周三盘后，Meta、微软和特斯拉发布最新业绩。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软 件股与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了 广泛关注。 按照日程安排，苹果周四将披露最新业绩。 Meta公布利好营收预测，盘后涨逾7% 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿 美元，同比增长24%，市场预期 585.9 亿美元。调整后每股收益EPS 8.88 美元，预期8.23美元。 Meta预计一季度营收将在535亿至565亿美元区间，高于分析师514.1亿美元的预期值。 微软盘后股价跌近7%。微软智能云业务板块（含 Azure 云基础设施）营收达329.1亿美元，同比增长近 29%，略好于市场预期，不过Azure 云服务及其他云业务营收同比增长39%，而该业务在财年第一季度 的同比增速为40%。生产力和商业流程业务板块营收341.2亿美元，同比增长约16%，个人计算业务板块 营收142.5亿美元，同比下跌约3%。 截至本财年末，微软的商业剩余履约义务金额达62 ...

苹果周四将发布业绩。 周三盘后，Meta、微软和特斯拉发布最新业绩。 微软发布第二财季财报显示，营收812.7亿美元，同比增长17%，市场预期802.7亿美元，净利润384.6亿 美元，合每股收益EPS 5.16 美元，较去年同期241.1 亿美元（合每股收益3.23 美元）大幅增长。 微软盘后股价跌近7%。微软智能云业务板块（含 Azure 云基础设施）营收达329.1亿美元，同比增长近 29%，略好于市场预期，不过Azure 云服务及其他云业务营收同比增长39%，而该业务在财年第一季度 的同比增速为40%。生产力和商业流程业务板块营收341.2亿美元，同比增长约16%，个人计算业务板块 营收142.5亿美元，同比下跌约3%。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软 件股与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了 广泛关注。 按照日程安排，苹果周四将披露最新业绩。 Meta公布利好营收预测，盘后涨逾7% 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿 美元，同 ...

Core Viewpoint - Microsoft reported strong financial results for Q2 of FY2026, exceeding Wall Street expectations in both revenue and profit, but concerns over slowing Azure growth and record capital expenditures led to a significant drop in stock price after hours [1][2]. Financial Performance - For the second quarter ending December 31, Microsoft achieved revenue of $81.27 billion, a year-over-year increase of approximately 17%, surpassing the market expectation of $80.3 billion. Net profit reached $38.46 billion, with earnings per share (EPS) of $5.16, significantly exceeding the expected $3.92. Adjusted EPS was $4.14, also above expectations [2]. - The substantial increase in net profit was partly due to changes in accounting treatment for the investment in OpenAI, contributing an additional $1.02 to EPS [2]. Cloud Business Performance - Microsoft's "Intelligent Cloud" segment, including Azure, generated revenue of $32.91 billion, a nearly 29% year-over-year increase, slightly above expectations. However, the growth rate of Azure and other cloud services raised concerns [3]. - Azure and other cloud services revenue grew by 38% year-over-year at constant currency, matching analyst predictions but slowing by one percentage point from the previous quarter. This deceleration disappointed investors betting on stronger cloud performance [3]. Capital Expenditures and AI Investment Concerns - Microsoft reported a significant increase in capital expenditures, reaching $37.5 billion, a 66% year-over-year rise, exceeding analyst expectations of $36.2 billion. Approximately two-thirds of this expenditure was allocated to computing chips for data centers to meet AI demand [4]. - CEO Satya Nadella noted an increase of nearly 1 gigawatt in computing capacity during the quarter. Despite the substantial investment, the company faces challenges in rapidly expanding sufficient computing capacity to meet demand [4]. - The "remaining performance obligations" (RPO), indicating future revenue from signed contracts, reached a record $625 billion, more than doubling year-over-year. Notably, 45% of this figure is attributed to agreements with OpenAI, highlighting Microsoft's reliance on the AI startup [4][5]. Other Business Segments - The productivity and business processes segment, including Office, Dynamics, and LinkedIn, generated revenue of $34.12 billion, a 16% year-over-year increase, exceeding expectations. Microsoft also reported that its AI assistant, Microsoft 365 Copilot, has gained 15 million commercial user seats, indicating initial adoption momentum [5]. - The personal computing segment, which includes Windows, Xbox, Surface, and Bing, reported revenue of $14.25 billion, a slight year-over-year decline of about 3%, slightly below expectations. Game revenue decreased by 9.5% [6]. Industry Competition and Stock Pressure - Microsoft is the first of the three major cloud service companies to report quarterly financial results, serving as a key indicator of the efficiency of tech giants' AI investments. The total capital expenditure in AI by Microsoft, Amazon, Google, and Meta is expected to exceed $500 billion this year [7]. - In contrast to Microsoft's post-earnings stock decline, Meta's stock rose significantly after announcing increased AI spending, reflecting differing market expectations regarding AI strategies. Meta's projected annual capital expenditures are between $115 billion and $135 billion, above analyst estimates [7]. - Analysts noted that Google's strong performance with its latest Gemini model and the emergence of competitors like Anthropic are putting pressure on Microsoft's AI business and traditional software [7]. - Microsoft's stock closed at $481.63, experiencing a drop of over 7% in after-hours trading following the earnings report. Over the past three months, Microsoft's stock has declined approximately 11%, underperforming the S&P 500 index, which rose by 1% during the same period [7].

