海外云厂商：营收增速环比加快，利润率表现分化

Investment Rating - The report maintains a "Buy" rating for Meta, Microsoft, Amazon, and Google, indicating a positive outlook for these companies in the cloud and AI sectors [4][34]. Core Insights - The growth of cloud business for leading US cloud vendors is becoming a significant driver for stock price increases, with a notable acceleration in revenue growth observed in 2Q25 [4][21]. - The overall cloud business revenue for Amazon AWS, Google Cloud, and Microsoft Azure grew by 23% year-over-year in 2Q25, up from 20% in 1Q25 and 21% in 2Q24, with Google Cloud and Microsoft Azure showing more pronounced acceleration [4][3]. - Capital expenditures for leading cloud vendors have been increased due to strong demand signals, with a total of $95 billion in capital expenditures reported for 2Q25, a 67% increase year-over-year [3][4]. - AI-related investments are impacting profit margins, with some companies experiencing a decline in segment profit margins while overall operating margins improve due to enhanced operational efficiency in other core businesses [4][11]. Summary by Relevant Sections Revenue Growth - Google Cloud's revenue grew by 32% year-over-year to $13.6 billion in 2Q25, driven by strong demand for GCP core and AI products [3][28]. - Microsoft Azure and other cloud services saw a 39% year-over-year revenue increase in 2Q25, exceeding previous guidance [15][34]. - Amazon AWS reported revenue of $30.9 billion in 2Q25, a 17.5% increase year-over-year [21][27]. Capital Expenditures - Total capital expenditures for Microsoft, Google, Amazon, and Meta reached $95 billion in 2Q25, reflecting a 67% year-over-year increase [3][4]. - Google raised its FY25 capital expenditure guidance to $85 billion, a 62% increase year-over-year, to meet strong cloud demand [28][4]. - Meta's capital expenditure is projected to be between $66 billion and $72 billion for FY25, a growth of 68%-84% year-over-year [12][34]. Profit Margins - Despite a decline in segment profit margins for Microsoft and Amazon, overall operating margins improved due to efficiency gains in other business units [4][19]. - Meta's operating profit margin is expected to decline by approximately 1 percentage point in FY25 due to rising depreciation and personnel costs, partially offset by revenue growth from AI [11][12]. - Google Cloud's operating profit margin improved by 9 percentage points year-over-year to 20.7% in 2Q25, aided by strong revenue growth [28][4].