Huan Qiu Shi Bao·2025-04-29 22:38Core Viewpoint - The focus of investors has shifted from the commercialization of AI technologies to the economic recession risks posed by tariff policies, impacting major US tech companies like Meta, Microsoft, Amazon, and Apple [1][3]. Group 1: Financial Performance - Tesla reported Q1 revenue of $19.335 billion, significantly below the expected $21.348 billion, highlighting the challenges posed by low profit margins and tariffs [2]. - Alphabet's Q1 revenue was $90.23 billion, exceeding expectations, but its stock has dropped 16% year-to-date despite a nearly 5% increase in after-hours trading following the earnings report [2]. - The "Big Seven" tech companies, including Amazon, Apple, Alphabet, Microsoft, Meta, Nvidia, and Tesla, are experiencing their worst annual start since 2022, with each stock down over 6.5% and a total market cap loss of $2.5 trillion [2][3]. Group 2: Market Dynamics - The "Big Seven" tech companies accounted for approximately 36% of the S&P 500 index's total market cap at their peak, indicating their significant influence on the US stock market [3]. - The emergence of new tech companies is challenging the perceived dominance of US tech stocks in the AI sector, leading to valuation corrections [3]. - The recent tariff policies implemented by the US government are constraining the long-term development of the tech industry from both supply chain and market demand perspectives [3]. Group 3: Operational Adjustments - Major tech companies are undergoing significant operational changes, including layoffs and cost-cutting measures, reflecting a shift from a high-growth phase to a focus on cost control and operational efficiency [4]. - Apple plans to shift a significant portion of its iPhone production to India by the end of 2025, necessitating a doubling of its production capacity in India [4]. - Nvidia's supply chain may be impacted by potential tariffs on the semiconductor industry, while Amazon faces rising costs in its e-commerce business due to tariffs [4]. Group 4: Upcoming Earnings Reports - Investors are closely monitoring the upcoming earnings reports from Meta, Microsoft, Amazon, and Nvidia, focusing on various aspects such as advertising resilience, cloud service growth, and supply chain adjustments [5]. - The performance of these tech giants in their upcoming earnings reports is crucial for stabilizing the tech stock market and influencing investor sentiment [6].