All right, let's bring in Gene Munster, managing partner at Deep Water Asset Management. For his take on the quarters, uh Gene, let's kick it off with Amazon since we were just talking about it. What's wrong with the quarter. What's wrong with these numbers in your view. >> AWS is what's wrong.The whisper was plus 20% growth. I thought it was going to be like 22%. They've did the 17.5%.Why this matters is that this of course is one of the focus areas because the profitability piece. But if you look at the g ...

Core Insights - Equinix Inc. reported a second-quarter 2025 adjusted funds from operations (AFFO) per share of $9.91, exceeding the Zacks Consensus Estimate of $9.19 and reflecting a 7.5% year-over-year increase [1][9] - The company experienced higher revenues and expanding margins due to strong demand for digital infrastructure and services, with total quarterly revenues reaching $2.26 billion, surpassing estimates by 0.03% and increasing 4.5% year over year [2][4] Financial Performance - Recurring revenues amounted to $2.14 billion, a 5.9% increase from the previous year, while non-recurring revenues decreased by 16.3% to $113 million [4] - Adjusted EBITDA was reported at $1.13 billion, up 9% year over year, with an adjusted EBITDA margin of 50% [5] - The company had $8.5 billion in available liquidity and total gross debt of approximately $18.1 billion as of June 30, 2025, with a net leverage ratio of 3.5 [6] Market Position and Outlook - CEO Adaire Fox-Martin expressed confidence in Equinix's market position, highlighting its diverse ecosystems and global presence as key differentiators [3] - The company added 6,200 interconnections in the quarter, bringing the total to over 492,000, driven by cloud and AI expansion [2] Dividend and Guidance - Equinix announced a quarterly cash dividend of $4.69 per share, payable on September 17, 2025 [7] - The company raised its 2025 guidance for AFFO per share to a range of $37.67 to $38.48, indicating an 8-10% increase from the previous year [11] - Total revenue guidance for 2025 was also increased to a range of $9.233 billion to $9.333 billion, reflecting a growth of 6-7% from 2024 [12]

Meta Platforms (Meta) - Meta 的股价创下历史新高，公司营收增长 22% [1] - 市场普遍认为 Meta 未来两个季度可以维持 20% 甚至更高的增长率，但对于明年的增长率存在争议，可能在 15%-20% 之间 [2] - Meta 正在利用 AI 来提高用户参与度，广告展示次数加速增长，同比增长 11%，而第一季度仅增长 5%，广告价格也上涨了 9% [2] - 卖方普遍预计 Meta 明年营收增长 15%，2027 年增长 15%-20%，费用维持在 20% 或更高，并给予 2027 年 25 倍的市盈率，目标价约为 875 美元，部分人认为 Meta 有潜力成为 1000 美元的股票 [3] Microsoft - 微软本季度营收增长 18% [1] - Azure 云服务本季度增长 39%，预计下季度增长 37% [5] Amazon - 市场普遍预期 AWS 的增长率为 17%，但现在认为需要达到 18% 才能满足投资者的期望 [5] - 投资者希望看到 AWS 在第三季度加速增长，否则可能无法跟上市场步伐 [6] - 分析师认为 AWS 面临的挑战在于能否获得足够的芯片以及能否快速建立数据中心，此前亚马逊曾表示其容量受限，但预计后端容量限制将得到缓解 [7] - 亚马逊的广告业务前景乐观，零售业务表现良好，零售利润率也很高，但股价走势将主要取决于 AWS 的前景 [8]

