美股研究社·2025-07-07 14:10Core Viewpoint - The article discusses the significant market capitalization growth of Microsoft and Nvidia, driven by the AI boom, with both companies nearing a combined valuation of $4 trillion [1][2]. Group 1: Nvidia - Nvidia's market capitalization has reached $3.89 trillion, benefiting from a tenfold increase in annual sales over the past three years due to surging chip demand [2][9]. - The company is expected to maintain an average annual growth rate of 32% over the next three years, indicating strong future demand for its chips [9]. - However, Nvidia's heavy reliance on AI poses binary risks; if AI demand does not meet expectations or if alternative technologies emerge, Nvidia could quickly lose its competitive edge [10][11]. Group 2: Microsoft - Microsoft's market capitalization stands at $3.71 trillion, with a complex AI growth narrative that relies on enterprises and consumers paying a premium for its AI services [2][12]. - The Azure cloud computing division's AI services generated approximately $11.5 billion in revenue in the last fiscal year, reflecting over 100% year-on-year growth, but this only accounts for 4% of Microsoft's total revenue [13]. - Internal operational pressures are significant, with Microsoft recently announcing layoffs of 9,000 employees following a previous reduction of 6,000, indicating challenges in achieving efficiency compared to peers [14]. - There are emerging tensions in Microsoft's partnership with OpenAI, particularly regarding the terms of their $10 billion collaboration, which may impact Microsoft's AI strategy if unresolved [15][16].