Q&A 从上一季度财报中总结出的关键观点是什么？投资者在 2026 年最关注什么？ 本季度财报季中的三个主要主题是人工智能的发展、消费者状况和公司运营情 况。首先，人工智能的发展成为投资者关注的焦点。那些与收入增长、云端业 务积压增长以及人工智能应用成果相关的公司，市场表现较好。例如， Alphabet 因其在过去 6 至 8 个月里推出的一系列举措而受到投资者青睐，而 Meta 由于广告收入增长不如预期且基础模型工作存在问题，其市场表现相对 较差。 其次，消费者状况也引起了广泛讨论。特别是在全球数字消费者领域， 我们观察到家庭收入上 1/3 的消费者表现相对稳定，而家庭收入下 1/3 到一半 的消费者群体则面临更大压力。这导致了消费行为模式的波动性增加。 第三， 公司运营情况成为 2026 年投资更多增长辩论的焦点。例如， 优步股价受 Waymo 进入新市场影响下跌，但收益角度看，未来 12 个 月内股权价值未变。相比之下，DoorDash 更被看好。对优步自动驾驶 技术成本投入及增量利润率的讨论是关注焦点。 谷歌推出旅游领域通用产品 Gemini 可能颠覆旅游行业，引发 Expedia 和 Booking ...

Core Viewpoint - Concerns about overvaluation of AI stocks and uncertainty regarding interest rate cuts have affected investor sentiment, but Nvidia's strong earnings report has somewhat alleviated fears of a bubble in AI-related investments. Top Wall Street analysts have recommended attractive stocks for long-term investment amidst recent market sell-offs [1]. Microsoft - Microsoft is viewed as a major beneficiary of the AI wave, with its Q1 FY2026 earnings exceeding expectations and Azure cloud revenue growing by 40% [2]. - Analyst William Power from Baird initiated coverage on Microsoft with a "Buy" rating and a target price of $600, highlighting its partnership with OpenAI as a key differentiator [2]. - Microsoft’s cloud business now accounts for 60% of total revenue, with strong performance in its core applications like Microsoft 365, LinkedIn, and Dynamics, maintaining a robust operating margin of 49% and a free cash flow margin of 33% [3]. Booking Holdings - Booking Holdings, which owns Priceline and Kayak, reported impressive Q3 results with double-digit growth in total bookings and revenue, prompting Wedbush analyst Scott Devitt to upgrade the stock from "Neutral" to "Buy" with a target price of $6,000 [5]. - Devitt noted Booking's advantages in scale, diversification, and strong liquidity, emphasizing its effective cost optimization and market share expansion in non-traditional accommodations [5][6]. - In the context of exceeding global travel demand, Booking's Q3 total bookings grew by 14%, leading Devitt to raise his 2025 total bookings growth forecast by 100 basis points to 11.5% [6]. DoorDash - DoorDash's rating was upgraded from "Neutral" to "Buy" by Devitt, with a target price of $260, despite mixed Q3 results and a forecast of significant investment in new plans and developments [7]. - The stock price decline post-earnings was seen as a buying opportunity, trading at approximately 17.7 times its 2027 adjusted EBITDA estimate, with concerns over capital expenditures and profit margins [8]. - Devitt highlighted that higher spending levels could impact short-term margins, but investments aimed at expanding market reach and enhancing product offerings are justified [8].