21世纪经济报道·2026-02-10 01:12Core Viewpoint - The article highlights the dual reactions of investors to the quarterly earnings reports of major tech companies, particularly regarding the explosive growth in AI-related cloud services and the significant capital expenditures (CAPEX) these companies are committing to for future growth [1][2]. Group 1: Cloud Business Performance - All three companies, Microsoft, Google, and Amazon, reported cloud business growth that exceeded market expectations, with Google Cloud achieving a revenue of $17.664 billion, a 48% year-over-year increase [4][6]. - Microsoft’s Azure and other cloud services saw a revenue increase of 39%, with the intelligent cloud segment surpassing $50 billion in quarterly revenue for the first time [6]. - Amazon AWS reported a 24% year-over-year growth, reaching $35.6 billion, marking its fastest growth since late 2022 [7]. Group 2: Capital Expenditures - Microsoft reported a record quarterly capital expenditure of $37.5 billion, a 66% increase year-over-year [2][10]. - Google plans to spend between $175 billion and $185 billion on capital expenditures in 2026, nearly doubling its 2025 budget [2][10]. - Amazon announced a capital expenditure of up to $200 billion for 2026, representing a more than 50% increase from its already high 2025 spending [2][10]. Group 3: Future Orders and Revenue Visibility - Google Cloud's unfulfilled orders reached $240 billion, more than doubling year-over-year, while AWS's backlog surged 40% to $244 billion, and Microsoft's remaining performance obligations soared to $625 billion, a 110% increase [8][12]. - These future orders provide a strong foundation for anticipated revenue, but they also require substantial capital investment to fulfill [9][12]. Group 4: Investor Concerns and Market Dynamics - Investors are increasingly worried about the pace of returns on these massive investments, with concerns that spending may outstrip revenue growth [12][13]. - The article notes a shift in investor focus from revenue growth to the sustainability of capital returns, as high capital expenditures could pressure profit margins and free cash flow [12][13]. - The ongoing "arms race" in AI and cloud infrastructure is seen as a necessary gamble for these companies to maintain market leadership despite short-term stock price volatility [11][13].