【华创计算机】科大讯飞：品牌与渠道建设成效显著，2025年业绩预期稳健增长 公司发布2025年度业绩预告，预计全年实现归母净利润7.85亿元-9.5亿元，同比增长40%-70%；扣非后净利润 2.45亿元-3.01亿元，同比增长30%-60%。 【人工智能产业国家队，持续强化研发投入】2025年公司预计研发投入同比增长超过20%。 【人工智能产业国家队，持续强化研发投入】2025年公司预计研发投入同比增长超过20%。 公司坚持算法、算力、数据等要素自主可控，"讯飞星火"大模型整体技术指标持续对标全球第一梯队，并在教 育、医疗、安全、能源等行业全球领先。 2025年公司因承担重大项目的政府补助增加约3亿元，属于非经常性损益。 【高端品牌与渠道建设成效显著，增长可期】 1）公司在包括讯飞 AI学习机在内的C端AI产品的品牌推广和渠道建设，并加强出海营销投入，销售费用同比增长 超过25%。 2）讯飞AI学习机连续三年在京东天猫618、双11电商节中获得学习机品类全周期销售额冠军，用户推荐值NPS持 续行业第一。 2）2025年科大讯飞大模型相关项目的中标数量和金额在全行业统计中再次获得双第一，科大讯飞大模型相关项目 ...

Clawdbot的横空出世，彻底颠覆了人们对AI助手的认知。这款开源项目不仅打破了应用孤岛，重构了交互范式，更实现了从'智能应答'到'自主 执行'的质变。它以'本地优先'架构筑牢信任基石，为用户勾勒出理想AI助手的四大核心特质。 我们这代人皆浸润于科幻电影的人工智能愿景中，谁不曾渴望拥有贾维斯般的伙伴——聪慧体贴，能将生活与工作打理得井井有条。但现实是，十余年来 我们对着手机呼唤"嘿，Siri"，得到的多是"已为您设定闹钟"或"无法完成该操作"的回应。 Siri长久以来逐渐固化为功能单一的语音遥控器，多年来始终局限于孤立简单指令的执行，用户对其期待也从"全能伙伴"降级为"便捷计时器"。 Clawdbot的核心成功逻辑，在于跳出功能军备竞赛，精准捕捉到职场人的核心痛点。 多数职场人都有过这样的经历：清晨查收邮件接到任务后，需打开Notion新建笔记记录，切换至Things创建待办提醒，再跳转多个网站搜集资料并复制链 接至笔记；中途被团队群@需切至微信回复，待处理完消息，早已遗忘资料搜集进度。 这种被孤岛式App割裂的数字生活，正是当下的常态。各App追求自身生态闭环，却将用户工作流切割得支离破碎，用户沦为疲于在 ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $81.3 billion, up 17% year-over-year and 15% in constant currency [25] - Gross margin dollars increased by 16% and 14% in constant currency, while operating income rose by 21% and 19% in constant currency [25] - Earnings per share was $4.14, an increase of 24% and 21% in constant currency when adjusted for the impact from the investment in OpenAI [25][26] - Company gross margin percentage was 68%, slightly down year-over-year due to investments in AI infrastructure [26] Business Line Data and Key Metrics Changes - Microsoft Cloud revenue reached $51.5 billion, growing 26% and 24% in constant currency [31] - Revenue from productivity and business processes was $34.1 billion, growing 16% and 14% in constant currency [31] - M365 Commercial Cloud revenue increased by 17% and 14% in constant currency, driven by strong Copilot results [31] - Dynamics 365 revenue increased by 19% and 17% in constant currency, with growth across all workloads [32] Market Data and Key Metrics Changes - Commercial bookings increased by 230% and 228% in constant currency, driven by large Azure commitments from OpenAI [30] - Commercial remaining performance obligation increased to $625 billion, up 110% year-over-year [30] - Microsoft Cloud gross margin percentage was slightly better than expected at 67% [31] Company Strategy and Development Direction - The company is focusing on AI diffusion and its impact on GDP, with a substantial growth in total addressable market (TAM) across the tech stack [6] - Investments are being made in AI infrastructure to support high-scale workloads and improve performance [7][9] - The introduction of Agent 365 aims to extend governance and security controls to agents built on the cloud [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI and its integration into various business lines, emphasizing the importance of long-term investments in infrastructure [6][25] - The company anticipates continued strong growth across commercial businesses, partially offset by consumer business performance [38] - Management highlighted the need to balance incoming supply with growing demand, particularly in Azure [40] Other Important Information - Capital expenditures for the quarter were $37.5 billion, with a significant portion allocated to short-lived assets like GPUs and CPUs [27] - Cash flow from operations was $35.8 billion, up 60%, driven by strong cloud billings and collections [29] - The company returned $12.7 billion to shareholders through dividends and share repurchases, an increase of 32% year-over-year [29] Q&A Session Summary Question: Concerns about CapEx growth and Azure revenue - Analyst raised concerns about CapEx growing faster than expected and its impact on Azure revenue growth [47] - Management explained that CapEx is necessary for long-term growth and is allocated to meet increasing demand for Azure and AI products [48][50] Question: Understanding CapEx investment to revenue and margins - Analyst inquired about the relationship between hardware CapEx investment and revenue growth [57] - Management clarified that much of the capital spent is already contracted for the useful life of the hardware, reducing risk [60][61] Question: Durability of OpenAI-related backlog - Analyst asked about the exposure related to the 45% backlog tied to OpenAI [67] - Management emphasized the diversification of the RPO balance and expressed confidence in the partnership with OpenAI [70] Question: Capacity additions and future growth - Analyst requested comments on the magnitude of capacity additions in upcoming quarters [73] - Management confirmed efforts to add capacity globally and emphasized the importance of meeting customer demand [75] Question: Core competency in silicon development - Analyst asked about the significance of the Maia 200 accelerator and its implications for gross margins [79] - Management highlighted the long-term investment in silicon development and its optimization for AI workloads [81]

