美股“七巨头”最新季报：AI投资步入收获期，多项核心业绩超预期

Investment Rating - The report indicates a "Outperform" rating for the sector, reflecting strong performance expectations for the "Seven Giants" in the U.S. stock market [5]. Core Insights - The "Seven Giants" have reported strong quarterly earnings, with an average revenue growth of 17% year-over-year and a net profit growth of 24%, driven primarily by cloud services and AI investments [1][2]. - Capital expenditures have significantly increased among major companies to support AI infrastructure and long-term strategic initiatives, with an average increase of 72% year-over-year [28]. - Despite strong earnings, macroeconomic uncertainties and geopolitical risks remain a concern for future performance [1]. Summary by Company Apple - For FY2025Q3, total revenue reached $94 billion, a 10% year-over-year increase, exceeding market expectations of $89.3 billion [2][31]. - iPhone revenue grew 14% to $44.6 billion, driven by strong demand for the iPhone 16 series [32]. Amazon - In 2025Q2, total revenue was $167.7 billion, a 13% year-over-year increase, surpassing market expectations [3][13]. - AWS revenue grew 18% to $30.9 billion, aligning with market expectations, while net profit surged 35% to $18.2 billion, exceeding expectations by 27% [3][13]. Alphabet - For 2025Q2, total revenue was $96.4 billion, a 14% year-over-year increase, exceeding market expectations [3][13]. - Google Cloud revenue grew 32% to $13.6 billion, significantly improving profit margins [20]. Meta - In 2025Q2, total revenue reached $47.5 billion, a 22% year-over-year increase, exceeding market expectations [4][13]. - Advertising revenue grew 21.5% to $46.5 billion, driven by AI-enhanced advertising tools [21]. Microsoft - For FY2025Q4, total revenue was $76.4 billion, an 18% year-over-year increase, surpassing market expectations [10][13]. - Azure revenue grew 39%, contributing significantly to overall growth [20]. Nvidia - In FY2026Q2, total revenue reached $46.7 billion, a 56% year-over-year increase, exceeding market expectations [11][13]. - Data center revenue grew 56% to $41.1 billion, driven by strong demand for AI infrastructure [22]. Tesla - In 2025Q2, total revenue was $22.5 billion, a 12% year-over-year decline, falling short of market expectations [12][13]. - Automotive revenue decreased 16% to $16.7 billion, reflecting ongoing challenges in the automotive sector [42]. Future Guidance - Most companies provided optimistic guidance for the next quarter, with expected revenue growth averaging 22% year-over-year [43]. - Apple expects FY2025Q4 revenue growth in the mid to high single digits, while Amazon anticipates a 10% to 13% increase in net sales for 2025Q3 [44][45]. - Microsoft forecasts revenue growth of 14% to 16% for FY2026Q1, driven by strong Azure performance [45].