Market Overview - The stock market showed mixed performance with the Dow up 0.02% at 49,015.60, Nasdaq up 0.17% at 23,857.44, and S&P 500 down 0.01% at 6,978.03 [2] - The Federal Reserve maintained the federal funds rate at 3.5%–3.75%, contributing to cautious investor sentiment [1] Meta Platforms Inc. - Meta's stock declined by 0.63%, closing at $668.73, with an intraday high of $677.68 and a low of $666.10; after-hours trading saw a rise of 6.6% to $713.06 [3] - For Q1, Meta projected revenue between $53.5 billion and $56.5 billion, with full-year 2026 expenses forecasted at $162 billion to $169 billion and capital expenditures of $115 billion to $135 billion [4] IBM - IBM's stock increased by 0.13%, closing at $294.16, with an intraday high of $295.95 and a low of $291.26; it rose 7.7% in after-hours trading to $316.85 [5] - The company reported Q4 revenue of $19.69 billion, exceeding estimates of $19.23 billion, with adjusted EPS of $4.52 also beating expectations; revenue grew 12% year over year, driven by a 14% increase in Software and a 21% increase in Infrastructure [5] - IBM forecasts full-year 2026 revenue of $70.91 billion, with free cash flow expected to rise by about $1 billion [6] ServiceNow - ServiceNow's stock dropped by 1.64%, closing at $129.62, with an intraday high of $133.67 and a low of $129.14; it fell 5.3% in after-hours trading to $122.77 [6] - The company reported Q4 revenue of approximately $3.57 billion, surpassing estimates, with adjusted EPS of 92 cents; subscription revenue rose 21% year over year, and remaining performance obligations increased by 26.5% to $28.2 billion [7] - For 2026, ServiceNow forecasts subscription revenue between $15.53 billion and $15.57 billion, indicating roughly 21% annual growth [7] Carvana - Carvana's stock plummeted by 14.17%, closing at $410.04, with an intraday high of $477.59 and a low of $374.55; the stock's 52-week range is $486.89 to $148.25 [8] - The decline followed a short report from Gotham City Research alleging the company overstated 2023–2024 earnings by over $1 billion and relied on undisclosed related-party support [8][9] - Carvana denied the allegations, calling them inaccurate and misleading [9] Tesla - Tesla's stock slightly decreased by 0.10%, closing at $430.46, with an intraday high of $438.26 and a low of $430.10; it rose 2.16% in after-hours trading to $439.74 [9] - The company reported Q4 earnings of 50 cents per share, beating estimates of 45 cents, with revenue of $24.9 billion; fourth-quarter deliveries totaled 418,227 vehicles, down 16% year over year [10] - Tesla is preparing production ramps for the Tesla Semi and CyberCab in North America in the first half of 2026 and plans to unveil the Gen 3 Optimus robot in Q1 [10]

智通财经获悉，全球市值最高的汽车制造商特斯拉(TSLA.US)正以前所未有的力度加码人工智能(AI)布 局。公司首席执行官马斯克在最新财报电话会上宣布，特斯拉将投入巨资建设一座名为"TeraFab"的芯 片制造工厂，以应对未来三到四年可能出现的"芯片墙"瓶颈。同时，特斯拉还披露将向马斯克旗下的AI 初创公司xAI投资约20亿美元，进一步深化其在AI领域的战略部署。 20亿美元注资xAI 同日，特斯拉在第四季度财报中宣布，已同意向马斯克于2023年创立的xAI投资约20亿美元，参与该公 司此前宣布的200亿美元融资轮。xAI以开发AI聊天机器人及图像生成工具Grok而闻名，被视作对 OpenAI的直接竞争。 特斯拉表示，此项投资"基于与其他投资者此前商定的市场条款"，并已签订框架协议，开始"评估两家 公司之间潜在的AI合作"。投资预计在2026年第一季度完成，但需满足常规监管条件。 自建"TeraFab"：打破供应链与地缘政治双重约束 马斯克在会议上明确指出，当前依赖三星电子(SSNLF.US)、台积电(TSM.US)及美光科技(MU.US)等供 应商的模式已无法满足特斯拉在AI、自动驾驶和机器人领域日益增长的 ...

