计算机行业周报：AI加速落地，资本开支仍处于上行周期

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating expected returns exceeding the CSI 300 index by 10% or more over the next six months [4][24]. Core Insights - The report highlights that AI-related capital expenditures are in an upward cycle, with companies like Meta, Microsoft, and Google projecting continued increases in 2025. This suggests long-term investment opportunities in AI computing power, recommending companies such as NVIDIA, AMD, Broadcom, and TSMC, as well as domestic players like Inspur, Lenovo, and Unisoc [12][13]. - AI has begun to positively impact corporate revenues and profits, with Microsoft forecasting AI annual recurring revenue (ARR) to exceed $10 billion in the next quarter, Google enhancing operational efficiency through AI programming, and Meta increasing user engagement and advertiser conversion rates through AI [12][13]. Summary by Sections 1. Company Performance - Microsoft reported Q1 FY25 revenue of $65.585 billion (YoY +16%) and net profit of $24.667 billion (YoY +10.6%), with AI ARR expected to exceed $10 billion next quarter [2][7]. - Google achieved Q3 FY24 revenue of $88.268 billion (YoY +15%) and net profit of $26.301 billion (YoY +33.6%), with Google Cloud revenue growing by 35% [2][8]. - Meta's Q3 FY24 revenue was $40.689 billion (YoY +18.87%) and net profit was $15.688 billion (YoY +35.44%), with AI driving increased user engagement [2][9]. - Apple reported Q4 FY24 revenue of $94.9 billion (YoY +6.1%) and net profit of $24.9 billion, with software services revenue reaching $25 billion [2][10]. - AMD's Q3 FY24 revenue was $6.819 billion (YoY +17.6%), with data center revenue guidance raised to over $5 billion [2][11]. - TSMC reported Q3 FY24 revenue of $23.5 billion (YoY +36%) and a gross margin of 57.8%, driven by strong AI chip demand [2][12]. 2. Market Trends - The computer industry index decreased by 1.39% this week, outperforming the Shenzhen Component Index by 0.16% and the ChiNext Index by 3.75% [13][14]. - The report suggests focusing on data elements and the Huawei supply chain for investment opportunities due to improving market conditions [18]. 3. Industry News - The report discusses the release of policies aimed at enhancing data element value and fostering the data industry, with specific measures outlined for market development [20]. - Apple announced the launch of iOS 18.1, integrating AI features to enhance user experience, and is developing new smart display devices [21].