Alphabet（谷歌母公司）在周三的财报电话会上释放了明确信号：AI军备竞赛远未结束，甚至刚刚进入"深水区"。虽然Q4业绩全线超预期，但市 场被公司给出的2026年1750亿至1850亿美元的资本支出指引所震慑。巨额资本支出带来的折旧压力以及对利润率的潜在侵蚀，也成为投资者心头 的阴云。公司股价盘后小幅下跌。 面对投资者的疑虑，CEO桑达尔·皮查伊（Sundar Pichai）和CFO阿纳特·阿什克纳兹（Anat Ashkenazi）详细阐述了高额支出的必要性，AI代理的商 业化前景以及与苹果的重磅合作。同时，还正面回击了近期"AI将杀死软件公司"的市场论调。 回应天量资本支出是为了"着眼于未来" 电话会上最引人注目的焦点无疑是Alphabet对2026年的资本支出预测。首席财务官阿纳特透露，预计2026年资本支出将在1750亿至1850亿美元之 间，且投资将随季度逐级增加。 面对分析师关于投资回报和效率的质疑，皮查伊解释称，这一支出规模是为了支持Google DeepMind的前沿模型开发，以及满足云客户激增的需 求。他指出，目前的算力供应依然紧张。 对此，CEO皮查伊给出了截然相反的判断，他试图将谷歌定 ...

2025已是过去，回顾这一年来也确实发生了不少事情，特别是几个大厂之间的明争暗斗，更是让人猝不及防,像这一年里最知名的京东淘宝外卖大战，惹得 不少消费者直呼喝不下了，现在就让小陆带着大家来回顾一下这一年各大厂的历程。 2025年的互联网大厂，用一个词形容便是炮火连天。行业投入规模远超8亿元，烧钱速度堪称惊人，这份狂热甚至登上过《第一财经》专题报道，称其为"互 联网行业近五年最激烈的资本厮杀"。 京东主动出击，美团被动防御，两家企业各自投入至少500亿元；就连一向低调的腾讯，单季度也砸下400亿元采购算力，这份投入力度，相当于同期3家中 小互联网公司的总市值。 外卖小哥奔波不停，有媒体街头采访显示，北京某外卖站点骑手日均配送量较2024年增加40%；奶茶店订单量暴增，蜜雪冰城、喜茶等品牌门店日均订单破 千，不少门店紧急扩招店员。 数千亿元资金投入后，效果立竿见影。多家大厂利润大幅亏损，美团三季度核心业务亏损超140亿元，京东外卖补贴也耗损数十亿，这些数据均来自各家企 业公开财报。 排在第三位的是拼多多，市值约1.1万亿元人民币，作为万亿级阵营的重要一员，拼多多凭借稳健的核心业务，撑起了互联网行业的重要版图。 A ...

Core Insights - Alphabet achieved a record quarterly revenue exceeding $400 billion, with significant growth in search, YouTube, and cloud services [3][21] - The launch of Gemini 3 marked a pivotal milestone, driving strong momentum across various business segments [3][4] - The company reported a 17% growth in search revenue, with YouTube's annual revenue surpassing $60 billion and cloud revenue growing by 48% [3][24] Group 1: Financial Performance - Alphabet's total revenue for 2025 reached $403 billion, reflecting a 15% growth year-over-year [21] - In Q4, the company reported a revenue of $113.8 billion, an 18% increase, primarily driven by search and cloud business growth [21][24] - Operating income grew by 16% to $35.9 billion, with an operating margin of 31.6% [22] Group 2: Business Segments - Google Services revenue increased by 14% to $95.9 billion, with search and subscription services contributing significantly [23] - Google Cloud revenue surged by 48% to $17.7 billion, driven by strong demand for enterprise AI products [24][25] - YouTube's advertising revenue grew by 9% to $11.4 billion, supported by direct response advertising [23][38] Group 3: AI and Technology Advancements - The company has integrated AI across its products, enhancing user engagement and driving revenue growth [4][8] - Gemini 3 has become the fastest adopted model in the company's history, with daily token processing volume significantly increasing [5][6] - The AI-driven search features have led to a doubling of daily queries per user in the U.S. since the launch of new functionalities [8] Group 4: Customer Engagement and Subscriptions - Alphabet has over 325 million paid subscribers across its consumer services, with strong growth in Google One and YouTube Premium [3] - The Gemini App has achieved over 750 million monthly active users, reflecting robust user engagement [6][46] - The company has seen a 65% year-over-year increase in customer interactions through Gemini Enterprise [12] Group 5: Future Outlook and Investments - Capital expenditures for 2026 are projected to be between $175 billion and $185 billion, focusing on AI and infrastructure [4][27] - The company plans to continue investing in AI capabilities to support growth across all business segments [27][43] - Alphabet aims to enhance operational efficiency while meeting the increasing demand for its services [34][43]

百度集团-SW(09888)发布公告，董事会已授权一项新股份回购计划，可回购不超过50亿美元的本公司股 份，有效期至2028年12月31日。董事会预计于2026年宣布首次发放股息。 ...

