（全球TMT2026年1月12日讯）今日要点：微软或启动新一轮裁员；京东成立"变色龙业务部" ；苹果加快CEO库克继任者遴选工作；英伟达聘 请谷歌云高管任CMO；马斯克旗下Grok或遭多国封禁；OpenAI推出ChatGPT健康模式；Meta在澳大利亚关停近55万个账号。 微软或启动新一轮裁员 TipRanks报道，微软公司计划于2026年1月启动新一轮裁员，预计全球范围内裁员规模将达1.1万至2.2万人，约占其员工总数的5%至10%。此 次裁员预计将在1月第三周实施，微软Azure云团队、Xbox游戏部门以及全球销售部门将是裁员的重点领域。对此消息，微软方面暂未回应。 京东成立"变色龙业务部" 京东成立"变色龙业务部"，全面承接JoyAI App、JoyInside、数字人等核心AI产品的打造与商业化。京东表示，"AI技术商业化加速落地京东变 色龙业务部成立，第二批自研AI玩具将于1月中旬全面上线。"京东还表示，此次变色龙业务部的成立，是将京东此前沉淀的前沿技术能力，系 统性地向产业端输送的关键举措，也将有助于整合技术、产品、市场与销售资源，提升对市场需求的响应速度与商业化效率，为AI业务的长 期发展注入更 ...

在经历了上世纪80年代人工智能的冬天后，今天，人工智能产业2.0版迅速崛起。我们日常接触的 Google Now, Siri, Alexa和Cortana这样的个人助理仅仅是AI产业的冰山一角。AI正以53%的复合年增长 率快速发展，其应用领域将横跨财务顾问、机器人、无人驾驶汽车、医疗、影像、机器视觉识别系统、 法律、能源系统、教育等方方面面。面对这样庞大的发展空间，面对AI开启的新科技革命，各大巨头 早已摩拳擦掌、跃跃欲试。今年，我们的鼻子似乎已经嗅到了AI生态战役打响的气味。 如何建立AI生态系统？战略是关键AI生态如此广阔，AI产业的发展当然也面临着诸多技术难题和社会 壁垒，科技巨头们将怎样布局和实施AI战略？这是一个非常值得关注，并可以持续关注的方向。 或许相比其他工业领域来说，在AI领域解码几大巨头的竞争策略实在太难。原因包括两方面:第一，AI 领域呈现出极大的、可实现的潜力，可以渗透进信息科技的每一个舞台；第二，这场AI竞赛实质上涉 及各大主要IT公司的技术平台、目标市场、主应用程序领域、公司核心竞争力以及运营管理能力。因 此，如若是真的要帮助CEO们或者IT团队解码应采用什么战略来获得AI事业的 ...

微软已下调部分AI软件的销售目标，由于企业客户对新型人工智能产品的接受速度不及预期。 12月3日，据媒体报道，由于销售团队未能在截至今年6月的财年达成目标，微软Azure云部门已调低了针对特定AI产品的销售配额。知情人士表 示，此类针对具体产品的配额下调在微软较为罕见，这反映出公司正基于市场实际接受度调整策略，以应对客户在增加AI预算方面的谨慎态度。 微软Azure某销售部门曾在上个财年要求销售人员将客户对名为Foundry的产品支出提升50%，但最终达成目标的销售人员比例不足五分之一。因 此，微软已于今年7月将该产品在本财年的增长目标下调至25%左右。 行业分析指出，此次调整揭示了企业在部署高阶AI工具时面临的共同挑战：一方面，技术带来的实际成本节约难以清晰量化；另一方面，在金 融、网络安全等低容错率领域，AI工具的可靠性与商业价值仍需更长时间验证。尽管微软云基础设施业务因承载OpenAI等大模型的训练需求而保 持增长，但在推动传统企业采购更复杂的自动化软件方面，实际进展仍未达到此前设定的乐观预期。 面临类似挑战的并非微软一家。OpenAI近期将其未来五年内"AI代理"相关收入的预测大幅下调了260亿美元， ...