当地时间1月28日，据媒体援引知情人士称，马斯克正计划将SpaceX的IPO时间安排在6月中旬——正值 罕见的行星连珠现象与他的生日期间。SpaceX计划融资规模高达500亿美元，估值约1.5万亿美元，将打 破沙特阿美2019年创下的290亿美元IPO纪录。有分析称，SpaceX公司将IPO日期放在6月份的原因之 一，或许就是马斯克的生日在6月28日，这在一定程度上凸显了马斯克对SpaceX公司的个人影响。另据 知情人士透露，该公司瞄准6月中旬上市，届时木星和金星将出现三年多来首次近距离相合。 点评：SpaceX拟于六月启动巨额IPO，潜在估值创历史新高，将引发全球资本市场高度关注。 NO.3Meta第四季度营收同比增24%，盘后一度涨超11% Meta周三盘后公布财报显示，公司第四季度营收598.9亿美元，同比增长24%，预估584.2亿美元；第四 季度广告收入581.4亿美元，同比增长24%，预估567.9亿美元；第四季度每股收益8.88美元，上年同期 8.02美元；第四季度经营利润247.5亿美元，同比增长5.9%。Meta称全年资本支出将达1150亿美元至 1350亿美元，超过分析师平均预期的1106 ...

Group 1: Market Performance - The U.S. stock market showed mixed results, with the Dow Jones up 0.02%, Nasdaq up 0.17%, and S&P 500 down 0.01%. Notably, storage stocks surged, with Seagate Technology rising over 19%, Western Digital up over 10%, SanDisk up over 9%, and Micron Technology up over 6% [1] - The Nasdaq Golden Dragon China Index increased by 0.38%, with New Oriental up 5.22%, Haitian Network up 5.14%, Wanwu Xingsheng up 4.99%, Beike up 4.20%, and Fulong Group up 4.12% [2] - International precious metal prices saw significant increases, with spot gold surpassing $5,580 per ounce (up 3.15%), New York futures gold exceeding $5,620 per ounce (up 5.32%), spot silver breaking $119 per ounce (up 1.98%), and palladium futures exceeding $2,100 per ounce (up 11.67%) [3][4][5][6] Group 2: Economic and Market Analysis - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations, with a voting result of 10 to 2 against a proposed 25 basis point cut [7][8] - Fed Chairman Jerome Powell indicated that the current policy rate is at the higher end of the neutral range and does not significantly restrict the economy. He noted that inflation remains high, with the core PCE inflation rate projected to reach 3% by December 2025, primarily driven by one-time factors related to tariff-induced price increases [9] - The U.S. Treasury Secretary reiterated a "strong dollar policy," denying any intervention in the yen's exchange rate, stating that a reduction in the trade deficit will support the dollar in the long term [10][11] Group 3: Institutional Perspectives and Market Analysis - Major tech companies reported mixed earnings, with Meta's Q4 revenue at $59.89 billion (estimated $58.42 billion), and Q1 sales guidance of $53.5 billion to $56.5 billion exceeding expectations, leading to a post-market stock increase of over 10% [12] - Tesla's Q4 revenue reached $24.901 billion (estimated $24.790 billion), with adjusted earnings per share surpassing expectations, resulting in a post-market stock increase of over 3% [13] - Microsoft's Q2 revenue was $81.27 billion (estimated $80.31 billion), with Azure cloud business growth at 39%, slightly exceeding expectations, but concerns over AI investments led to a post-market stock decline of 8.1% [14] - IBM's Q4 revenue was $19.7 billion (estimated $19.2 billion), with software business growth at 14%, resulting in a post-market stock increase of approximately 3% [15][16] Group 4: Funding and Liquidity Trends - The yield on the U.S. 10-year Treasury rose by 4 basis points to 4.263% following the Fed's decision, while the 2-year Treasury yield increased by 2.3 basis points to 3.592%. The dollar index closed up 0.5% at 96.38 points [17][18] - As of December 31, Norway's sovereign wealth fund held $199 billion in U.S. Treasuries, an increase from $181 billion on June 30 [19]

Group 1 - Microsoft's stock price has significantly dropped due to soaring expenditures reaching a historical high, while cloud business sales growth is slowing, raising investor concerns about the potential delay in returns from AI investments [2][4] - Capital expenditures for the second fiscal quarter reached $37.5 billion, a 66% increase year-over-year, exceeding analyst expectations of $36.2 billion [3] - Azure's revenue growth for the quarter was 38% after adjusting for currency fluctuations, barely meeting analyst expectations, but this growth rate has slowed compared to the previous quarter [3] Group 2 - The company's stock fell approximately 7% in after-hours trading, closing at $481.63 during regular trading hours [4] - Total quarterly revenue increased by 17% to $81.3 billion, with earnings per share at $5.16, primarily driven by investment gains from OpenAI, which contributed $1.02 to earnings per share [4] - Analysts had previously estimated revenue at $80.3 billion and earnings per share at $3.92 [5]

