创业邦·2025-08-10 10:17Core Viewpoint - The article highlights the strong financial performance of major US tech giants Google, Meta, and Microsoft, driven by traditional "tech + retail" cycles and a new "AI internal cycle" that supports robust growth [6][8][19]. Group 1: Financial Performance - Google reported Q2 revenue of $96.4 billion, a year-on-year growth of 14%, marking a high point in the last three reporting periods [8]. - Microsoft achieved Q2 revenue of $76.4 billion, with an 18% year-on-year growth, the highest growth rate in 2024 [8]. - Meta's Q2 revenue reached $47.5 billion, reflecting a 22% year-on-year growth, also a new high in the last four reporting periods [8]. - Profit figures were equally impressive, with Google at $28.2 billion (up 19%), Microsoft at $27.2 billion (up 24%), and Meta at $18.3 billion (up 38%) [10]. Group 2: Cloud Business Growth - Both Google and Microsoft's cloud businesses showed significant growth, with Microsoft's intelligent cloud business growing by 26% and Google Cloud's growth reaching 31.5% [11]. Group 3: Capital Expenditure Trends - All three tech giants reported record capital expenditures in Q2, with Microsoft at $24.2 billion (up 27%), Meta at $17 billion (doubling year-on-year), and Google at $22.4 billion (up 70%) [14]. - Future capital expenditure expectations have been raised, with Microsoft signaling a projected $30 billion for the next fiscal quarter [17]. Group 4: Advertising and Retail Dynamics - The article emphasizes the ongoing "tech + retail" cycle, with advertising being a key growth driver for Google and Meta [20]. - Google's advertising revenue saw a 5.5 percentage point increase, while Meta's advertising revenue grew by 22% [22]. - The US digital media market is projected to grow by 8.9% in 2024, with retail leading the way in advertising spending [23]. Group 5: AI Internal Cycle - The article introduces the concept of an "AI internal cycle," which, while currently having a limited impact, is expected to grow as AI applications gain traction [27][32]. - The report notes that AI applications are seeing increased investment, with significant growth in categories like AI companions and education [28]. - The potential for AI to enhance advertising revenue and cloud computing demand is highlighted, suggesting a self-reinforcing cycle of growth [32]. Group 6: Global Tech Leadership - The article draws parallels between the financial performance of US tech giants and the broader implications for AI development globally, suggesting that the commercial instincts of US companies are key to building an effective AI internal cycle [33][34].