10月30日，周三（10月29日），美股三大指数涨跌不一，道指标普高位回落，纳指再创历史新高。 截至收盘，道琼斯指数跌0.16%，报47632点；标普500指数跌0.3点，报6890.59点；盘中两只指数一度刷新高，但在美联储主席鲍威尔讲话后 明显回落。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 道現斯指数 | 47632.00 | | -74.37 -0.16% | | 标普500指数 | 6890.59 | -0.30 | -0.00% | | 纳斯达克综合指数 | ○ 23958.47 | +130.98 | 0.55% | 纳斯达克综合指数涨0.55%，报23958.47点，刷新了周二录得的收盘历史纪录，这也是该指数连续第四个交易日收于新高，盘中甚至一度涨 破24000关口。 北京时间周四凌晨02:00，美联储宣布将联邦基金利率目标区间下调25个基点到3.75%至4.00%之间，符合市场普遍预期，是该行年内第二次 降息。 但鲍威尔在新闻发布会上称，央行内部对于12月如何行动的看法存在很大分歧。他强调，12月降息"远未成定局"——这一表态重 ...

The Redmond, Wash.-based company earned an adjusted $4.13 a share on sales of $77.67 billion in the quarter ended Sept. 30. Analysts polled by FactSet had expected Microsoft to earn $3.67 a share on sales of $75.38 billion. On a year-over-year basis, Microsoft earnings rose 23% while sales increased 18%. The company's adjusted earnings exclude the impact of investments in OpenAI. Under generally accepted accounting principles, which include OpenAI, Microsoft earned $3.72 a share, up 13%, in fiscal Q1. BREAK ...

Core Insights - Microsoft reported a record revenue of $77.7 billion for the first quarter of its fiscal year, exceeding Wall Street expectations, with an 18% year-over-year growth [2][10] - The company highlighted a significant investment of $34.9 billion in infrastructure to meet the growing demand for AI and cloud services [4][12] - Despite strong revenue growth, Microsoft's stock fell over 3% in after-hours trading due to concerns about supply limitations in AI and cloud computing resources [2][11] Financial Performance - Revenue for the first quarter reached $77.7 billion, with operating income increasing by 24% to $38.0 billion [10] - Microsoft Cloud revenue was $49.1 billion, growing 26% year-over-year, driven by strong demand [11][12] - Commercial remaining performance obligation (RPO) grew over 50% to $392 billion, nearly doubling over the past two years [12] Investment and Infrastructure - The company invested a record $34.9 billion in capital expenditures on computing resources, including GPUs, CPUs, and datacenter infrastructure [4][12] - Microsoft plans to spend $30 billion in capital expenditures in the first quarter to expand capacity [4] Strategic Partnerships - Microsoft signed a new deal with OpenAI, acquiring a 27% stake in OpenAI's for-profit business, valued at approximately $135 billion [5][11] - The partnership with OpenAI is described as a game-changing development for the industry, although it had no impact on the current quarter's results as the deal was signed after the quarter ended [6][11] Product and Service Highlights - Azure and other cloud services revenue grew 39% in constant currency, indicating strong customer adoption of Microsoft's full stack of cloud infrastructure and AI solutions [12] - Microsoft 365 commercial cloud revenue increased by 17%, reflecting growth in average revenue per user (ARPU) and a 6% increase in subscriptions [12] - Consumer cloud revenue for Microsoft 365 rose by 26%, with subscriptions exceeding 90 million [12] Market Position and Outlook - The company is focused on capturing the accelerating demand for AI and cloud services, with plans to bring new products to market and expand capacity rapidly [5][15] - The earnings call is anticipated to provide further insights into the company's performance and future outlook [13]

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top and bottom line estimates. The conference call kicks off later to this hour. For more, let's bring in CNBC's Steve Kovac.Steve, >> yeah, on the surface here, you got beats across the board, Melissa, but you see the stock still down. EPS was a beat, revenue was a beat, and even Azure cloud growth was a big beat here, 40% compared to the 38.2% expected. But it's really unclear what's dragging the stock lower.Intelligent Cloud only beat by a tiny bit. Perhaps also a runup of the shares into earnings. They ...

Core Insights - Microsoft reported earnings that beat expectations across the board, including EPS and revenue, with Azure cloud growth at 40% compared to the expected 38.2% [1][2] - Despite strong earnings, the stock price declined, potentially due to valuation concerns and a lack of significant guidance during the earnings call [4][5] - The impact of OpenAI's stake resulted in a $3 billion negative effect on Microsoft's net income, raising concerns about future profitability [3] Financial Performance - Microsoft achieved a market cap of $4 trillion this week, indicating strong market confidence [2] - The Intelligent Cloud segment only slightly exceeded expectations, which may have contributed to the stock's decline [2] - The upcoming guidance on capital expenditure for the December quarter and AI demand is highly anticipated [3] Market Context - The stock market's recent performance has been driven more by liquidity than by earnings, suggesting that future earnings must align with high liquidity expectations [12][13] - Other tech stocks, such as Nvidia and AMD, are also experiencing fluctuations, indicating a broader trend in the tech sector [11][12] - The overall earnings growth in the market may shift towards a broader range of companies post-earnings season, as many companies are showing higher growth rates than the major tech firms [14]