据提交给香港交易所的文件显示，百度表示已批准一项新的股票回购计划，规模不超过50亿美元，有效 期至2028年12月31日。董事会已批准就公司的普通股首次采纳股息政策，而该股息政策可能包括股息的 定期及/或特别分派。董事会预计于2026年宣布首次派发股息。 据提交给香港交易所的文件显示，百度表示已批准一项新的股票回购计划，规模不超过50亿美元，有效 期至2028年12月31日。董事会已批准就公司的普通股首次采纳股息政策，而该股息政策可能包括股息的 定期及/或特别分派。董事会预计于2026年宣布首次派发股息。 责任编辑：王永生 责任编辑：王永生 ...

格隆汇2月5日丨百度(09888.HK)宣布其董事会已批准一项新的50亿美元股份回购计划及一项股息政策， 旨在进一步提升股东回报。 董事会已授权一项新股份回购计划，可回购不超过50亿美元的公司股份，有效期至2028年12月31日。董 事会将定期审查回购计划并可适当地调整其条款及规模。 凭藉公司庞大的现金储备及稳健的财务管理能力，公司旨在透过公司积极主动的股东回报举措，为股东 创造及持续提升长期价值。该全新计划将以严谨及透明的方式定期执行，并以超越短期股价波动的策略 重点作为指导。 此外，为达到进一步提升股东回报的目的，董事会已批准就公司的普通股首次采纳股息政策，而该股息 政策可能包括股息的定期及╱或特别分派。未来的股息分派将由可持续的资金来源支持，主要来自经营 利润及可能由出售非核心资产的所得款项及其他投资回报作出补充。董事会拟建立一个清晰、平衡的政 策框架，能够使股东回报与公司的持续策略性增长一致。 ...

Core Viewpoint - Google's capital expenditure (capex) guidance significantly exceeds market expectations, indicating strong financial health and investment capacity [1][2]. Group 1: Capital Expenditure - Google's Q4 FY25 capital expenditure is $27.85 billion, up 95.1% year-over-year and 16.3% quarter-over-quarter, slightly below the expected $28.26 billion, with approximately 60% allocated to servers and 40% to data centers and networking equipment [1]. - The total capital expenditure for 2025 is projected at $91.45 billion, within the previously guided range of $91 billion to $93 billion [1]. - The 2026 capital expenditure guidance is set between $175 billion and $185 billion, significantly higher than the company's own forecast of $125 billion and market expectations of $118 billion [2]. Group 2: Financial Performance - Google's revenue for the period is $113.83 billion, reflecting a year-over-year increase of 16.0% and a quarter-over-quarter increase of 6.1%, slightly surpassing market expectations of $111.43 billion [3]. - The net profit stands at $34.46 billion, up 29.8% year-over-year but down 1.5% quarter-over-quarter, exceeding market expectations of $31.93 billion [3]. - Earnings per share (EPS) is reported at $2.82, a 31.2% increase year-over-year and a 1.7% decrease quarter-over-quarter, also surpassing market expectations of $2.65 [3]. Group 3: Google Cloud Highlights - Google Cloud revenue is $17.664 billion, up 48% year-over-year, significantly exceeding the expected growth rate of 35%, with an accelerated growth rate quarter-over-quarter [3]. - Operating profit for Google Cloud is $5.313 billion, representing a 154% year-over-year increase, indicating a substantial improvement in profit margins [3]. - The backlog of orders has increased by 55% quarter-over-quarter, reaching $240 billion, with new customer acquisition rates doubling compared to Q1 FY25 [4]. Group 4: Technological Advancements - Existing customers' actual spending on Google Cloud exceeds initial commitments by 30% [4]. - The Gemini model's API calls exceed 10 billion tokens per minute, up from 7 billion tokens in the previous quarter [4]. - Monthly active users for the Gemini app have surpassed 750 million, showcasing strong user engagement [4].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 每经记者|赵景致 每经编辑|陈星 近日，在"杰我睿"平台出现兑付问题后，有网友表示水贝"云点当"平台也出现兑付问题。 2月3日早上，《每日经济新闻》记者来到位于深圳罗湖水贝万山的"云点当"总部，工作人员告诉记者目 前兑付方案已经明确。 对于此次"云点当"兑付问题，有客户称目前"正在等料"，也有客户表示将会来现场商讨处理方式。 "（现场）最多的时候排了上百人，现在（公司）正在恢复。""云点当"一工作人员对记者表示。 记者注意到，与其他商家预订价买板料不同，"云点当"主要为约价回收模式。 挤兑是受其他平台影响 在"杰我睿"出现兑付危机后，近日，有投资者称水贝"云点当"平台也出现兑付问题。《每日经济新闻》 记者发现，目前"云点当"微信小程序已经显示"网页无法打开"，但还有备用链接。 对于兑付问题，"云点当"工作人员称公司在其他两家平台上有对冲，受其影响公司有了资金缺口，并由 此引发挤兑。"主要是其他平台爆雷，我们在其他平台有超过3000万元的单，出事后也都对我们造成了 影响。" 对于小程序出现问题，"云点当"工作人员表示，为避免小程序停运带来的影响， ...

