每经AI快讯，SNAP去年第四季度营收17.2亿美元，预估17亿美元；第四季度调整后每股收益0.1829美 元，预估0.15美元。 ...

Core Insights - Snap exceeded Wall Street estimates for fourth-quarter revenue, driven by increased advertiser engagement during the holiday season, resulting in a share price increase of over 2% in extended trading [1] - Total active advertisers on Snap's platform rose by 28% in the fourth quarter, highlighting the strength of direct response ads and new ad formats [1] - Revenue for the quarter increased by 10% year-over-year to $1.72 billion, surpassing analysts' average estimate of $1.70 billion [2] Revenue Forecast - Snap anticipates first-quarter revenue to be between $1.50 billion and $1.53 billion, slightly below the estimate of $1.55 billion [3] - The forecast does not account for revenue from the Perplexity integration, a $400 million deal that is still under negotiation [3] Customer Segments - Strong growth was observed in the medium-customer segment globally, with North America being the largest contributor to dollar growth in this segment [4] - The company continues to face challenges in its North America large-customer business [4] Financial Performance - Snap's outlook for adjusted EBITDA is between $170 million and $190 million, exceeding estimates of $177.9 million, as the company focuses on profitable growth through cost control [5] - The net income for the fourth quarter was $45 million, up from $9 million a year earlier, while the net loss for 2025 narrowed to $460 million from $698 million in 2024 [5] Product Development - The company is enhancing its augmented reality offerings with the launch of an independent unit, Specs, and is diversifying revenue through its subscription service Snapchat+ [6] - Subscribers for Snapchat+ increased by 71% to 24 million in the fourth quarter, while daily active users rose by 5% year-over-year to 474 million, despite a decline of 3 million from the previous quarter [6]

Shares of publicly traded Bitcoin miners are plummeting as Bitcoin marked a new 15-month low price, dipping to $72,185 on Wednesday—now down nearly 20% over the last week. Major BTC mining firms MARA Holdings (MARA) and Riot Platforms (RIOT) have seen their shares dip 11.6% and 10% respectively on the day to $7.99 and $13.78. Meanwhile, Hut 8 (HUT) and Cipher Mining (CIFR) have fallen even further, dropping nearly 14.3% and 20.76% since the opening bell to $50.60 and $12.92, respectively.  The miners' drop ...

Core Viewpoint - Alphabet is expected to report strong earnings with an adjusted EPS of $264 and revenue exceeding $111 billion, reflecting a significant growth trajectory over the past year, with shares up over 65% [1][2]. Financial Performance Expectations - Analysts anticipate continued double-digit growth across Alphabet's core businesses, including search, YouTube, and cloud services, with cloud growth expected to exceed 30% [3][4]. - The company is expected to maintain mid-teen growth on the top line, driven by strong performance in the advertising market and investments in AI technology [3][4]. Investment and Market Position - Alphabet has demonstrated a capacity to find new growth markets, such as cloud services and AI investments, even when growth appears to be slowing [5]. - The company is perceived to have better spending discipline compared to competitors, which may enhance its market position [5][6]. Capital Expenditure Insights - There is an expectation that Alphabet's capital expenditures (capex) may come in higher than previous quarters, reflecting the need to invest aggressively in AI and technology to maintain competitive advantage [8][9]. - The market dynamics suggest that overspending may be more beneficial than underspending in the current environment, indicating Alphabet's commitment to aggressive investment strategies [8][9]. Market Reactions and Trading Strategies - The high expectations for Alphabet's earnings report may lead to volatility in stock performance, even if the company beats earnings estimates [11][12]. - Options trading strategies are being considered to capitalize on potential stock movements, with a focus on managing risk amid high implied volatility [16][17].