Financial Data and Key Metrics Changes - Revenue for the quarter was $81.3 billion, up 17% year-over-year and 15% in constant currency [24] - Gross margin dollars increased by 16% and 14% in constant currency, while operating income rose by 21% and 19% in constant currency [24] - Earnings per share was $4.14, an increase of 24% and 21% in constant currency when adjusted for the impact from the investment in OpenAI [24] - Company gross margin percentage was 68%, slightly down year-over-year due to investments in AI infrastructure [25] - Operating expenses increased by 5% and 4% in constant currency, driven by R&D investments [25] Business Line Data and Key Metrics Changes - Microsoft Cloud revenue reached $51.5 billion, growing 26% and 24% in constant currency [30] - Revenue from productivity and business processes was $34.1 billion, growing 16% and 14% in constant currency [30] - M365 Commercial Cloud revenue increased by 17% and 14% in constant currency, with strong contributions from Copilot results [30] - Dynamics 365 revenue increased by 19% and 17% in constant currency, with growth across all workloads [31] - More Personal Computing revenue was $14.3 billion, declining by 3% [34] Market Data and Key Metrics Changes - Commercial bookings increased by 230% and 228% in constant currency, driven by large Azure commitments from OpenAI [28] - Commercial remaining performance obligation increased to $625 billion, up 110% year-over-year [29] - Microsoft Cloud gross margin percentage was slightly better than expected at 67% [30] - LinkedIn revenue increased by 11% and 10% in constant currency, driven by marketing solutions [31] Company Strategy and Development Direction - The company is focusing on AI diffusion and its impact on GDP, with a substantial growth in total addressable market (TAM) across the tech stack [5] - Investments are being made in AI infrastructure and high-value agentic experiences, with a focus on optimizing for long-term competitiveness [5][9] - The introduction of Agent 365 aims to extend governance and security controls to agents built on the cloud [14] - The company is committed to expanding its global footprint and sovereignty solutions to meet local data residency needs [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for cloud services, with expectations of continued strong growth across commercial businesses [24][38] - The company anticipates revenue growth of 15%-17% for the next quarter, with a focus on balancing supply and demand [37] - Management highlighted the importance of investing in R&D and AI talent to drive future growth [49] Other Important Information - Capital expenditures for the quarter were $37.5 billion, with a significant portion allocated to short-lived assets like GPUs and CPUs [26] - Cash flow from operations was $35.8 billion, up 60%, driven by strong cloud billings [27] - The company returned $12.7 billion to shareholders through dividends and share repurchases, an increase of 32% year-over-year [27] Q&A Session Summary Question: Concerns about CapEx growth and Azure revenue - An investor raised concerns about the correlation between CapEx spending and Azure revenue growth, seeking clarity on ROI from these investments [47] - Management responded by emphasizing that CapEx is aimed at meeting increased demand for Azure and supporting long-term R&D and product innovation [48][49] Question: Understanding CapEx investment duration and revenue capture - Another investor inquired about the relationship between hardware CapEx investment and revenue, particularly regarding AI-centric investments [56] - Management clarified that much of the capital being spent is already contracted for its useful life, reducing associated risks [58] Question: Concerns about OpenAI exposure - An investor asked about the durability of the backlog related to OpenAI and its implications for the company [65] - Management highlighted the breadth and diversification of their portfolio, expressing confidence in the partnership with OpenAI [66][67] Question: Capacity additions and future growth - An investor sought comments on the magnitude of capacity additions, particularly in relation to specific sites [71] - Management indicated that they are working hard to add capacity globally and emphasized the need for efficient operations [72] Question: Performance of Maia 200 accelerator - An investor asked about the significance of the Maia 200 accelerator's performance and its implications for gross margins [77] - Management expressed excitement about the progress with Maia 200 and its potential to optimize costs and performance [78][80]

