Fourth Quarter and FY2025 Preliminary and Unaudited Results February 10, 2026 Forward-Looking Statements and Risk Factors Certain statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly those regarding our 2025 Financial Guidance. Such forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in those stateme ...

Core Insights - Mainland China's cloud infrastructure services market reached $13.4 billion in Q3 2025, growing 24% year on year, marking the second consecutive quarter of growth above 20% [1] - Sustained demand for AI is driving adoption and generating spillover effects across core cloud infrastructure services, accelerating the shift in cloud resource consumption toward production workloads [1] - Leading cloud providers are continuing to build out AI capabilities in response to this growing demand [1]

The contest for AI leadership has shifted into high gear – leading the race are three global cloud titans:Microsoft’s (NASDAQ: MSFT) Azure, Alphabet’s (NASDAQ: GOOGL) Google Cloud Platform (GCP), and Amazon’s (NASDAQ: AMZN) Amazon Web Services (AWS). Accelerating at neck-breaking speed, each commands a lead in different segments of the course, pushing the limits at multiple layers of the AI stack.For investors, who’s ahead today isn’t as important as whether they can maintain or even extend their lead.Azure ...

智通财经APP获悉，近日，IDC发布《IDC FutureScape：全球云计算2026年预测——中国启示》。IDC FutureScape 2026 反复传递出一个清晰信号：AI 已经成为云计算发展的第一驱动力。云不再只是支撑 IT，而是直接决定 AI 能否落地、能否规模化、能否在合规和成本可控的前提下持续运行。忽视云基础 架构演进的企业，将很难在 AI 投资上获得长期回报。 过去十多年，云计算的核心价值在于弹性、规模和成本效率。但 IDC 指出，随着生成式 AI 和智能体 （Agentic AI）走向生产环境，云计算正在发生一次根本性转变——它不再只是承载应用的基础设施， 而正在演进为 AI 运行、治理与协同的核心平台。 在中国市场，这一变化尤为明显。一方面，AI 应用对算力、数据、网络和安全提出了更复杂、更高频 的需求；另一方面，数据安全、数字主权和成本压力，使企业无法简单依赖单一公有云模式。云计算， 正在被迫"进化"。 预测 1｜云基础架构现代化 到 2027 年，海量的计算和数据需求将强制超过 85% 的中国组织将传统云环境转型适配 AI 工作负载的 新型平台。 这意味着，传统以 IaaS/PaaS ...

6 February 2026 | 12:52AM EST Equity Research Amazon.com Inc. (AMZN) Q4'25 Review: Investments Aimed at Compounded Platform Growth Aligned with Long-Term Strategic Initiatives Around AI & Commerce BUY Eric Sheridan +1(917)343-8683 | eric.sheridan@gs.com Goldman Sachs & Co. LLC Alex Vegliante, CFA +1(212)934-1878 | alex.vegliante@gs.com Goldman Sachs & Co. LLC Emma Huang +1(212)902-7229 | emma.huang@gs.com Goldman Sachs & Co. LLC | AMZN | | --- | | 12m Price Target: $280.00 | | Price: $222.69 | | Upside: 25. ...

J P M O R G A N North America Equity Research 06 February 2026 Overweight AMZN, AMZN US Price (05 Feb 26):$222.69 ▼Price Target (Dec-26):$265.00 Prior (Dec-26):$305.00 Internet - Large Cap / Mid & Small Cap Doug Anmuth AC (1-212) 622-6571 douglas.anmuth@jpmorgan.com Bryan M. Smilek (1-212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Key Changes (FYE Dec) | | Prev | Cur Δ | | --- | --- | --- | | Adj. EPS - 26E ($) | 11.74 | 9.25 -21.2% | | Adj. EPS - 27E ($) | 13.45 | 11.19 -16.8% | Quarter ...

Accessible version Amazon.com Cloud leader all in on capacity build; Buy Reiterate Rating: BUY | PO: 275.00 USD | Price: 222.69 USD AWS drives 4Q beat, but 1Q outlook leaves more to desire 4Q sales of $213bn was above Street at $211bn, while GAAP profit of $25.0bn beat Street at $24.8bn (and would have been $27.4bn excluding one-time charges). AWS growth of 24% accelerated q/q and beat expectations at 22% as capacity adds drove revenues. The 1Q sales guide for $173.5bn-$178.5bn bracketed Street at $176bn an ...

February 9, 2026 05:01 AM GMT US Technology | North America M Idea Global Cloud Capex Tracker: Another Year Of 60%+ Growth Cloud capex continues to surprise to the upside, with 2026 aggregate spending now $735B, the 3rd consecutive year of 60% + growth. As demand for compute continues to outstrip supply, we expect strong cloud capex announcements to persist, a positive for suppliers with elevated exposure to cloud capex. Key Takeaways 2026 cloud capex is now tracking to ~$735B, or ~60% Y/Y growth, 22 points ...

Key Takeaways Cloud computing remains a dominant investment theme, particularly so during the AI era. For those seeking exposure, Zacks Thematic Screens can lend a hand. Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future. Whether you're interested in cutting-edge technology, renewable energy, or healthcare innovations, our themes help you invest in ideas that matter to you..Let’s take a closer look at the ‘Cloud Computing’ theme and analyze a stock within, namely Micro ...

Group 1 - The core viewpoint of the news highlights a significant increase in capital expenditure by major overseas tech companies, with a projected total of $660 billion by 2026, marking a 60% year-on-year growth primarily aimed at AI computing power development [2][10] - ByteDance has launched a new AI product, Seedance 2.0, on its platform, which has garnered extensive evaluation and discussion within the AI industry, potentially accelerating the commercialization of AI-driven short films and series [2][10] Group 2 - The ChiNext AI Index has significantly outperformed its peers, achieving a cumulative increase of 322.31% in 2023, surpassing other AI indices such as the Sci-Tech Innovation AI Index and the CS Artificial Intelligence Index [3][12][13] - The ChiNext AI Index allocates approximately 60% of its portfolio to computing power (including optical modules and IDC) and about 40% to AI applications, indicating a balanced focus on both computing and application aspects of AI [5][16] - Within the computing power segment, the ChiNext AI Index emphasizes investments in the upstream "seller" segment of the AI industry chain, with over 44% of its allocation in CPO optical modules [5][16]