美股盘前分享： 周四美股市场呈现全面调整态势，四大指数集体收跌，避险资产与风险资产同步承压——国际金价回落 至4000美元/盎司下方，美元指数则展开反弹，美债收益率同步走高，一系列信号表明，市场对美联储 月底会议的降息预期已出现微妙降温。不过，若就此判断美元已彻底脱离跌势，恐怕还为时尚早。 当前美国政府停摆导致关键经济数据缺位，市场注意力自然转向财报季。尽管美光财报表现亮眼、台积 电营收亦超出预期，但二者股价反应均不及此前强势，市场对业绩利好的敏感度明显下降。现阶段唯 有"超级惊喜"——例如大额投资落地等突破性消息，才能有效提振市场情绪。但需警惕的是，当前科技 板块的热度多依赖AI产业链内循环：企业间相互投资、彼此绑定，看似形成协同效应，实则如同"一条 绳上的蚂蚱"，一旦某一环节出现失速或风险，极易引发连锁反应，导致整个产业链承压。 来源：市场资讯 （来源：淘金ETF） 更值得关注的是美股市场的"矛盾信号"：昨日标普500指数虽一度创下新高，看似延续强势格局，但实 际上已在6700-6750点区间震荡超过六个交易日，50点的波动空间内，偶有的新高并未伴随情绪共振， 反而呈现量能持续下坠的态势。这种"指数虚强、 ...

Core Viewpoint - The article highlights the strong financial performance of major US tech giants Google, Meta, and Microsoft, driven by traditional "tech + retail" cycles and a new "AI internal cycle" that supports robust growth [6][8][19]. Group 1: Financial Performance - Google reported Q2 revenue of $96.4 billion, a year-on-year growth of 14%, marking a high point in the last three reporting periods [8]. - Microsoft achieved Q2 revenue of $76.4 billion, with an 18% year-on-year growth, the highest growth rate in 2024 [8]. - Meta's Q2 revenue reached $47.5 billion, reflecting a 22% year-on-year growth, also a new high in the last four reporting periods [8]. - Profit figures were equally impressive, with Google at $28.2 billion (up 19%), Microsoft at $27.2 billion (up 24%), and Meta at $18.3 billion (up 38%) [10]. Group 2: Cloud Business Growth - Both Google and Microsoft's cloud businesses showed significant growth, with Microsoft's intelligent cloud business growing by 26% and Google Cloud's growth reaching 31.5% [11]. Group 3: Capital Expenditure Trends - All three tech giants reported record capital expenditures in Q2, with Microsoft at $24.2 billion (up 27%), Meta at $17 billion (doubling year-on-year), and Google at $22.4 billion (up 70%) [14]. - Future capital expenditure expectations have been raised, with Microsoft signaling a projected $30 billion for the next fiscal quarter [17]. Group 4: Advertising and Retail Dynamics - The article emphasizes the ongoing "tech + retail" cycle, with advertising being a key growth driver for Google and Meta [20]. - Google's advertising revenue saw a 5.5 percentage point increase, while Meta's advertising revenue grew by 22% [22]. - The US digital media market is projected to grow by 8.9% in 2024, with retail leading the way in advertising spending [23]. Group 5: AI Internal Cycle - The article introduces the concept of an "AI internal cycle," which, while currently having a limited impact, is expected to grow as AI applications gain traction [27][32]. - The report notes that AI applications are seeing increased investment, with significant growth in categories like AI companions and education [28]. - The potential for AI to enhance advertising revenue and cloud computing demand is highlighted, suggesting a self-reinforcing cycle of growth [32]. Group 6: Global Tech Leadership - The article draws parallels between the financial performance of US tech giants and the broader implications for AI development globally, suggesting that the commercial instincts of US companies are key to building an effective AI internal cycle [33][34].