IBM表示，自2023年中期以来，IBM人工智能(AI)业务的订单额已超过125亿美元。这一数字高于此前财 报披露的95亿美元。首席财务官Jim Kavanaugh在接受采访时表示，略高于80%的订单来自咨询部门， 其余则来自软件部门。 虽然IBM的软件部门表现繁荣，但其咨询业务已连续数个季度面临压力。第四季度，咨询业务销售额增 长3%，至53.5亿美元，略低于华尔街预期的53.8亿美元。 由于该公司去年发布的最新大型机持续热销，基础设施部门营收达51.3亿美元，超过了平均预期。 "蓝色巨人"IBM(IBM.US)公布的季度销售额超过了分析师的预期，这主要得益于其备受关注的软件部门 的强劲增长。财报显示，IBM第四季度营收同比增长12%，达197亿美元，高于预期的192亿美元；非公 认会计准则下每股收益为4.52美元，超出预期0.23美元。 IBM第四季度业绩和下一财年的业绩指引均超过了华尔街的预期，股价在盘后涨超8%，截至发稿， IBM盘后涨8.33%，报318.68美元。 营收中占比最大的部分来自IBM的软件业务，该业务增长14%至90.3亿美元，同样高于预期。 通过对Red Hat、HashiCorp和 ...

2025年12月29日，IBM现任CEO阿尔温德·克里希纳向全体员工发出一封邮件，宣告了管理界一位传奇 管理巨匠的落幕： 曾于1993年至2002年力挽狂澜、带领IBM走出绝境的董事长兼CEO路易斯·郭士纳，于当地时间12月27 日逝世，享年83岁。 邮件中，克里希纳将郭士纳称为"蓝色巨人救世主"。这个称号，他当之无愧。 时间倒回1993年4月1日，愚人节。 这位51岁的经理人有着光线的履历：哈佛商学院MBA毕业，28岁成为麦肯锡史上最年轻的合伙人；在 美国运通工作的11年间，他把信用卡会员数从860万拉升到3070万；1989年，47岁的他出任全球最大食 品烟草公司RJR纳贝斯克的掌门人。 然而，在入主IBM之前，郭士纳在科技领域的经验为零。他和计算机世界唯一的联系，只是曾经是IBM 的客户。 彼时他即将接手的，是一个深陷泥潭的巨人： 股价暴跌至每股13美元，仅为1987年峰值时的28%；公司在1992年巨亏50亿美元，1993年亏损更达81亿 美元，连续三年累计亏损168亿美元，创下美国企业史上第二大亏损纪录。全球商学院争相剖析IBM的 失败案例，比尔·盖茨甚至断言它"将在几年内倒闭"。 就是这样一位毫无 ...

Microsoft Corporation (NASDAQ:MSFT) is in the spotlight Wednesday ahead of its second-quarter earnings report today after the market closes. Microsoft Heads Into Earnings With AI Initiatives In Focus The earnings report comes amid its recent announcement of a significant partnership with Richtech Robotics Inc. (NASDAQ:RR) in AI which adds both opportunity and pressure to the narrative. With shares down just over 6% in the past six months, the company must clear the high bar of $80.27 billion in revenue to ...

The company reported strong growth in Azure cloud-computing segment and an earnings-per-share boost from OpenAI deal ...

F5, Inc. ( FFIV ) is a company that helps make sure important applications and online services stay secure, run quickly, and remain available at all times. Its products sit in front of applications and APIs, the connections between applications, to protectI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equity m ...

Microsoft Corporation (NASDAQ:MSFT) is one of the AI Stocks in Focus on Wall Street. On January 26, Raymond James analyst Andrew Marok reiterated an Outperform rating on the stock with a $600.00 price target. The rating affirmation comes ahead of the company’s fiscal second-quarter 2026 earnings report due today, January 28. Raymond James sees robust Azure performance for Microsoft stock, but remains cautious due to AI memory constraints. Overall, it is positive heading into earnings. According to the f ...