五家巨头目前获得的AI收入并不多。他们的AI收入主要来自云 服务，亚马逊、微软、谷歌每个季度最多能有数十亿美元。面 向C端的AI产品，用户量虽然都在亿级以上，商业变现却不明 晰。 作者： 任晓宁 封图：图虫创意 10月30日至31日，美国科技企业微软、谷歌、Meta、苹果、亚马逊前后发布了2025年第三季度财报。他 们是美国AI军备竞赛中投入最大的五家，第三季度资本支出共计1275亿美元，并表态将在2026年投入更 多。 但从回报来看，五家巨头目前获得的AI收入并不多。他们的AI收入主要来自云服务，亚马逊、微软、谷歌 每个季度最多能有数十亿美元。面向C端的AI产品，用户量虽然都在亿级以上，商业变现却不明晰。 财报发布后的电话会上，几家企业都被分析师问到AI投资资本回报率的问题，其中Meta被问的次数最多， 10个提问中有7个都与AI变现及利润率相关。当天Meta股价下跌11%，市值蒸发超2140亿美元，是Meta 历史上第二大单日跌幅。 投资者主要担忧巨额的AI投资能否获得相应回报。华尔街金融机构奥本海默的分析师称，Meta在营收前景 不明的情况下大举投资AI，这与其在2021年至2022年的元宇宙支出如出一 ...

Core Insights - Major US tech companies including Microsoft, Google, Meta, Apple, and Amazon reported their Q3 2025 earnings, highlighting significant investments in AI but uncertain returns [2][8] - The total capital expenditure for these companies in Q3 2025 reached $127.5 billion, with plans for increased investment in 2026 [8][9] - AI revenue primarily stems from cloud services, with Amazon, Microsoft, and Google generating tens of billions quarterly, while consumer-facing AI products have unclear monetization paths [3][4][5] Investment and Revenue - The five companies collectively spent $1.484 trillion on AI investments in 2023, a nearly 50% increase year-over-year [8] - Google reported that its cloud business revenue growth is driven by AI products, contributing several billion dollars each quarter [4] - Microsoft’s cloud revenue for Q3 was $30.9 billion, with an estimated $870 million attributed to AI [4] User Engagement and Monetization Challenges - Meta's AI product, Meta AI Assistant, has over 1 billion monthly active users, but it has not generated direct revenue yet [6] - Microsoft has 900 million monthly active users across its AI products, but specific revenue figures for paid versions remain undisclosed [7] - Google’s Gemini app has over 650 million monthly active users, but its revenue on iOS was only $6.3 million [7] Future Investment Plans - Companies are committed to aggressive AI investments, with Amazon planning to invest $125 billion in 2025, Google between $91 billion and $93 billion, and Meta between $70 billion and $72 billion [9][10] - Microsoft announced plans to invest $100 billion in the next fiscal year, while Apple aims to invest $80 billion in AI over the next four years [9][10] Market Concerns - Investors are increasingly worried about the sustainability of profits from these massive AI investments, with analysts questioning the potential for a bubble [10] - Meta faced significant stock price drops following concerns about its AI investment strategy, reflecting broader investor anxiety regarding return on investment in AI [2][10]

Core Viewpoint - Amazon's stock surged over 9% following a strong earnings report, with net income reaching $21.187 billion, a 38% year-over-year increase, and earnings per share of $1.95, exceeding market expectations of $1.57 [1][3] Financial Performance - In Q3, Amazon reported net sales of $180.17 billion, a 13% increase year-over-year, surpassing market estimates of $177.8 billion [3] - Operating income was $17.42 billion, slightly up from $17.411 billion in the same quarter last year [3] - AWS generated net sales of $33 billion, a 20% increase from $27.452 billion year-over-year, marking the fastest growth rate in three years [3][4] - The operating income for AWS was $11.434 billion, up 9% from $10.447 billion year-over-year, with an operating margin of 34.6% compared to 38.1% in the previous year [3][4] Business Segments - Online store sales reached $67.407 billion, a 10% increase year-over-year, while physical store sales were $5.578 billion, also up 7% [4] - Third-party seller services generated $42.486 billion, a 12% increase from $37.864 billion year-over-year [4] - Subscription services brought in $12.574 billion, an 11% increase from $11.278 billion year-over-year [4] - Other business segments reported $1.415 billion, an 8% increase from $1.313 billion year-over-year [5] Future Outlook - Amazon expects Q4 revenue to be between $206 billion and $213 billion, reflecting a 10% to 13% growth compared to Q4 2024 [5] - The company anticipates operating income for Q4 to be between $21 billion and $26 billion, compared to $21.2 billion in Q4 2024 [5] AWS Growth and Strategy - CEO Andy Jassy highlighted AWS's growth momentum, with a 20% year-over-year increase, the highest in 11 quarters [6] - AWS's unfulfilled orders reached $200 billion, not including new transactions from October [6] - Amazon plans to invest approximately $125 billion in capital expenditures by 2025, primarily for AI-related data centers and infrastructure [6] AI Innovations - Amazon's AI shopping assistant, Rufus, has 250 million active users, with a 140% year-over-year increase in monthly active users [7] - Rufus is projected to generate over $10 billion in annual incremental sales [7] - The company has launched Project Rainier, a large AI computing cluster across multiple data centers, equipped with nearly 500,000 Trainium chips [7][8]