科技：美股云计算和互联网巨头24Q3总结：北美云厂Capex加速，AI降本增效初步体现

Investment Rating - The report maintains a positive outlook on the US cloud computing and internet giants, with a "Buy" rating for the sector [2] Core Views - Cloud providers' Capex accelerated in 24Q3, with operating margins showing an upward trend despite increased depreciation costs [2] - AI-driven efficiency improvements are becoming evident, with major players like Google Cloud and AWS exceeding operating margin expectations [2] - The AI industry is expected to see significant catalysts in late 2024 to early 2025, with new model releases and advancements in AI agent capabilities [2] Cloud Providers Performance - Google Cloud's revenue growth accelerated to 35%, surpassing Microsoft Azure's 34% for the first time in five quarters [2] - AWS's operating margin reached 38.1%, driven by extended equipment depreciation periods and cost control measures [2] - Microsoft Azure faced temporary growth slowdown due to GPU supply constraints, but recovery is expected in FY25H2 [2] Capex Trends - Combined Capex of major cloud providers and META grew 69.5% YoY in 24Q3, with Amazon guiding for $23.1 billion in 24Q4 [2] - META raised its full-year Capex guidance to $38-40 billion, indicating strong investment momentum for 2025 [5] AI Developments - Google's AI Overview search feature now covers 1 billion MAUs, with inference costs reduced by 90% over the past 18 months [25] - META's AI assistant reached 500 million MAUs, contributing to increased user engagement on Facebook and Instagram [19] - Amazon's AI shopping assistant Rufus expanded to seven countries, while its AI coding assistant saved $260 million in development costs [12] Financial Performance Highlights - META's advertising business maintained resilience with 18.6% YoY growth in 24Q3, achieving a 54% operating margin [19] - Google Cloud's operating margin improved to 17.1%, driven by AI product scale effects and cost optimization [24] - Microsoft's AI contribution to Azure growth increased to 12 percentage points, with Copilot products showing strong adoption [28] Future Outlook - Major AI model releases are expected from OpenAI, Google, and Anthropic in late 2024 to early 2025, potentially reshaping the competitive landscape [14] - AI agent capabilities are expected to mature, with projects like Google's Project Astra and Apple's Apple Intelligence gaining traction [15]