美股云计算和互联网巨头25Q2总结：AI加速兑现，Capex指引再上调

Investment Rating - The report indicates a positive investment outlook for the cloud computing and AI sectors, particularly for companies like Google, Microsoft, and Meta, while Amazon's AWS shows more moderate performance [3][4]. Core Insights - Cloud performance is driven by AI, with Google and Microsoft exceeding expectations, while Amazon's AWS performance is flat. Microsoft Azure's revenue growth accelerated to 39% in FY25Q4, and Google Cloud's revenue reached $13.6 billion with a growth rate of 31.7% [3][4]. - Capital expenditures (Capex) guidance has been raised across the board, reflecting strong demand for AI cloud services. The total Capex for the quarter reached $95.8 billion, a year-on-year increase of 64% [3][4]. - Microsoft is leveraging AI capabilities to enhance Azure's performance, with significant user growth in AI programming tools like GitHub Copilot [3][4]. Summary by Sections 1. Cloud Performance in Q2 2025 - Google and Microsoft reported better-than-expected results, while Amazon AWS's performance was lackluster. Microsoft Azure's revenue growth accelerated, and Google Cloud's revenue growth also improved [3][4][5]. - Amazon AWS reported $30.87 billion in revenue, with a year-on-year growth of 17.5%, but did not see acceleration in growth due to capacity constraints [3][4][5]. 2. Capital Expenditures (Capex) - The total Capex for the quarter was $95.8 billion, reflecting a strong demand for AI cloud services. Google raised its full-year Capex guidance by $10 billion to $85 billion [3][4][16]. - Microsoft indicated that its Capex for FY26Q1 would exceed $30 billion, while Amazon's Capex for the quarter was $32.2 billion [3][4][20]. 3. Company-Specific Highlights - Microsoft: Azure's annual revenue reached $75 billion, with a strong order backlog of $368 billion, reflecting a year-on-year increase of 37% [3][4][39]. - Google: Search ad revenue was $54.2 billion, with a year-on-year growth of 11.7%, and Google Cloud's revenue growth was driven by AI advancements [3][4][45]. - Meta: Advertising revenue reached $46.6 billion, with a year-on-year increase of 21.5%, driven by AI enhancements in advertising systems [3][4][43].