Financial Data and Key Metrics Changes - Net revenue for Q2 2025 was $2.1 billion, a decrease of 3% in U.S. dollars and 4% in constant currency [24] - Adjusted diluted earnings per share were $2.45, flat year over year in U.S. dollars and down 1% in constant currency [27] - Gross margin was 21.1%, an increase of 10 basis points from the previous year [27] - Adjusted SG&A expenses declined by 3%, contributing to strong operating expense management [27] Business Line Data and Key Metrics Changes - Hardware revenue grew by 2%, marking the second consecutive quarter of growth, with North America hardware revenue increasing by 4% [8][25] - Insight core services revenue decreased by 2%, primarily due to delays in initiating new service projects with large enterprise clients [9][25] - Cloud gross profit was $123 million, a decrease of 5% due to partner program changes [26] Market Data and Key Metrics Changes - Revenue from commercial clients grew by 8%, representing the fifth consecutive quarter of growth [8] - The underlying SaaS and infrastructure as a service business grew in double digits, offset by partner program changes [8] - The public sector business showed momentum in services and hardware, despite overall revenue being down [82] Company Strategy and Development Direction - The company aims to become the leading AI-first solutions integrator, adapting its services portfolio to support clients in deploying AI solutions [10][19] - The strategy includes focusing on simplifying complex technology for clients and leveraging partnerships with major companies like NVIDIA, Google, and Microsoft [17][20] - The company is actively pursuing M&A opportunities to enhance capabilities in AI, data security, and cloud services [95] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, anticipating improved purchasing from corporate and large enterprise clients [20][31] - The company expects hardware demand to continue to build throughout the year, driven by device refresh needs and infrastructure spending [21] - Management acknowledged macroeconomic factors affecting client investment decisions, including tariffs and legislative policies [9] Other Important Information - The company repurchased approximately $76 million of shares in Q2, with $224 million remaining for the share repurchase program [28] - The adjusted return on invested capital for the trailing twelve months was 14.4%, down from 17% a year ago [29] - The company has ample liquidity with access to $1.8 billion under its ABL facility [29] Q&A Session Summary Question: Guidance on gross profit dollars for the second half - Management indicated that gross profit dollars are expected to improve in the second half, driven by hardware growth and cloud performance [50][51] Question: Trends in cost-cutting across the industry - Management noted that productivity improvements through AI are allowing the company to hold headcount flat while increasing service capabilities [62] Question: Drivers behind delays in services projects with large enterprises - Management attributed delays to macroeconomic uncertainty and clients focusing on AI investments, leading to a cautious approach in traditional spending [70][71] Question: Update on cloud growth excluding program changes - Management confirmed that underlying cloud growth remained around 17% year over year, with expectations for similar performance in the second half [74] Question: Labor strategy to meet AI opportunities - Management highlighted a dual approach of acquiring new talent and upskilling existing employees to meet the demands of AI integration [95][96]

Financial Performance - Q2 2025 revenue was $15 million, with a gross profit of $4.8 million (31.9% of revenues), resulting in an operating loss of $2.4 million (negative 15.7% of revenues) and a net loss of $2 million (negative 13.1% of revenues)[26] - H1 2025 revenue reached $29.4 million, with a gross profit of $9.1 million (31.1% of revenues), leading to an operating loss of $4.8 million (negative 16.2% of revenues) and a net loss of $4.1 million (negative 13.8% of revenues)[27] - The company holds $79.7 million in cash and cash equivalents and boasts a strong balance sheet with $121.7 million in stockholders' equity[28] - The company's working capital stands at $100.5 million[28] Strategic Focus - The company aims to achieve an EPS of $3+ as revenues return to the $150-160 million range[14] - The company plans to secure 7-9 new Design Wins (DWs) annually[14] - The company is targeting double-digit annual growth rates starting in 2026[14] Market and Customer Base - The company has a large global customer base with 200+ customers and 400+ active Design Wins[7] - North America accounts for 74% of the company's last twelve-month revenues[12, 13] - EMEA represents 16% of the company's last twelve-month revenues[12, 13] - APAC contributes 8% of the company's last twelve-month revenues[12, 13]

Microsoft's Performance & Outlook - Microsoft's cloud performance was a significant beat, with Azure growth potentially reaching 40% in the near term [1][2] - Microsoft Copilot has surpassed 100 million users [1] - Microsoft's overall growth came in at 39% [1] - Microsoft is exposed to secular trends, making it a core holding for many investors [2] - Microsoft's CFO, Amy Hood, has regained her momentum, effectively managing margins [3] Meta's Performance & AI Focus - Meta's revenue was a key highlight, driven by its advertising business [3][6] - Meta's Reality Labs experienced $4.5 billion in losses, viewed as a long-term investment [4] - Mark Zuckerberg is prioritizing AI, assembling an all-star AI team [5] - Meta's accelerating growth and AI investments are fueling conviction in the AI super investment cycle [5][6] - Meta anticipates talent acquisition to be its second-largest expense after AI infrastructure [7] AI & Competitive Pressure - The industry believes 2025 is a critical year for AI, with continued bullish capital expenditure commentary into 2026 [9] - Apple faces increased pressure to demonstrate its AI strategy and capabilities [10]