Group 1 - The fourth quarter earnings season is ongoing, with major companies like Alphabet, Amazon, AMD, Qualcomm, and Palantir reporting results [1] - As of January 30, 33% of S&P 500 companies have reported their fourth quarter results, with an estimated 11.9% increase in earnings per share, marking the 10th consecutive quarter of annual earnings growth for the index [2] - Analysts initially expected an 8.3% increase in earnings per share, which was revised up due to strong performance from tech companies, following a 13.6% growth rate in the previous quarter [4] Group 2 - Big Tech companies are setting the tone for the earnings season, with ongoing capital expenditures and themes such as artificial intelligence and economic policies influencing market dynamics [5] - Upcoming earnings reports will include updates from companies like Disney, Chipotle, PepsiCo, Uber, and Snap, indicating continued investor interest in diverse sectors [5]

Core Viewpoint - European countries are increasingly considering bans on social media services for minors, which could significantly impact major US tech companies and their advertising revenues [1][2]. Group 1: Policy Developments - The initial policy was implemented in Australia and includes major platforms like Meta's Instagram and Facebook, Snap, X (formerly Twitter), TikTok, and YouTube [2]. - Spain has recently proposed a ban, with Prime Minister Pedro Sánchez criticizing social media as a "failed state" and calling for action against powerful tech companies [4]. - Other European countries, including France, the UK, Portugal, Denmark, Greece, and the Netherlands, are also contemplating similar restrictions [4]. Group 2: Industry Impact - The potential bans threaten to cut off access to millions of young users, which is critical for advertising revenue for these platforms [2][11]. - Europe is a significant market for tech firms, with revenue growth in the region outpacing that in the US for companies like Snap and Meta [11]. - The platforms face litigation in the US over accusations that their products are harmful to young people, further complicating their position in Europe [10]. Group 3: Enforcement Challenges - Implementing age restrictions poses challenges, including the risk of driving users to less legitimate services and concerns over data privacy when verifying age [12][13]. - France's recent law banning social media for children under 15 is moving to the senate for adoption, but enforcement has been problematic in the past [14][15]. - The UK is also exploring various measures, including age restrictions and design changes to combat addiction, with a decision expected in the summer [16].

Market Overview - U.S. stock futures are showing mixed performance as investors analyze corporate earnings and AI stock valuations [1][2] - Major indexes experienced a pullback on February 3, 2026, with the S&P 500 down 0.8% to 6,917.81, Nasdaq Composite down 1.4% to 23,255.19, and Dow Jones down 0.3% to 49,240.99 [3] Premarket Trading - S&P 500 futures are slightly up by 0.01% to 0.23%, while Dow Jones futures have risen between 0.1% and 0.28% [2] - Nasdaq 100 futures are down approximately 0.19%, indicating ongoing pressure on technology stocks [2] Earnings Releases - Notable premarket earnings reports are expected from Eli Lilly and Company (LLY), AbbVie Inc. (ABBV), Uber Technologies, Inc. (UBER), UBS Group AG (UBS), Boston Scientific Corporation (BSX), and CME Group Inc. (CME) [5] - Post-market earnings reports will include Alphabet Inc. (GOOGL), Qualcomm Incorporated (QCOM), ARM Holdings plc (ARM), O'Reilly Automotive, Inc. (ORLY), Snap Inc. (SNAP), and e.l.f. Beauty, Inc. (ELF) [6] Economic Data - Key economic reports to be released include the January ADP Employment Report and the January ISM Non-Manufacturing Composite index, which will provide insights into the U.S. labor market and services sector [7] Federal Reserve and Monetary Policy - The Federal Reserve maintained the federal funds rate at a target range of 3.5% to 3.75% during its January 2026 meeting, following three consecutive rate cuts [8] - Speculation exists regarding future monetary policy, especially with the nomination of Kevin Warsh as a potential successor to Jerome Powell [9] Major Stock Movements - Advanced Micro Devices (AMD) shares fell around 7% in premarket trading despite exceeding earnings forecasts, reflecting broader tech sell-off concerns [10] - Palantir Technologies Inc. (PLTR) rose 6.8% after reporting positive results, while Super Micro Computer, Inc. (SMCI) gained 11.12% [11] - The market is shifting towards value stocks, with energy, healthcare, and industrials showing early 2026 outperformance compared to tech [12]

