软件与服务行业美股科技股观察｜美股复盘&24Q3业绩总结与展望：Q3业绩仍较强，收入略提速，AI驱动云超预期，指引延续保守

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The performance of US tech stocks has shown strong resilience since August 2024, with stock prices stabilizing or reaching new highs, driven by robust company earnings and market patience towards AI developments [1][40] - Q3 2024 earnings continued to show strength, with a slight acceleration in revenue and an increase in profit margins. Major tech companies reported a total revenue growth of 13.9% year-on-year, reaching $363.2 billion, with a net profit margin of 23.2% [1][45] - AI technology is driving growth in cloud services, with significant contributions to revenue from AI applications, while traditional demand remains relatively weak [1][45] Summary by Sections Stock Price Review - Since the pandemic, US tech stocks have benefited from increased online activities and loose monetary policies, leading to a rise in both earnings and stock prices. However, from November 2021 to 2022, stock prices adjusted due to tightening liquidity expectations and economic recession concerns [34][40] - The market has shown strong resilience since August 2024, with companies demonstrating robust earnings and the market exhibiting patience towards AI developments [40] Q3 2024 Summary - Major US tech companies maintained strong performance in Q3 2024, with total revenue growth of 13.9% year-on-year and net profit growth of 29.5%. Microsoft, Amazon, Google, Meta, and Netflix all reported significant revenue increases [45][49] - Cloud services continued to show strong growth, with Microsoft Azure revenue increasing by 33% year-on-year, and Google Cloud revenue growing by 35% [45][49] - Advertising revenue growth has slowed but remains strong, with Google and Meta reporting year-on-year increases of 10.4% and 18.6%, respectively [46][49] Q4 2024 and Future Outlook - Companies are maintaining conservative guidance for Q4 2024, with expected revenue growth rates slowing but still showing strength. Microsoft anticipates a revenue increase of 10% to 11% for FY25Q1 [68] - High capital expenditures are expected to continue, with Microsoft and Amazon reporting significant year-on-year increases in capital spending [45][68] AI-Driven Cloud Growth - AI applications are deepening within companies, contributing significantly to revenue growth in cloud services. Microsoft, Google, and Amazon are all expanding their AI capabilities, with Microsoft projecting annual AI revenue to exceed $10 billion [1][68] - The report highlights the importance of AI in driving user engagement and advertising conversion rates, with applications like Copilot being gradually commercialized [1][40]