该行将特斯拉目标价由425美元下调至415美元，反映2026及27年经调整EBITDA预测分别下调5%及 10%，以及资本开支加速导致的现金消耗增加，评级"与大市同步"。虽然资本开支增长有助公司维持在 实体人工智能领域的领导地位，但现金消耗水平高企或限制其短期估值倍数扩张。 摩根士丹利研究报告指，特斯拉未来重点在于转型至实体人工智能领域，而转型的核心是资本密集度提 升，因为公司正大举建设其物理基建及算力。该行预期营运开支将持续高企，料2026年占销售额14.5% (2025年13%)；资本开支亦将增加，料今年达210亿美元，高于公司指引的逾200亿美元。 ...

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Tesla Inc.'s (NASDAQ: TSLA) share price pulled back 4.0% in the past week. The company reported a 46% drop in annual profit for 2025 but announced plans for $20 billion in capital spending. It also said it would end production of its flagship Model S and Model X vehicles. While it began operating "unsupervised†robotaxi rides in Austin, Texas, the NHTSA is investigating reports of Tesla vehicles with automated systems running red lights and making dangerous lane changes. Loading stock data... Tesla stock i ...

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 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。 AI巨头，正在筹集巨额资金！ 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。 据报道，此次融资谈判尚处初步阶段，尚未签署最终协议。上述三家公司分别提出不同规模的投资承诺，但相 关数字仍可能变动。 特斯拉宣布对xAI投资20亿美元 OpenAI的上述融资谈判，发生在整个 ...

On Wednesday, Tesla Inc. (NASDAQ:TSLA) posted better-than-expected results for the fourth quarter and announced plans to invest approximately $2 billion into CEO Elon Musk's artificial intelligence startup, xAI.Tesla said preparations are underway in North America for production ramps of Tesla Semi and CyberCab, both set to commence in the first half of 2026. The company also plans to unveil the Gen 3 version of Optimus in the first quarter of this year.Tesla reported quarterly earnings of 50 cents per shar ...

Market Overview - U.S. stock index futures showed slight gains, with Dow E-minis up 9 points (0.02%), S&P 500 E-minis up 13 points (0.19%), and Nasdaq 100 E-minis up 54.5 points (0.21%) as investors reacted to tech mega-cap earnings and AI-related spending [1][6]. Company Earnings and Performance - The latest results from three "Magnificent Seven" companies indicate that investors are willing to overlook significant AI expenditures if they anticipate tangible returns [2]. - The "Magnificent Seven" group, which constitutes about one-third of the S&P 500's market capitalization, has been a driving force behind the sustained rally in U.S. equities, maintaining elevated trading prices [3]. - Microsoft experienced a 7.5% drop in premarket trading due to disappointing cloud revenue, raising concerns about the monetization of its substantial investments in OpenAI [7]. - Meta's stock surged nearly 9% in premarket trading after it provided an optimistic revenue forecast alongside a 73% increase in its capital expenditure budget for the year [7]. - Tesla's shares rose 2.4% after announcing plans to more than double its capital expenditure to a record level [7]. - IBM's shares jumped 9.5% after exceeding earnings estimates for the fourth quarter [7]. - Southwest Airlines' shares increased by 5.3% following a forecast of stronger-than-expected annual profit despite winter storm disruptions [6]. Capital Expenditure Concerns - Capital expenditure (capex) remains a central concern for hyperscalers, with market focus shifting from growth optics to the timing and returns of AI investments [3][6]. - Traders are becoming cautious, as evidenced by Microsoft's elevated capex causing concerns about its profitability trajectory [3].

