Investment Rating - The report maintains a "Buy" rating for major US internet giants, with a preference order of Meta, Microsoft, Amazon, and Google [3]. Core Insights - The cloud business growth has slowed down, with major players like Amazon AWS, Microsoft Azure, and Google Cloud showing year-over-year revenue growth rates of 19%, 31%, and 30% respectively, which are below market expectations [1][2]. - Despite the slowdown in cloud growth, major internet companies are increasing capital expenditures for AI infrastructure in 2025, with Amazon planning to invest 75 billion (+43% YoY), Meta 80 billion (+44% YoY) [2]. - DeepSeek's cost innovation is shifting the AI industry focus from "computing power competition" to "algorithm optimization," which may lead to increased cloud service demand in the long term [2]. Summary by Sections Cloud Business Performance - Major US internet companies reported weaker-than-expected cloud business growth, with revenue growth rates for Q4 2024 showing no acceleration despite significant capital investments [1][2]. Capital Expenditure Plans - In 2025, major internet companies are set to increase capital expenditures significantly for AI infrastructure, indicating a strong commitment to AI despite current cloud growth challenges [2]. Investment Recommendations - The report expresses optimism about the long-term opportunities presented by the deep AI investments of major US internet companies, maintaining a "Buy" rating and highlighting the potential benefits for Meta and Microsoft due to reduced computing costs from DeepSeek [3].
美股互联网龙头业绩复盘：云增速放缓vs资本支出激增，DeepSeek或加速应用端爆发
浦银国际·2025-02-13 02:10