资本支出飙升成为贯穿所有财报的共同主线。谷歌和Meta双双上调了2025年资本支出指引，并预告2026年投入将进一步"显著"增 加。谷歌将2025年资本支出指引提高至910亿—930亿美元，Meta上调至700亿—720亿美元，微软刚刚结束的财季资本支出已达创 纪录的349亿美元，远超市场预期的300亿美元。 尽管最新财报季给大型科技公司的股价带来了不同的命运，但一个明确无误的信号已经发出：在人工智能（AI）的赛道上，所有巨 头都在以前所未有的规模加大投入。无论是微软、谷歌还是Meta，它们都在计划或已经实施创纪录的资本支出。 周三盘后，市场对科技巨头们的业绩反应不一。谷歌母公司Alphabet因各业务线收入加速增长，股价上涨5%；而Meta虽然营收表 现优于预期，但因支出大幅增加，股价重挫8%；微软在业绩基本符合预期后，股价也下跌超过2%。 在股价涨跌背后，资本支出飙升成为贯穿所有财报的共同主线。谷歌和Meta双双上调了2025年资本支出指引，并预告2026年投入 将进一步"显著"增加。谷歌将2025年资本支出指引提高至910亿—930亿美元，Meta上调至700亿—720亿美元，微软刚刚结束的财 季资本支 ...

Core Insights - Major tech companies are significantly increasing their capital expenditures to support AI infrastructure, indicating a strong commitment to the future of AI [1][4] - Despite varied stock market reactions, the common theme across earnings reports is the surge in capital expenditures, reflecting intense competition in AI and cloud computing [1][4] Group 1: Google and Meta - Alphabet has raised its 2025 capital expenditure guidance to between $91 billion and $93 billion, up from a previous estimate of $85 billion, with a significant increase expected in 2026 [2] - Meta has also increased its 2025 capital expenditure guidance from $66 billion-$72 billion to $70 billion-$72 billion, with a notable increase in 2026 spending anticipated [2] - Both companies are responding to strong demand in their cloud businesses, with Google's backlog growing by 46% to $155 billion [2] Group 2: Microsoft - Microsoft reported a record capital expenditure of $34.9 billion for the recently ended fiscal quarter, exceeding market expectations of $30 billion [3] - The significant spending reflects Microsoft's commitment to meet accelerating demand, although it has not positively impacted its stock price [3] - Concerns have arisen regarding whether the demand for AI and cloud computing has outstripped Microsoft's supply capabilities [3] Group 3: Opportunities and Risks - The substantial investments by tech giants illustrate a growing customer demand for AI, evidenced by Google's 32% year-over-year revenue growth in its cloud segment [4] - However, there are rising concerns about the sensitivity of the market to costs, as seen in the stock reactions of Meta and Microsoft [4] - Investors are closely monitoring how long it will take for these large-scale AI investments to translate into significant profits, highlighting a balance between long-term growth and immediate cost pressures [4]