Group 1 - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion, with a slowdown in cloud business growth; capital expenditures increased by 66% to a record $37.5 billion [1] - Meta's Q4 revenue reached $59.89 billion, with earnings per share of $8.88, driven by strong advertising business; Q1 revenue and full-year capital expenditure guidance exceeded expectations [1] - Tesla's Q4 revenue declined by 3% to $24.9 billion, but operating profit of $1.41 billion and gross margin of 20.1% surpassed expectations; Elon Musk announced the halt of Model S/X production to shift focus to humanoid robot Optimus [1] - IBM's Q4 revenue grew by 12% to $19.69 billion, with cumulative AI business orders exceeding $12.5 billion [1] - Caterpillar's Q4 revenue increased by 18% to $19.13 billion, with adjusted earnings per share of $5.16, both exceeding expectations [1] - Blackstone reported Q4 inflows of $71.48 billion, the highest level in over three years; total assets reached $1.275 trillion [1] Group 2 - Deutsche Bank reported a net profit of €1.3 billion for Q4 and plans to repurchase €1 billion in stock [3] - STMicroelectronics saw a slight recovery in Q4 sales to $3.33 billion, although demand for automotive chips remains weak [3] - Google integrated Gemini AI features into the Chrome browser, introducing tools like Nano Banana and Personal Intelligence [3] - Alphabet's autonomous taxi service Waymo aims to launch a driverless ride-hailing service in London by Q4 [3] - TSMC raised its CoWoS capacity targets for 2026-2027 and is reassessing its advanced packaging expansion plans [3] - Alibaba's Pingtouge launched a high-end AI chip "Zhenwu 810E," which has been deployed in multiple large-scale clusters on Alibaba Cloud [3] - Toyota anticipates a 4.6% year-over-year increase in global sales in 2025, reaching 11.3 million units, setting a new record [3] - Used car retailer Carvana faced a short-sell report from Gotham Research, accused of overstating net profits by over $1 billion [3] - Snap established a wholly-owned subsidiary, Specs, to develop augmented reality (AR) glasses [3]

Core Viewpoint - Tesla's future growth may be constrained by chip production capacity, necessitating the construction of its own TerraFab mega fab to integrate various semiconductor manufacturing processes [2][5]. Group 1: Chip Supply Challenges - Elon Musk indicated that existing suppliers like TSMC, Samsung, and Micron are unable to meet Tesla's chip demand, which is critical for its AI, autonomous driving, and robotics projects [4][5]. - The need for Tesla to potentially produce its own chips has been emphasized, as it is seen as a major bottleneck in the competitive AI race [5]. Group 2: TerraFab Mega Fab - The proposed TerraFab will consolidate logic processes, memory semiconductors, and advanced packaging, allowing for a comprehensive chip manufacturing process [2]. - Establishing such a facility will require a significant investment, potentially amounting to hundreds of billions of dollars, and will take considerable time to become operational [5]. Group 3: Strategic Expansion - This initiative represents Tesla's expansion beyond its core electric vehicle business, highlighting its commitment to securing chip supply for future technological advancements [2].

Core Insights - Dow Jones futures rose slightly, alongside S&P 500 and Nasdaq futures, following significant earnings reports from Tesla, Microsoft, and Meta Platforms [1] - Elon Musk highlighted plans for a surge in capital expenditures (CapEx) for Tesla, focusing on robotaxi expansion, which may impact the broader AI ecosystem [1] - Microsoft and Meta's CapEx guidance is substantial, indicating potential growth for the AI sector, including companies like Nvidia [1] Group 1: Company Performance - Meta Platforms, the sixth largest company by market cap on Nasdaq, reached a high of 742.99 in extended trading [1] - Microsoft exceeded December-quarter targets, but its stock experienced a decline in late trading [1] - Tesla reported a 17% drop in earnings, with Musk emphasizing the importance of CapEx for future growth [1] Group 2: Market Trends - The stock market rally showed mixed results after the Federal Reserve held interest rates steady, with notable movements in oil stocks [1] - Nvidia, as an AI partner, is experiencing increased demand, which may be bolstered by the CapEx plans of major tech companies [1] - The overall market sentiment appears optimistic, with Nasdaq aiming for record highs amid these earnings reports [1]

股票市场早已预料到美联储决策结果，收市时美股各大指数较前日几乎没有什么变化。以蓝筹股为主的 道琼斯30种工业股票平均指数微涨0.02%，具有广泛代表性的标准普尔500指数盘中曾一度摸高7000点 后回落，全日微涨0.01%，以科技股为主的纳斯达克指数涨0.17%。 南方财经 21世纪经济报道特约撰稿 王应贵 与市场预期完全一致，美联储暂停减息，股票市场反应极其平淡，但其他市场去美元化趋势似乎加速。 联邦公开市场委员会（FOMC）认为，美国经济增长强劲，失业率稳定在低水平，就业市场依然强劲， 通胀水平依然偏高，目前货币政策适度，因此维持现状。 科技巨头股以微软、META（脸书）、特斯拉率先登场。从市场反应看，投资者对微软的预期偏高。尽 管微软公司经调整后的第二个财务季度每股收益4.14美元，高于预期的3.97美元，营业收入812.7亿美 元，高于预期的802.7亿美元，但公司季度资本支出和融资租赁达到375亿美元，高于预期的343亿美 元，且云端业务增长39%，低于上个季度的40%。微软预测第三个财季的营业毛利为45.1%，低于市场 预期的45.5%。投资者对微软的AI投资规模相当不满，盘后微软股价下跌6.14 ...