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美股云计算和互联网巨头25Q1总结：微软Azure收入和MetaCapex超预期，关税对电商影响初现，广告仍需观察
Shenwan Hongyuan Securities·2025-05-07 13:14

Investment Rating - The report maintains a positive outlook on the cloud computing and internet giants, highlighting strong performance and growth potential in the sector [2][5]. Core Insights - Microsoft Azure's revenue growth exceeded expectations, with a year-over-year increase of 35%, driven by both AI and non-AI business segments [2][6][28]. - Meta has raised its capital expenditure (Capex) guidance for 2025 from $60-65 billion to $64-72 billion, reflecting confidence in AI's impact on advertising revenue [3][31]. - Google Cloud's revenue growth was stable at 28.1%, with expectations for continued performance due to strong demand and AI integration [2][36]. Summary by Sections Cloud Performance - Microsoft Azure reported a revenue of $26.8 billion, with a year-over-year growth of 35%, driven by AI contributing 16 percentage points and non-AI business contributing 19 percentage points [2][6][28]. - Google Cloud's revenue reached $12.26 billion, showing a year-over-year increase of 28.1%, with expectations for stable growth throughout the year [2][36]. - Amazon AWS generated $29.27 billion in revenue, with a year-over-year growth of 16.9% and an operating margin of 39.5% [2][8]. Capital Expenditure - Meta's Capex guidance for 2025 was increased to $64-72 billion, emphasizing the role of AI in enhancing advertising efficiency [3][31]. - Google maintained its Capex guidance for 2025 at $75 billion, indicating a strong commitment to infrastructure investment [3][14]. - Microsoft expects its Capex for FY25 to exceed $85 billion, reflecting ongoing investments in cloud infrastructure [3][14]. Market Dynamics - The report notes that trade tensions have begun to impact advertising spending, particularly from Asia-Pacific retailers towards North America, leading to a cautious outlook for future ad revenues [4][24]. - Despite these challenges, the software sector has shown resilience, with the IGV ETF rising 29.7% since April 7, 2025, outperforming the Nasdaq index [25][24]. - Meta's advertising business showed a year-over-year increase in ad impressions by 5% and ad pricing by 10%, indicating a robust performance despite macroeconomic uncertainties [31][32].