4 August 2025 | 5:00AM EDT Americas Data Centers: Read-through to our coverage from recent hyperscaler earnings commentary Overview: Following 2Q25 earnings reports from the largest hyperscale/cloud providers, we review datapoints from the quarter and implications for our datacenter coverage. Summary of datapoints: Our hyperscaler CapEx rollup suggests that our analysts' expectations for CapEx (a large portion of which is tied to computing and datacenter infrastructure, including GPUs) have increased at an ...

July 31, 2025 12:00 AM GMT Greater China IT Services and Software | Asia Pacific M Foundation Asia Summer School: Greater China IT Services and Software Morgan Stanley Asia Limited+ Yang Liu Equity Analyst Yang.Liu@morganstanley.com +852 2239-1911 Lydia Lin Equity Analyst Lydia.Lin@morganstanley.com +852 2239-1572 Greater China IT Services and Software Asia Pacific Industry View Cautious Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors sh ...

31 July 2025 | 1:00AM PDT Microsoft Corp. (MSFT) The AI Halo Effect Ripples up the Stack - F4Q25 Earnings MSFT 12m Price Target: $630.00 Price: $513.24 Upside: 22.7% We reiterate our Buy rating and raise our PT to $630 (vs. $550 prior) following F4Q25 outperformance across all key metrics (see: First Take). We leave with increasing confidence in the longevity of AI-supported growth supporting share capture across Microsoft's businesses. This quarter helped validate our thesis that AI percolates up the stack ...

ab 1 August 2025 The following are relevant metrics for the supply chain, with the figures below summarizing the hyperscale capex, cloud growth, inventory and metrics for the aggregate hyperscalers. Equities Global Technology Randy Abrams Analyst randy.abrams@ubs.com +886-2-8722 7338 Nicolas Gaudois Analyst nicolas.gaudois@ubs.com +65-6495 5148 Global Research APAC Technology UBS Tech Views: Amazon and Cloud Capex Takeaways: 2026 growth visibility for AI improves; Apple tariff impact mild to date Amazon res ...

点击蓝字，关注我们 微软市值一举突破 4万亿美元 ，似乎让亚马逊在AI竞赛中的光芒变得暗淡。但在人工智能驱动的云竞 赛中，投资者的目光或许需要从增长速度转向更深层次的盈利结构。 人工智能云竞赛不仅是技术和增长的较量，更是一场对科技巨头盈利模式的重塑。TheInformation最 新的分析文章指出，在这场竞赛中，微软和谷歌正面临云业务扩张带来的利润率压力，而这恰恰是亚 马逊提升整体盈利能力的机会， 市场对此的认知似乎存在偏差。 在最新财报季中，微软和谷歌均公布了加速增长的云业务数据。相比之下， 亚马逊云服务(AWS)当季 17%的增长率显得平淡， 但其业务结构却揭示了不同的故事。AWS的盈利能力远超其核心电商业 务，这意味着云业务的每一次增长，都在结构性地优化亚马逊的整体利润。 高增长的代价：微软与谷歌的"甜蜜烦恼" 对于微软和谷歌而言，云业务的强劲增长是一把双刃剑。 亚马逊潜力被低估了?云业务或成利润引擎 亚马逊的情况则完全相反。其云业务AWS是公司利润的核心引擎。 在最近一个季度，AWS的营业利 润率高达33%，而其庞大的电商业务利润率仅为6.6%。 历史数据印证了这一趋势。从2017年到2024年， 随 ...

No other big tech stock provides the value that Alphabet does.Alphabet (GOOG -1.51%) (GOOGL -1.45%) is one of the few big tech stocks that doesn't fetch a massive premium to the market. As a result, many investors may be attracted to it.However, buying a stock just because it's cheap isn't a smart idea. Plenty of stocks are cheap for good reasons. Still, I think Alphabet is an excellent buy at this price point, and I have five reasons to support this view. 1. Google Search revenue is risingThe biggest reaso ...

Core Insights - The China Securities Association has released 19 exemplary cases of digital practices in wealth management by securities firms, aimed at providing references for the industry and supporting digital transformation and technological innovation [1] Group 1: Digital Transformation in Wealth Management - Securities firms are actively exploring digital transformation models in wealth management based on their own advantages and positioning [1] - The firms are focusing on reshaping business processes, innovating service models, and light capital operations to adapt to market and industry trends [1] - The use of digital technologies such as artificial intelligence, big data, and cloud computing is widespread among these firms, permeating all aspects of wealth management [1] Group 2: List of Firms - The 19 firms recognized for their digital practices include: Guotai Junan Securities, CICC Wealth Securities, Huatai Securities, CITIC Securities, Galaxy Securities, GF Securities, Guojin Securities, CITIC Construction Investment Securities, Founder Securities, Guosen Securities, Ping An Securities, China Merchants Securities, Zheshang Securities, Dongwu Securities, Industrial Securities, Hengtai Securities, Xiangcai Securities, Guotou Securities, and Changjiang Securities [1]

Market Overview - Salesforce and ServiceNow are major enterprise software vendors, each generating over $10 billion in annual revenue and possessing a market capitalization exceeding $200 billion [1] - Both companies were founded approximately 25 years ago, pioneering cloud-native CRM and ITSM systems respectively [1] Strategic Opportunity - The rise of SaaS provided an opportunity to create products that were 10 times better than existing solutions [2] - Incumbents struggled to adapt to cloud computing, giving startups a competitive advantage [2][3] - AI presents a similar opportunity for new companies to develop AI-native enterprise software [3] Technological Shift - Future enterprise software systems will integrate AI to enhance employee productivity and accuracy [4] - Incumbents may face challenges in rebuilding their products around AI, creating opportunities for startups [4]

Core Insights - Amazon is experiencing a reduction in its competitive advantage within the cloud computing sector, as smaller competitors are achieving faster growth [1] - The latest quarterly financial report from Amazon revealed a sequential decline in the operating profit margin of its most profitable segment [1]

Core Insights - Microsoft has achieved a market capitalization of $4 trillion, becoming the second company globally to reach this milestone, largely driven by its advancements in AI [1][2] Group 1: AI Business Growth - The adoption of Microsoft's AI virtual assistant, Copilot, is rapidly increasing, with hundreds of thousands of organizations utilizing it for productivity enhancements [4][6] - Businesses globally are paying for over 400 million Microsoft 365 licenses, with the option to add Copilot for an additional fee, significantly boosting productivity [5] - The Dragon Copilot, an AI solution for healthcare, documented over 13 million doctor-patient encounters in the fourth quarter, marking a sevenfold increase year-over-year [9] Group 2: Cloud Computing Expansion - Azure's revenue grew by 39% year-over-year in the fourth quarter, the fastest growth rate in three years, driven by high demand for data center capacity [14] - Microsoft operates over 400 AI-first data centers globally, enhancing its cloud services and AI capabilities [11] - The Azure AI Foundry processed 500 trillion tokens during fiscal 2025, a sevenfold increase from the previous year, indicating higher usage of consolidated AI tools [13] Group 3: Financial Performance and Valuation - Microsoft reported earnings per share (EPS) of $13.64 for fiscal 2025, resulting in a price-to-earnings (P/E) ratio of 40.8, which is a 21% premium to its 10-year average [15] - The company's order backlog for data center capacity surged by 37% to a record $368 billion, with $129 billion expected to convert into revenue within the next 12 months [17] - Despite the high valuation, long-term investors may find current prices attractive as the company continues to grow [16][18]