刚刚，集体大涨！

Core Viewpoint - The earnings season in the US stock market has released significant positive signals, particularly driven by strong earnings reports from major tech companies like Microsoft and Meta, which have exceeded market expectations and indicated robust growth in AI demand [1][2][9]. Group 1: Microsoft Earnings - Microsoft reported a revenue of $70.066 billion for Q3 of FY2025, a year-on-year increase of 13%, surpassing the expected $68.48 billion [5]. - Adjusted earnings per share were $3.46, exceeding analyst expectations of $3.21, and net profit rose by 18% to $25.824 billion [5][6]. - The "Intelligent Cloud" segment, including Azure, generated $26.75 billion in revenue, growing approximately 21%, which was above the analyst forecast of $26.16 billion [5][6]. - Azure's revenue growth contributed 16 percentage points to the AI business, slightly above the expected 15.6 percentage points [6]. Group 2: Meta Earnings - Meta's Q1 FY2025 revenue reached $42.314 billion, a 16% increase year-on-year, exceeding the market expectation of $41.4 billion [6]. - Net profit grew by 35% to $16.644 billion, with diluted earnings per share increasing by 37% to $6.43 [6]. - The operating profit margin improved from 38% to 41% compared to the same period last year [6]. - Daily active users on Facebook reached 3.43 billion, a 6% increase, surpassing the expected 3.39 billion [6]. Group 3: AI Demand and Capital Expenditure - Both Microsoft and Meta are significantly increasing their capital expenditures to support AI initiatives, with Microsoft raising its capital spending to $80 billion for data center construction, half of which will be allocated to domestic data centers [9][10]. - Meta adjusted its annual capital expenditure range from $60-65 billion to $64-72 billion, reflecting additional investments in AI and data center infrastructure [10]. - Microsoft’s CFO indicated that AI demand is exceeding expectations, potentially leading to supply constraints by June [9].