2026.01.29 本文字数：1766，阅读时长大约3分钟 作者 |第一财经 樊志菁 周三盘后，Meta、微软和特斯拉发布最新业绩。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软 件股与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了 广泛关注。 按照日程安排，苹果周四将披露最新业绩。 特斯拉业绩超预期 Meta公布利好营收预测，盘后涨逾7% 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿 美元，同比增长24%，市场预期 585.9 亿美元。调整后每股收益EPS 8.88 美元，预期8.23美元。 Meta预计一季度营收将在535亿至565亿美元区间，高于分析师514.1亿美元的预期值。 此外，2026年全年总支出将在1620亿至1690亿美元之间；为推进人工智能业务的资本支出预计在1150亿 至1350亿美元区间，不仅高于分析师1107亿美元的全年预期，也是2025年资本支出规模的近两倍。 Mata表示，此次资本支出增加，是为支持其超级智能实验室的研发工作及核心业务发展， ...

本文字数：1766，阅读时长大约3分钟 作者 | 第一财经 樊志菁 2026.01. 29 周三盘后，Meta、微软和特斯拉发布最新业绩。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软件股 与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了广泛关 注。 按照日程安排，苹果周四将披露最新业绩。 Meta公布利好营收预测，盘后涨逾7% 特斯拉最新业绩超市场预期，但公司全年营收同比下滑3%，创下公司历史上首次年度营收下降的纪录，股 价在盘后交易中上涨近3%。 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿美 元，同比增长24%，市场预期 585.9 亿美元。调整后每股收益EPS 8.88 美元，预期8.23美元。 Meta预计一季度营收将在535亿至565亿美元区间，高于分析师514.1亿美元的预期值。 此外，2026年全年总支出将在1620亿至1690亿美元之间；为推进人工智能业务的资本支出预计在1150亿至 1350亿美元区间，不仅高于分析师1107亿美元的全年预期，也是202 ...

当地时间1月29日，日韩股市开盘表现分化。日经225指数开盘跌0.11%，报53301.26点；韩国综合指数 涨1.40%，报5243.42点。 美东时间1月28日，美股三大指数收盘涨跌不一。截至收盘，道指涨12.19点，涨幅0.02%，报49015.60 点；纳指涨40.35点，涨幅0.17%，报23857.45点；标普500指数盘初首次触及7000点，随后涨幅收窄， 最终收跌0.01%，报6978.03点。 欧洲三大股指1月28日全线下跌。英国伦敦股市《金融时报》100种股票平均价格指数28日报收于 10154.43点，较前一交易日下跌53.37点，跌幅为0.52%。法国巴黎股市CAC40指数报收于8066.68点，较 前一交易日下跌86.14点，跌幅为1.06%。德国法兰克福股市DAX指数报收于24822.79点，较前一交易日 下跌71.65点，跌幅为0.29%。 黄金白银涨势难挡。1月29日亚市早盘，现货黄金盘中强势站上5500美元/盎司关口，一度触及5598美 元/盎司，随后快速回落，截至8时25分报5480.33美元/盎司；现货白银一度突破119美元/盎司，现报 117.682美元/盎司。国际黄金 ...

马斯克在会议上明确指出，当前依赖三星电子(SSNLF.US)、台积电(TSM.US)及美光科技(MU.US)等供 应商的模式已无法满足特斯拉在AI、自动驾驶和机器人领域日益增长的芯片需求。"为了解除三四年内 可能出现的制约，我们必须建设特斯拉TeraFab，"他表示，"这是一座集逻辑芯片、存储芯片和封装于 一体的大型本土化芯片工厂。" 这一决策背后，是马斯克对地缘政治风险的深切担忧。当前，世界非常依赖台积电及其本土产能来供应 尖端芯片。马斯克警告称："我认为人们可能低估了一些地缘政治风险，这些风险将在几年后成为主要 因素。" 马斯克近期已多次释放信号，暗示特斯拉或将自主生产芯片，以应对他所认为的"AI竞赛中的关键瓶 颈"。 在与X Prize基金会创始人Peter Diamandis的播客对话中，马斯克用行业术语解释道："若不建晶圆厂， 我们将撞上'芯片墙'。摆在我们面前的路只有两条：要么撞墙，要么建厂。" 诚然，芯片制造的经济挑战极其严峻。建设尖端工厂需要数百亿美元的固定成本，且从建设到全面运营 耗时漫长。此外，特斯拉还需从多个供应商处采购复杂设备，尤其是光刻机巨头阿斯麦(ASML.US)的关 键设备。 尽 ...

Tesla on Wednesday highlighted progress toward launching production of its long-delayed Tesla Semi truck as a key operational priority, as the company’s profit plummeted 46% to $3.8 billion in 2025, marking a second consecutive year of declining profitability. Austin, Texas-based Tesla (NASDAQ: TSLA) released its fourth-quarter earnings and held a conference call with analysts after the market closed on Wednesday. Tesla officials told investors that preparations are underway to begin Semi manufacturing i ...