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Sonali Basak taking you through to that closing bell with a global simulcast. It started Carol Massar, Tim Stenovec back in the radio booth.Welcome to our audiences across all of our Bloomberg platforms, including our partnership with you to hear on Fed Day here on GDP, day here on Treasury refunding day here on earnings Day. Carl, who you got. Oh, my God.I need so much coming at us. I just want to say, in terms o ...

RT Brody Ford (@BrodyFord_)new: Microsoft discloses Azure cloud revenue for first time - $75 billion! Still far behind AWS' $112 billion. $msft $amzn https://t.co/gSF4N4oNjO ...

Market Performance & Expectations - Meta's user growth and ad revenue drive excitement, particularly regarding Instagram, social networks, digital ad monetization, and AR/VR potential in the next 12 months [2] - Microsoft's Azure is experiencing accelerated growth, moving from mid-30s to high-30s [7] - Amazon is expected to show acceleration with street estimates at 17% growth, supported by a 20% backlog [14] Capital Expenditure (CapEx) & Investment - Meta's CapEx guide is narrowing, but overall spending is expected to increase, signaling a green light for hyperscalers and mega-caps to continue investing in AI [4] - Google raised CapEx by 10%, and Meta increased its high point by another 2 billion [6] - Microsoft is expected to maintain high spending due to capacity constraints, with investors unconcerned due to strong revenue growth and margins [6][7] AI Development & Strategy - Meta is positioned on the "decentralized abundance" side of AI development, aiming to bring superintelligence to everyone, contrasting with a "centralized scarcity" approach [11] - Meta is considered the most efficient company in the Valley from an automation perspective, leading to significant revenue and profit per employee [2][13] - The enterprise adoption of AI is still in its infancy, indicating significant growth potential in the coming years [5] Competitive Landscape - Microsoft is gaining share on Amazon in the public cloud [17] - Meta is reportedly taking advertiser budget share from Google and Amazon [17]

Meta (Facebook) - Meta 的资本支出高于往年，投资者希望听到更好的货币化和产品化故事 [1] - Mark Zuckerberg 强调了个性化在超智能实验室中的重要性，因为如果 Meta 不做，其他人会做，从而提高用户参与度并最终实现盈利 [2][3] - Meta 的收入增长主要来自其核心广告业务，这证明了其估值，但投资者担心长期投资回报，尤其是在 Reality Labs 持续亏损的情况下 [6][7] - Meta 需要提高其增长上限，因为广告市场存在限制 [3][4] - Meta 的资本支出可能进一步增加，投资者需要关注其收入增长 [5] Apple - 苹果公司仍然主要由服务和手机增长驱动，需要扩展到新的产品线以实现估值的进一步提升 [10] - 关税可能导致苹果产品价格上涨，影响消费者需求，尤其是在可折叠手机需求不确定的情况下 [10][11] - 苹果公司对中国的供应链和终端市场仍然存在严重依赖 [9] - 苹果公司的估值偏高，需要新的增长点 [11] Microsoft - 微软的制胜法宝是云服务和 Azure，需要关注 AI 如何逐步改善并加速其增长 [12] - 微软需要展示相对于 Google 的积极增长轨迹，尤其是在云业务方面，Google 的云业务增长超过 30% [12][13] - 微软的成功不仅在于云增长，还在于 Office 的应用以及通过 AI 提升产品溢价的能力 [13][14] - OpenAI 正在积极进入企业软件领域，未来可能会与微软在某些产品线上展开竞争，从而给双方关系带来压力 [17] - 微软与 OpenAI 的关系并不确定，OpenAI 可能比微软更有优势 [18] Market Overview - 长期投资者关注公司基本面的发展方向，短期新闻不太可能彻底改变投资策略 [19][20]