第一财经·2026-01-29 01:14Core Viewpoint - The article discusses the recent earnings reports from major tech companies Meta, Microsoft, and Tesla, highlighting the impact of artificial intelligence on their business models and the ongoing divergence within the tech sector as investors assess capital expenditure trends and performance metrics [3]. Group 1: Meta - Meta's fourth-quarter revenue reached $59.89 billion, a 24% year-over-year increase, surpassing market expectations of $58.59 billion [6]. - The adjusted earnings per share (EPS) for Meta was $8.88, exceeding the anticipated $8.23 [6]. - For the first quarter, Meta forecasts revenue between $53.5 billion and $56.5 billion, above the analyst expectation of $51.41 billion [7]. - The company plans total expenditures for 2026 to be between $162 billion and $169 billion, with capital expenditures for AI initiatives projected between $115 billion and $135 billion, nearly double the previous year's spending [7][8]. Group 2: Microsoft - Microsoft's second-quarter revenue was $81.27 billion, a 17% year-over-year increase, exceeding the market expectation of $80.27 billion [10]. - The net profit for Microsoft was $38.46 billion, with an EPS of $5.16, significantly up from $24.11 billion (EPS of $3.23) in the same quarter last year [10]. - The growth of Microsoft's cloud business, including Azure, was 29%, slightly above expectations, but the growth rate has slowed compared to the previous quarter [10]. - The company's remaining performance obligations reached $625 billion, a 110% year-over-year increase, largely due to a $250 billion cloud services agreement with OpenAI [10]. Group 3: Tesla - Tesla's fourth-quarter revenue was $24.9 billion, a 3% decline from $25.7 billion year-over-year, marking the first annual revenue drop in the company's history [12]. - The automotive segment revenue fell 11%, contributing to a total annual revenue drop to $94.8 billion from $97.7 billion in 2024 [12]. - Tesla's net profit for the fourth quarter dropped 61% to $840 million (EPS of $0.24) from $2.1 billion (EPS of $0.60) the previous year, primarily due to a 39% increase in operating expenses [12]. - The company plans to invest in new business areas, including a robotaxi service and humanoid robot projects, with a capital expenditure of $2.39 billion in the fourth quarter, down 14% from the previous year [13][14].