Google's Performance and Market Position - Google's performance beat expectations across almost every metric, demonstrating impressive results [1] - Concerns about an existential threat to Google's core search business have diminished, and the gap with competitors like ChatGPT appears to be narrowing [5] - Google Cloud is gaining on AWS (Amazon Web Services), the number one market share holder, and Microsoft Azure, but cloud growth impacts gross margins [8] - Investors are realizing that Google is not cannibalizing its digital ad business as much as initially feared [9] AI and Competition - Microsoft's early lead in AI, following its partnership with OpenAI, seems to be changing, with Google gaining momentum [3] - Google's approach to AI with Gemini is different from Microsoft's strategy with OpenAI, which focuses on leveraging Azure for enterprise clients [6] - The initial launch of Bard, Gemini's predecessor, was considered a disaster, raising concerns about cannibalizing Google's ad business [7] Investment Perspective - Despite a significant run-up in the stock price, Google's valuation remains reasonable, especially considering its momentum and evolution [4] - Google's multiple is comparable to Meta's, but Google is considered to have better prospects [10]

Starbucks' Performance - Starbucks 第四季度净收入增长 96% 达到 96 亿美元，超过分析师预期 [2] - 全球同店销售额近两年来首次实现正增长 [2] - 调整后每股收益为 52 美分，低于预期 [3] - 北美交易额同比下降约 1%，好于市场预期 [4] - 国际交易额增长 6%，表现强劲 [5] - 中国同店销售额增长 2%，略低于预期的 22% [9][10] Chipotle's Performance - Chipotle 第三季度收入为 30 亿美元，低于分析师预期 [14] - 调整后每股收益为 29 美分，符合预期 [14] - 可比交易额下降约 1% [15] - 公司下调了全年预测，预计全年销售额将同比下降低个位数 [20] Microsoft's Performance - Microsoft 第一季度业绩超出华尔街预期 [25] - Azure 调整货币后的收入增长 39%，超过分析师预期的 37% [29] - 第一季度资本支出（包括租赁）为 349 亿美元，高于上一季度的 240 亿美元 [27] - Microsoft 将拥有 OpenAI 约 27% 的股份，价值约 1350 亿美元 [34] ETF Market Trends - ETF 市场正在经历快速增长，但共同基金仍然占据主导地位 [37] - SEC 可能会批准双重份额类别，允许投资者在共同基金和 ETF 之间无缝转移，且不产生税务影响 [37][38] - 预计 ETF 的数量和资产管理规模可能会翻倍 [43] - ETF 通常具有更低的成本、更高的流动性、透明度和税收效率 [44][45]

Core Insights - The Federal Reserve's recent remarks indicate that a rate cut in December is uncertain, leading to a negative reaction in the stock market [1] - Starbucks reported Q4 net revenue of $9.6 billion, exceeding analyst estimates, and achieved its first positive quarter of global same-store sales in nearly two years [2][3] - Chipotle's Q3 revenue was $3 billion, missing analyst expectations, with adjusted EPS at $0.29, which was in line with estimates [14][15] - Microsoft reported first-quarter results that surpassed Wall Street expectations, with Azure growth at 39% in constant currency, although some investors were disappointed by not reaching 40% [25][29] Starbucks - The company experienced a 1% year-over-year decline in US and North American transactions, which was better than market expectations [4] - International transaction growth was strong at 6%, particularly in previously weaker markets [5] - The company is facing competition from drive-through coffee chains and changing consumer behavior among lower and middle-income consumers [6][8] - Same-store sales in China rose by 2%, slightly below expectations [9][10] - Starbucks is focusing on recapturing its experience-focused customers and has initiated a multi-year transformation plan [12][13] Chipotle - The company reported a 1% decline in comparable transactions, reflecting challenges faced by fast-casual chains [15][17] - Chipotle has cut its full-year sales projection for the third time, now expecting low single-digit sales declines [20] - There are opportunities for growth in smaller markets and through menu innovation [22][23] Microsoft - The company has invested significantly in AI, which is contributing to its Azure growth, estimated to be in the low to mid-teens percentage of total Azure business [30][31] - Microsoft’s partnership with OpenAI is expected to enhance its growth trajectory, with rights to AGI until 2032 [34][36] - The market's reaction to Microsoft's results may be influenced by high expectations and valuation concerns [28][29] ETF Industry - The SEC is reviewing applications for dual share classes that would allow seamless transitions between mutual funds and ETFs, potentially accelerating ETF growth [37][40][42] - The ETF market is expected to double in size, with over 4,000 ETFs currently, which could increase to 8,000-10,000 [43] - ETFs are favored for their lower costs, intraday liquidity, transparency, and tax efficiency compared to mutual funds [44][46]

Service Disruption - Microsoft Azure 云服务和 365 服务出现大范围中断 [1] - 受影响的服务包括 Outlook、Teams、Xbox Live 和 Copilot [1]