Core Insights - Microsoft is diversifying its AI strategy by deepening collaboration with Anthropic, a major competitor of OpenAI, moving away from a singular focus on OpenAI [1][2][3] Investment and Financial Implications - Microsoft and NVIDIA are investing $50 billion and $100 billion respectively in Anthropic, which will purchase $300 billion worth of Azure cloud capacity [1] - Morgan Stanley highlights that Microsoft's stock is undervalued, trading at about 25 times the estimated earnings per share for fiscal 2027, compared to 30 times for large software peers, reaffirming an "Overweight" rating with a target price of $650, indicating over 30% potential upside [4] - HSBC maintains a "Buy" rating with a target price of $667, emphasizing Microsoft's strong data, infrastructure, and AI capabilities to manage a complex ecosystem [6] Market Dynamics and Competitive Landscape - The AI market is evolving towards a "frenemy" model, where companies like Microsoft and Anthropic collaborate while also competing, reducing reliance on OpenAI and enhancing Azure's position as a multi-AI model platform [6][7] - Microsoft CEO Satya Nadella stated that the partnership with Anthropic will not alter the core relationship with OpenAI, indicating a balanced approach to partnerships in the AI space [7] Concerns and Risks - Despite positive evaluations from major banks, there are concerns about an "AI bubble," with 45% of fund managers viewing it as a significant risk, as the investment model may not generate sufficient revenue to justify high expenditures [8] - Following the announcement of the partnership, shares of Microsoft and NVIDIA fell nearly 3%, reflecting market apprehension regarding the sustainability of the AI investment model [8]

Core Viewpoint - Microsoft has experienced a significant decline in stock price following its quarterly earnings report, with concerns about AI investments impacting the broader tech sector [1][3][5]. Group 1: Stock Performance - Since the end of October, Microsoft has not recorded a single positive trading day, with the stock price dropping over 8% in the past eight days, resulting in a market capitalization loss exceeding $300 billion [1][2][3]. - The stock has set a record for the longest consecutive decline in 14 years, marking the longest losing streak since November 2011 [5][6]. Group 2: Financial Results - Microsoft's quarterly earnings report showed a nearly 20% increase in revenue; however, the growth of Azure cloud services was not as impressive, and AI expenditures significantly exceeded expectations [3][4]. - The company reported capital expenditures of $34.9 billion for the quarter, with plans to further increase spending in the current fiscal quarter, raising market concerns [4]. Group 3: Market Sentiment - There is a growing cautious sentiment in the market regarding substantial investments in AI, which has led to continued pressure on large tech stocks, including Microsoft [5][7]. - In contrast to Microsoft, Apple has not adopted an aggressive strategy in AI, resulting in a slight increase in its stock price, highlighting divergent approaches within the tech sector [7].

Core Viewpoint - The cautious sentiment towards AI investments is putting pressure on large tech stocks, leading Microsoft to experience its longest losing streak in 14 years, with a significant market cap loss of over $300 billion [1][3]. Group 1: Microsoft Stock Performance - Microsoft's stock price fell by 0.06% on Friday, accumulating a decline of over 4% for the week, and more than 8% over the past eight days [1][2]. - The company's market capitalization has decreased by over $300 billion, marking its longest losing streak since November 2011 [1]. Group 2: Financial Performance and Market Sentiment - Since the quarterly earnings report at the end of October, Microsoft has not recorded a single positive trading day, despite a nearly 20% increase in revenue for the last quarter [3]. - Concerns are growing regarding Microsoft's significant capital expenditures, which reached $34.9 billion, and the expectation of further increases in spending for the current fiscal quarter [3]. Group 3: Broader Market Impact - The Nasdaq 100 index and the Tech Giants index both fell approximately 4% this week, marking the largest weekly percentage drop since April [4]. - In contrast, Apple has not adopted an aggressive strategy in AI, resulting in a slight increase in its stock price on Friday, although it ultimately followed the tech sector's downward trend [4].

Core Insights - Amazon has signed a $38 billion agreement with OpenAI to provide NVIDIA chips for its cloud computing services, marking a significant partnership in the AI sector [1][3] - The seven-year deal will support OpenAI's extensive computational needs, as the company transitions from a research lab to a major player in the tech industry [3][4] - OpenAI has committed $1.4 trillion in infrastructure funding for its AI models, raising concerns about potential investment bubbles [3] Group 1 - The agreement allows OpenAI to immediately start using AWS's computational power, with all targeted capacity to be delivered by the end of 2026 [4] - Amazon will deploy hundreds of thousands of chips, including NVIDIA's GB200 and GB300 AI accelerators, to enhance ChatGPT's capabilities and train future models [4] - Following the announcement, Amazon's stock surged by 5% in pre-market trading, contributing to a nearly 1% increase in the Nasdaq index [4] Group 2 - AWS CEO Matt Garman stated that the partnership will support OpenAI's ambitious AI goals, reinforcing AWS's infrastructure capabilities [3][4] - OpenAI's major investor, Microsoft, has also announced a $250 billion spending commitment on its Azure cloud platform to support OpenAI [3] - Oracle has signed a $300 billion data center agreement with OpenAI, while Google Cloud is also providing computational support for ChatGPT [3]