Market Overview - US stock market showed mixed results as investors digested the latest Federal Reserve interest rate decision and awaited earnings reports from several tech giants [2] - The Dow Jones Industrial Average rose by 12.19 points, or 0.02%, closing at 49,015.60 points, while the Nasdaq increased by 0.17% to 23,857.45 points; the S&P 500 index slightly declined by 0.01% to 6,978.03 points, having briefly surpassed the 7,000-point mark during the session [2][3] Technology Sector Performance - Star tech stocks exhibited mixed performance: Nvidia rose by 1.59%, Google by 0.38%, and Microsoft by 0.22%, while Tesla fell by 0.10%, and Meta, Amazon, and Apple dropped over 0.6%, with Apple down by 0.7% and Oracle down by 1.20% [3][4] - The Nasdaq China Golden Dragon Index increased by 0.32%, with Alibaba up by 1.70%, NetEase by 1.46%, and Baidu by 0.02%, while JD.com fell by 0.92% and Pinduoduo dropped by 3.84% [3] Semiconductor Sector Highlights - The Philadelphia Semiconductor Index rose by 2.3%, with Intel increasing by 11.04% and Texas Instruments by 9.9% [5] - ASML, a semiconductor equipment giant, opened high but closed down by 2.1%. The company reported a record net sales of €9.7 billion for Q4 2025, exceeding market expectations, driven by increased investment in AI chip manufacturing capacity [5] - ASML also raised its sales outlook for 2026, expecting annual sales between €34 billion and €39 billion, compared to analyst expectations of €35 billion [5] Federal Reserve Insights - The Federal Reserve announced it would maintain interest rates, stating that the US economy is expanding at a "steady pace" and the unemployment rate shows signs of stabilization [5] - Market expectations suggest that the first potential interest rate cut could occur in June or July of this year [6] Commodity Market Movements - Geopolitical factors continue to impact oil prices, with WTI crude oil rising by 1.31% to $63.21 per barrel and Brent crude oil increasing by 1.23% to $68.40 per barrel [7] - Precious metals saw significant gains, with COMEX gold futures for January delivery rising by 4.36% to $5,301.60 per ounce and silver futures increasing by 7.19% to $113.11 per ounce [7]

*三大股指分化，纳指涨0.1%； *中长期美债收益率上扬，10年期美债升至4.25%； *半导体板块发力，英特尔大涨超11%。 周三美股涨跌互现，投资者消化最新美联储利率决议，并等待多家科技巨头盘后公布业绩。截至收盘， 道指涨12.19点，涨幅为0.02%，报49015.60点，纳指涨0.17%，报23857.45点；标普500指数微跌0.01%， 报6978.03点，盘中历史首次突破7000点大关。 【热门股表现】 明星科技股分化，英伟达涨1.59%，谷歌涨0.38%，微软涨0.22%，特斯拉跌0.10%，Meta，亚马逊和苹 果跌逾0.6%，苹果跌0.7%，甲骨文跌1.20%。 纳斯达克中国金龙指数涨0.32%，阿里巴巴涨1.70%，网易涨1.46%，百度涨0.02%，京东跌0.92%，拼多 多跌3.84%。 | 英伟达(NVIDIA) 191.520 1 1.59% 3.000 NVDA.O | | --- | | 600G G 336.280 3 336.280 2 0.38% G 1.280 G GOOG.O | | 微软(MCROSO... 481.630 00.22% 1.050 MSFT.O ...

盘面上，美股三大指数收盘涨跌互现，大型科技股表现分化。 美联储按兵不动 据新华社报道，美国联邦储备委员会28日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在3.5%至3.75%之间不变。这一决定符合市场 预期。 当地时间1月28日，美联储宣布维持联邦基金利率目标区间在3.5%至3.75%之间不变。 受此影响，贵金属市场大幅走高，伦敦金现价格冲上5400美元/盎司，再创新高；COMEX白银期货涨超10%。 芝加哥商品交易所美联储观察工具显示，截至当日早些时候，市场认为美联储在此次货币政策会议上维持利率不变的概率超过95%。 Wind数据显示，截至当日收盘，道指涨0.02%，标普500指数跌0.01%，纳指涨0.17%。 美股大型科技股表现分化，万得美国科技七巨头指数上涨0.19%。成分股中，英伟达涨1.59%，谷歌、微软分别涨0.38%、0.22%；苹果、亚马逊、Meta、 特斯拉收跌。 | 盗版 成分 | 资讯 相关基金 | 月度收益 | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌幅 ◆ | lil | | 英伟达(NVIDIA) | 191.520 | ...

本文源自：金融界AI电报 微软：按固定汇率计算，第三财季Azure及其他云服务收入增长预期为37%至38%。 ...