该行重申对Meta的"买入"评级，将其目标价从815美元上调至835美元；在过去一个月内第二次上调2026 财年收入预测，预计达到约2510亿美元(按年增长25%，或扣除汇率影响后按年增长21%)。 高盛发表研究报告，Meta在2025年第四季的财报显示两大核心主题，包括核心广告业务(用户增长/参与 和变现)继续增长势头，并随着业务开始展现AI在内容推荐及广告行业的规模化影响而显著加速；持续 增加的前瞻性投资，高盛预测2026财年的GAAP总支出约为1660亿美元，总资本支出约为1320亿美元， 随着AI持续扩展，管理层的评论集中于优化内部成本，但对2027年及以后的投资规划仍缺乏明确性。 ...

Core Viewpoint - The U.S. stock market has shown significant divergence this week, particularly among the top 20 stocks in the Nasdaq index, with mixed performances from major tech companies, highlighting investor concerns over specific firms' fundamentals and market conditions [1][3]. Group 1: Performance of Major Tech Companies - Among the "Big Seven" tech giants, Microsoft (+0.51%), Nvidia (+1.32%), and Apple (+2.32%) continued their upward trends, while Amazon (-1.14%), Alphabet (-4.63%), and Tesla (-4.60%) experienced declines [2][3]. - Alphabet's market capitalization decreased by $98.1 billion this week, making it the worst-performing tech giant, while Amazon and Tesla saw reductions of $25.6 billion and $10.1 billion, respectively [2][3]. Group 2: Market Sentiment and Trends - Alphabet's significant stock price drop may reflect investor concerns regarding its core advertising business and AI strategy, amid increasing market competition and regulatory pressures that could impact long-term profitability [3]. - Tesla's decline is attributed to slowing electric vehicle demand and pricing pressures, indicating broader challenges in the EV market [3]. - Approximately half of the top 20 stocks in the Nasdaq index recorded declines, suggesting a shift in market preference towards companies with more predictable earnings, such as Microsoft and Apple, while high-valuation firms facing growth bottlenecks are being sold off [3]. Group 3: Future Outlook - As the Federal Reserve's monetary policy and corporate earnings season approach, volatility in tech stocks may increase, with market participants closely monitoring earnings guidance and advancements in AI commercialization to assess the sector's potential for recovery [3].