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海外科技公司2024Q1业绩总结-软件篇：资本开支持续增长，云业务增速逐步回升
Southwest Securities·2024-05-12 08:00

Core Insights - Major tech companies are increasing capital expenditures, indicating sustained demand in the computing power industry. In Q1 2024, capital expenditures for major overseas tech firms rose, with Microsoft at $14 billion, Amazon at $13.9 billion, Google at $12 billion, and Meta at $6.7 billion. Year-over-year growth rates showed Google at +91%, Microsoft at +79%, Amazon at +7%, and Meta at -5% [5][6][24] - Cloud business growth is recovering, with AI inference demand gradually materializing. In Q1 2024, Microsoft's Azure and other cloud revenues grew by 31% year-over-year, with AI inference contributing 7% to this growth. Comparatively, Microsoft's intelligent cloud revenue was $26.7 billion, Amazon AWS at $25 billion, and Google GCP at $9.6 billion [5][6][24] - Tech giants are enhancing organizational efficiency, leading to significant profit improvements. Google achieved an operating profit of $25.5 billion with a margin of 32%, exceeding market expectations. Amazon's net profit was $10.4 billion, surpassing expectations, while Meta's operating profit rose by 91% year-over-year [5][6][24] Capital Expenditure - The increase in capital expenditures reflects strong demand for computing power, with Microsoft, Amazon, Google, and Meta all raising their 2024 capital expenditure guidance, indicating continued high demand in the computing power supply chain [5][6][24] Cloud Business Performance - In Q1 2024, cloud business performance showed significant growth, with Microsoft leading in absolute revenue, followed by Amazon and Google. The growth rates for Google GCP were the highest at +28%, while Microsoft's intelligent cloud benefited from AI product competitiveness [5][6][24] Organizational Efficiency - Major tech companies are focusing on organizational optimization, with Amazon and Meta nearing optimization inflection points. Google's operating profit and net profit significantly exceeded market expectations, indicating effective cost management and operational efficiency [5][6][24]