Investment Rating - The report does not explicitly state an investment rating for the software and services industry, but it highlights strong performance and growth potential in the sector, particularly driven by AI advancements and cloud services. Core Insights - The performance of major US tech companies in Q1 2024 showed robust growth, with total revenue increasing by 15.6% year-on-year to 70.7 billion, indicating a strong recovery in the tech sector [13][21]. - AI contributions are expanding significantly across various companies, with investments in AI infrastructure and applications continuing to grow, enhancing overall business performance [11][14]. - The outlook for Q2 2024 is cautious, with many companies providing conservative guidance despite strong Q1 results, reflecting a need for the market to adjust to high expectations [11][13]. Summary by Sections Stock Price Review - Since the onset of the pandemic, US tech stocks have benefited from increased online activities, leading to a rise in both performance and stock prices. However, after peaking in November 2021, stocks faced volatility due to tightening liquidity and economic concerns. The first quarter of 2024 saw a rebound in stock prices following strong Q4 2023 earnings and the release of new AI models [8][10]. Q1 2024 Summary - Major US tech companies reported strong earnings in Q1 2024, with cloud revenue growth rebounding and AI contributions continuing to expand. Microsoft, Amazon, Google, Meta, and Netflix all showed significant year-on-year revenue growth, with Meta leading at 27.3% [13][14]. - Cloud services saw a notable recovery, with Microsoft Azure's revenue growth at 31%, driven by AI services contributing approximately 7 percentage points to this growth [13][14]. Q2 2024 and Future Outlook - Guidance for Q2 2024 is generally conservative, with Microsoft projecting a revenue increase of 13% to 14.8%, while Amazon expects a 7% to 11% increase. Despite this, capital expenditures are expected to remain high as companies continue to invest in AI and cloud infrastructure [11][13]. - The report emphasizes the ongoing integration of AI capabilities into business operations, which is expected to drive future growth and enhance service offerings across the sector [11][14]. Increased Investment in AI Infrastructure - Companies are significantly increasing their capital expenditures to enhance AI capabilities. Microsoft has expanded its Copilot features, while Amazon and Google are also investing heavily in AI infrastructure to support their cloud services [14][15]. - The report notes that AI revenue for Amazon has reached billions annually, indicating the early stages of a substantial market opportunity [11][14]. Sector Performance and Trends - The report highlights steady growth across various segments, including user subscriptions, advertising, e-commerce, and cloud computing. Advertising revenue is being driven by AI enhancements, with Meta and Amazon showing strong growth in this area [13][14]. - The overall sentiment in the tech sector remains positive, with expectations for continued growth driven by AI advancements and cloud service recovery [11][13].
【广发TMT产业研究】美股科技股观察|24Q1业绩总结与展望：Q1业绩强劲，后续指引趋保守，资本开支增势延续，AI贡献继续扩大
广发证券·2024-05-10 11:02