Core Viewpoint - The article discusses the recent land acquisition by ByteDance in Beijing, highlighting the trend of internet companies purchasing land for self-use rather than leasing, and the advantages and challenges associated with this strategy [2][3][8]. Group 1: Land Acquisition Details - ByteDance's subsidiary, Beijing Yun Yue Chang Shi Technology Co., acquired a commercial financial service land in Haidian District for a base price of 2.8 billion yuan, covering an area of 39,522.111 square meters with a planned building area of approximately 96,811.508 square meters [3]. - The land is required to commence construction within 12 months of signing the contract and must be completed within three years, with a commercial land use period of 40 years and office use of 50 years [3]. Group 2: Industry Context - The article notes that other major internet companies, such as Douyin, Tencent, and JD.com, have also engaged in similar land acquisitions for self-built office spaces, indicating a growing trend among tech giants [6][7]. - For instance, Douyin Group previously spent 1.082 billion yuan on a commercial land in Shenzhen and 2.04 billion yuan on another in Shanghai, showcasing a strategic shift towards owning rather than leasing office spaces [6][7]. Group 3: Advantages of Buying Land - Acquiring land allows companies to mitigate risks associated with long-term leasing, such as rental fluctuations and potential eviction by landlords, while converting rental expenses into long-term fixed assets that can appreciate in value [8]. - This strategy enhances brand image and talent attraction, as companies can customize their office spaces to meet specific operational needs, providing greater flexibility compared to leasing [8]. Group 4: Challenges of Buying Land - The article also outlines challenges, including high initial investment costs, significant capital lock-up, and the need for professional property management, which can increase operational costs [9]. - Additionally, if a company's business needs change, modifying the space can incur substantial costs, and the liquidity of owned commercial properties is generally lower, limiting the ability to quickly convert assets into cash [9].

Core Viewpoint - The entry of non-traditional players, particularly internet giants like ByteDance, into the land auction market signifies a shift in real estate strategies, focusing on self-owned properties for operational needs rather than traditional real estate development [1][2]. Group 1: Land Acquisition by ByteDance - ByteDance acquired a commercial financial service land parcel in Haidian District, Beijing, for a base price of 2.8 billion yuan, with a land area of 39,522.111 square meters and a planned above-ground construction area of approximately 96,811.508 square meters [2]. - The land acquisition aligns with ByteDance's strategy to expand its operational footprint in Beijing, as the area already hosts several of its existing office buildings [3][4]. Group 2: Advantages of Direct Land Purchase - Direct land acquisition allows companies to mitigate risks associated with long-term leasing, such as rental fluctuations and potential lease terminations, while converting rental expenses into long-term fixed assets for value appreciation [8]. - Owning property enhances brand image and talent attraction, especially in established industrial clusters, allowing for customized office space that meets specific operational needs [8]. Group 3: Challenges of Direct Land Purchase - The challenges of purchasing land include high initial investment costs, significant capital lock-up, and the need for professional property management, which can increase operational costs [9]. - Companies may face difficulties in adapting the space if business needs change, and the liquidity of owned commercial properties is generally lower, making it harder to convert assets into cash quickly if needed [9].