计算机行业行业专题研究：海外云科技公司发布Q3财报，长期指标压力下AI商业化仍需持续验证

Investment Rating - The report rates the computer industry as "Buy" for key companies such as Cambricon and Unisoc, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The report highlights that overseas cloud technology companies, including Microsoft, Google, Amazon, and Meta, have released their Q3 2024 financial reports, showing revenue and profit exceeding consensus expectations. Microsoft reported total revenue of $65.6 billion (YoY +16%), Google $88.3 billion (YoY +15%), Amazon $158.9 billion (YoY +11%), and Meta $40.6 billion (YoY +19%) [10][11]. - Generative AI is seen as a key driver for traditional business enhancement and cloud service revenue growth, although the commercial value of AI applications is still in the early stages of realization [2][4][27]. Summary by Sections Performance Overview - The financial performance of major overseas cloud technology companies in Q3 2024 exceeded expectations, with significant year-over-year growth in both revenue and net profit [10]. Output Side - Companies are leveraging generative AI to enhance traditional business operations and cloud services. Microsoft integrates AI across its products, Google applies AI in advertising and cloud services, Amazon focuses on IaaS and PaaS, while Meta develops AI for social media and hardware [13][16][23]. Input Side - Capital expenditures for AI infrastructure are increasing, with Microsoft and Google showing early and rapid investment growth. Amazon and Meta are also in a phase of high capital expenditure, indicating ongoing expansion in AI capabilities [3][4]. Conclusion - High investment in AI infrastructure is putting pressure on operational metrics, with companies facing challenges in realizing immediate returns on their investments. The commercial viability of generative AI applications remains to be fully validated [4][26].