Valuation Adjustments - Based on the limited visibility regarding the timeline for capital expenditures to translate into revenue growth, Goldman Sachs adjusted Microsoft's valuation model, lowering the target P/E ratio from 32x to 28x, resulting in a target price reduction to $600. Key downside risks include lower-than-expected revenue contributions from the OpenAI partnership, prolonged ramp-up times for internal chip production, and potential negative impacts from significant leadership changes [10].

微软公司股价周四遭遇抛售，市值大减3570亿美元，单日缩水金额在股市史上高居第二。 受周三盘后公布的财报影响，这家软件巨头收盘下跌10%，创2020年3月以来最大跌幅。财报显示，微 软人工智能（AI）支出创纪录，而核心的云业务部门增长放缓。 | | | Microsoft Losses Second-Most by Stock on Record | | | --- | --- | --- | --- | | Rank | Firm | One-day market cap losss | Date | | 1 | Nvidia | $ 592.7B | 1/27/2025 | | 2 | Microsoft | -357.4 | 1/29/2026 | | 3 | Apple | -311.0 | 4/3/2025 | | 4 | Nvidia | -278.9 | 9/3/2024 | | 5 | Nvidia | -271.6 | 2/27/2025 | | 6 | Nvidia | -265.0 | 3/3/2025 | | 7 | Meta | -251.3 | 2/3/2022 | | 8 | N ...

Core Insights - The key takeaway from the post-earnings reactions of Microsoft and Meta Platforms is that investors should not abandon hyperscalers based on a single quarter's performance [1] Group 1: Microsoft - Microsoft shares fell nearly 10% due to concerns over slowing cloud growth and a weak response regarding AI spending [2] - The market's reaction to Microsoft highlights the volatility in investor sentiment, which can change significantly from quarter to quarter [4] Group 2: Meta Platforms - Meta's stock rose approximately 10% as its AI investments were seen to accelerate revenue growth, alleviating concerns about high spending [2] - Meta's advertising business constituted 97% of its overall revenue for the quarter, showcasing its strong market position [3] - Despite the positive outlook for Meta, previous earnings reports have shown that the market can quickly shift, as seen when Meta's stock tumbled in October due to AI spending concerns [4] Group 3: Alphabet - Alphabet's stock has experienced a turnaround, with positive news regarding its AI technology, particularly the Gemini large language models, boosting investor confidence [5] - The market's perception of Alphabet has shifted from concern over competition from OpenAI to optimism about its AI capabilities [5] - Expectations are high for Alphabet's upcoming earnings report, with predictions that it will be recognized as a winner in AI search [6] Group 4: Nvidia - Nvidia is positioned strongly in the AI chip market, maintaining a significant market share that is difficult for competitors to challenge [6] - The company is viewed as a leader in the AI space, with a stable market position compared to other tech giants [6]

隔夜微软股价大跌10%，市值蒸发3577亿美元，成为有记录以来第二大的单日市值损失。这一消息重新 点燃了市场对硅谷在AI基础设施上巨额投资的担忧情绪，并拖累华尔街整体走低。特斯拉跌超3%，甲 骨文跌超2%，Meta涨超10%，IBM涨超5%。 本文源自：金融界AI电报 ...

2026.01.30 本文字数：2057，阅读时长大约3分钟 作者 |第一财经 胡弋杰 当地时间1月29日，美股主要股指涨跌互现。微软在公布季度财报后大幅下挫，拖累纳指和标普500指数 走低，与此同时，中东地缘政治紧张局势升温，推动国际油价跳涨。避险需求也一度推动金价盘中短暂 冲高至每盎司5500美元上方，但随后交易员集中获利了结，价格迅速回落。 截至当天收盘，道琼斯工业平均指数上涨55.96点，报49071.56点；标普500指数下跌9.02点，报6969.01 点；纳斯达克综合指数下跌172.33点，报23685.12点。 苹果当季综合毛利率升至48.2%，较上年同期提高1.3个百分点；研发支出108.87亿美元，同比增长 31.7%。经营活动产生的现金流为539.25亿美元，同比大增79.9%。公司当季用于股票回购的资金为 247.01亿美元，并支付39.21亿美元股息，合计向股东返还近320亿美元。董事会同时宣布派发每股0.26 美元现金股息，股息支付日为2026年2月12日。 截至2025年12月27日，苹果持有的现金及现金等价物为453.17亿美元，较上一财季增长26.1%；总负债 为2911.0 ...