Core Viewpoint - European countries are increasingly considering bans on social media services for minors, which could significantly impact major US tech companies and their advertising revenues [1][2]. Group 1: Policy Developments - The initial policy to restrict social media access for minors was first implemented in Australia and is now gaining traction in Europe, potentially affecting millions of young users [2][12]. - Spain has recently proposed a ban, with Prime Minister Pedro Sánchez criticizing social media companies for their influence and power [3][4]. - Other European countries, including France, the UK, Portugal, Denmark, Greece, and the Netherlands, are also contemplating similar restrictions, indicating a broader trend across the continent [4][5]. Group 2: Industry Impact - Major social media platforms like Meta Platforms Inc., Snap Inc., TikTok, YouTube, and X could face significant revenue losses if access to younger users is restricted, as these demographics are crucial for their advertising models [10][11]. - Europe represents the second-largest market for many tech firms, with revenue growth in the region outpacing that in the US for companies like Snap Inc. and Meta Platforms Inc. [10][11]. Group 3: Regulatory Challenges - Implementing age restrictions poses challenges, including the difficulty of verifying users' ages without compromising personal data security [13][15]. - Previous attempts to enforce age verification in France and the UK have faced obstacles, such as users circumventing restrictions through VPNs [15][16]. - Digital policy experts question the effectiveness of bans in reducing screen time among children, suggesting that the evidence supporting such measures is insufficient [11].

Core Viewpoint - The launch of AI plug-ins by Anthropic for its Claude Cowork agent has raised concerns about potential disruptions in the data and professional services industry, which were previously expected to benefit from AI advancements [1][12]. Company Impact - Thomson Reuters, owner of the Westlaw legal database, experienced a nearly 18% drop in its stock, marking its largest daily loss on record and the lowest close since June 2021. The company's shares are down 33% year-to-date after a 22% decline in 2025 [2][12]. - RELX and Wolters Kluwer, both providers of legal analytics services, saw their shares fall by 14% and approximately 13%, respectively. RELX's shares have nearly halved from their peak in February, indicating significant pressure from AI advancements [6][12]. - Other professional services firms also faced declines, with Factset Research down 10.5%, Morningstar losing 9%, and LegalZoom slumping 19.7%. In London, companies like Experian, Sage Group, London Stock Exchange Group, and Pearson fell between 6% and 12% [7][12]. Market Sentiment - Investors are increasingly bearish on Thomson Reuters, with concerns that the company may struggle to maintain growth in its legal segment due to rising competition from specialized AI tools [5][12]. - The selling pressure in software and data analytics reflects a broader structural debate, as AI tools challenge traditional business models and erode the historical 'visibility premium' in valuations [8][12]. - Major U.S. technology stocks also declined, with Nvidia down 2.8%, Meta Platforms down 2.1%, Microsoft down 2.9%, and Oracle down 3.4%. The S&P 500 and Nasdaq indices fell by 0.84% and 1.43%, respectively [8][12]. Advertising Sector Impact - Advertising companies faced significant pressure, with Omnicom down 11.2% and Publicis shares dropping over 9%. Publicis has allocated approximately 900 million euros ($1.06 billion) for acquisitions in AI technologies and data assets [9][12]. - Other advertising-dependent firms, such as Pinterest and Snap, also saw declines of 5.6% and 8.4%, respectively, as AI capabilities increasingly threaten traditional business models in the sector [10][12].

Market Overview - The bond market has been stable, but recent breakouts have affected equity markets, with investors adjusting to the potential appointment of Kevin Walsh as Fed chair, who is perceived as an inflation hawk but has made dovish comments recently [2][3] - The Reserve Bank of Australia raised interest rates, leading to a strengthening of the Australian dollar, indicating global market dynamics at play [4] - Yield differentials across global markets are being monitored, especially with Japan's upcoming election potentially adding volatility [5] Equity Market Performance - The "Magnificent 7" tech stocks index declined by approximately 1.6%, while the NASDAQ 100 fell by about 1.55%, despite 55% of S&P 500 components showing gains [7] - The gold market experienced a significant $300 price movement, suggesting volatility influenced by currency fluctuations [8] Upcoming Economic Data - The ADP report will provide insights into the job market, as the government shutdown has delayed the usual payroll data collection [10] - The ISM non-manufacturing PMI is expected to carry significant weight, especially since the economy is service-led, and previous PMI data showed improvement [11] Earnings Reports - A busy earnings calendar includes major companies such as Uber, Eli Lilly, Alphabet, ARM, Qualcomm, and Snap, which are anticipated to dominate headlines [13][14] - AMD's performance will be closely watched to see if it stabilizes and potentially reignites interest in tech stocks [12][14]