海外科技公司2024Q4业绩总结：资本开支增长超预期，云业务增速平稳

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [2]. Core Insights - The performance of major overseas technology companies in Q4 2024 showed a significant increase in net profit growth compared to revenue growth, leading to a continuous rise in EPS for 2024 [4][8]. - Capital expenditures for the four major overseas tech companies reached approximately $77.8 billion in Q4 2024, representing a year-over-year increase of 78% and a quarter-over-quarter increase of 22%, primarily driven by investments in servers and data centers to meet the growing demand for AI and cloud computing [4][8]. - The demand for AI cloud services remains strong, but there is a notable shortage in computing capacity supply, which is expected to be a critical issue until mid-2025 [4][8]. - The digital advertising sector showed robust performance, with total advertising revenue for the four major companies reaching $140.1 billion in Q4 2024, a year-over-year increase of 15% [4][8]. Summary by Sections Performance Overview - In Q4 2024, the four major overseas tech companies collectively achieved revenues of $402.3 billion, with Meta leading in revenue growth at 21% year-over-year [8]. - Net profits totaled $91.5 billion, with Google reporting the highest net profit at $26.5 billion [8]. - The stock price performance post-earnings announcements varied significantly, with Meta's stock increasing by 1.6%, while Amazon, Microsoft, and Google saw declines of 4.1%, 6.2%, and 7.3% respectively [4][13]. Capital Expenditures - The total capital expenditure for the four companies is projected to reach $245 billion in 2024, a 64% increase year-over-year, and is expected to rise to $332.5 billion in 2025, a 36% increase [4][8]. Cloud Computing - The cloud business growth for the three major cloud providers was below market expectations in Q4 2024, primarily due to limited computing capacity [4][8]. - Companies are accelerating the development of self-researched ASICs to handle internal workloads and replace aging GPU servers [4][8]. Digital Advertising - The advertising revenue for the four major companies in Q4 2024 was $140.1 billion, with Meta achieving a 21% year-over-year growth [4][8]. - AI tools have significantly enhanced monetization efficiency across these companies [4][8].