日度报告——综合晨报 特朗普警告伊朗，美联储按兵不动 [T报ab告le_日R期an：k] 2026-01-29 宏观策略（外汇期货(美元指数)） 特朗普警告伊朗达成协议 美联储 1 月利率会议维持利率水平不变，对于经济边际乐观程度 上升，市场风险偏好上升，美元指数反弹。 宏观策略（黄金） 特朗普警告伊朗 综 金价强势上涨呈现明显加速迹象，市场波动加大，美联储利率 会议如期按兵不动，会议声明较此前表态更为乐观，主要是判 断就业市场趋于稳定，但通胀存在上行风险。 合 黑色金属（螺纹钢/热轧卷板） 晨 多家房企目前已不被监管部门要求每月上报"三条红线"指标 报 钢价延续震荡运行，近期表现偏弱，但趋势性驱动依然不明显。 建材需求季节性走弱对钢价形成压制。但由于基本面矛盾不算 突出，估值也并不算高，同样难以打开下方空间。 有色金属（锌） Fresnilloplc2025 锌精矿产量有增有减 谨慎追多，前期多单可继续持有，短期操作难度较高，建议做 好仓位管理。 能源化工（沥青） 国内重交沥青产能利用率下降 由于低价重质原油资源的稀缺，沥青反弹幅度偏强，但年前备 货节奏放缓，实际需求支撑疲弱。 | 黄玉萍 | 资深分析师 ...

马斯克表示，特斯拉公司需要建造并运营一座名为"TeraFab"的工厂来生产 半导体。这项庞大的工程将 耗资数十亿美元，标志着该公司业务范围的进一步扩张，不再局限于核心的电动汽车业务。"为了消除 未来三四年内可能出现的产能瓶颈，我们必须建造一座特斯拉TeraFab，"马斯克表示，"一座规模庞大 的工厂，涵盖逻辑、存储器和封装等多个环节，而且将在美国本土生产。"马斯克表示，包括台积电、 三星和美光科技在内的现有供应商无法满足特斯拉的芯片供应需求。 ...

Core Viewpoint - Tesla reported better-than-expected Q4 earnings, with record energy deployment, but faced a 3% decline in annual revenue for the first time in its history, alongside a significant 61% drop in Q4 net profit [1][5][10]. Financial Performance - Tesla's total revenue for Q4 was approximately $24.9 billion, slightly above Wall Street's expectation of $24.79 billion, despite a year-over-year decline of about 3% [2][5]. - The automotive business, which is Tesla's core revenue source, saw a significant year-over-year decline of 11%, dropping from approximately $19.8 billion to $17.7 billion [5]. - Adjusted earnings per share for Q4 were about $0.50, exceeding analysts' expectations of $0.45 [2]. Market Response - Despite the disappointing annual revenue and Q4 profit, Tesla's stock price rose in after-hours trading, reflecting investor confidence in CEO Elon Musk's vision for a "Tesla super technology empire" [1][2]. - The stock has seen a significant increase of 50% since the second half of 2025, indicating strong market sentiment despite ongoing performance challenges [1]. Strategic Investments - Tesla announced a $2 billion investment in xAI, a competitor to OpenAI, aiming to enhance its capabilities in AI applications [1][15]. - The investment aligns with Tesla's broader strategy to integrate AI into its products and services, as outlined in its Master Plan Part IV [16]. Future Growth Initiatives - Tesla is focusing on advancements in AI, autonomous driving, Robotaxi services, and the Optimus humanoid robot, which are seen as key drivers for future growth [12][14]. - The company plans to convert its Fremont factory production line to mass-produce the Optimus robot, with a target to start production by the end of 2026 [14]. Competitive Landscape - Tesla faces increasing competition, particularly from BYD in the Chinese market, which has impacted its vehicle sales in recent quarters [2][10]. - The company reported a 16% decline in electric vehicle deliveries for Q4 and an 8.6% drop in annual deliveries [8]. Energy and Storage Business - Tesla's energy generation and storage business reported revenue of approximately $3.84 billion, reflecting a year-over-year growth of 25%, which partially offsets the decline in automotive revenue [12][14]. - The company emphasized the importance of its energy business as a "hard support" against the downturn in automotive sales [5]. SpaceX and Broader Ecosystem - Tesla's long-term growth narrative is closely tied to SpaceX, with investors viewing Tesla stock as a proxy for exposure to SpaceX's potential IPO and its ambitious projects [2][18]. - SpaceX's plans for solar energy production and AI capabilities are expected to synergize with Tesla's goals, enhancing the overall valuation narrative for both companies [19][21].