Core Insights - Amazon has signed a $38 billion agreement with OpenAI to support its extensive computing needs, marking a significant partnership in the AI sector [2][3][4]. Agreement Details - The seven-year agreement involves Amazon Web Services (AWS) providing OpenAI with access to hundreds of thousands of Nvidia GPUs [4][5]. - OpenAI plans to invest $1.4 trillion in infrastructure for building and operating its AI models, raising concerns about potential investment bubbles [4]. Market Impact - Following the announcement, Amazon's stock price surged by 5% in pre-market trading, reflecting positive market sentiment [6][7]. - The deal is seen as a validation of Amazon's capabilities in building and operating large-scale data center networks [4][6]. Competitive Landscape - OpenAI's major investors include Microsoft, which has committed an additional $250 billion to its Azure cloud services for OpenAI [4]. - Oracle has also signed a $300 billion data center agreement with OpenAI, while Google Cloud is providing computational support for ChatGPT [4].

Core Insights - A significant layoff wave affecting 100,000 people is sweeping through Silicon Valley in 2025, despite tech giants reporting rising profits, indicating a complex interplay of AI technology revolution, capital logic restructuring, and industry strategic transformation [2][3] Financial Performance and Layoffs - Tech giants are experiencing a surge in profitability, with Amazon's net profit soaring by 101% in Q2, Microsoft's revenue growth at 12% for the first three quarters, and Intel achieving quarterly profitability through cost control [3] - Despite these financial successes, layoffs continue unabated, with Amazon planning to cut 30,000 jobs, Microsoft over 20,000, Intel 24,000, and Meta over 10,000 from 2023 to 2025 [3] - This paradox of rising profits alongside job cuts reflects a deep transformation driven by AI in the tech industry [3] AI's Role in Layoffs - The explosive development of generative AI is a core driver of the current layoff wave, as AI now possesses the capability to replace certain job functions, particularly repetitive roles [4] - Positions in human resources, testing, market operations, and even creative tasks like writing and design are being significantly replaced by AI tools [4] - Middle management roles are also at risk, as AI systems can partially replace coordination functions, exemplified by Meta's elimination of 600 positions in its FAIR lab [4] Underlying Logic of Tech Companies - The current layoffs cannot be solely attributed to cost-cutting; understanding the underlying logic of tech companies is essential [5] - Historically, Silicon Valley's growth was supported by capital investment, with a focus on attracting talent; however, the current investment landscape prioritizes AI capabilities over human talent [6] - The shift in investment criteria signifies a fundamental change in Silicon Valley's operational logic, marking the arrival of a new era centered around AI productivity [6]

Core Viewpoint - Microsoft emphasizes that its AI platform is generating real business value, with Azure cloud revenue expected to grow approximately 37% in fixed currency for Q2, despite capacity constraints [1][2] Financial Performance - The company projects total revenue guidance for Q2 to be between $79.5 billion and $80.6 billion, representing a growth of 14% to 16% [2] - Expected sales costs are between $26.35 billion and $26.55 billion, with a year-over-year increase of 21% to 22% [2] - Operating expenses are anticipated to be between $17.3 billion and $17.4 billion, reflecting a year-over-year growth of 7% to 8% [2] Customer Concentration Risk - Microsoft believes that the risk of customer concentration is manageable, as its nearly $400 billion remaining performance obligation (RPO) covers a wide range of products and customer sizes [1][4] - The weighted average duration of these contracts is only two years, indicating a focus on short-term consumption and usage [1][4] AI Platform and Systems - The company's competitive advantage lies in building systems like M365 Copilot and GitHub Agent HQ, rather than just the AI models themselves [2][4] - Microsoft is creating a highly interchangeable general AI platform, reducing dependency on any single large customer [2][7] Infrastructure and Demand - Microsoft has not over-invested in infrastructure; instead, demand continues to exceed supply, with a strong focus on fulfilling existing contracts [5][9] - The company is building an efficient, flexible infrastructure to support both first-party and third-party applications, ensuring high utilization rates [6][8] OpenAI Investment - The $4.1 billion loss related to OpenAI is attributed solely to the company's share of OpenAI's operational losses, with no other components included [6][10] Strategic Decision-Making - Microsoft prioritizes building a platform that can flexibly serve various customer needs, rejecting contracts that could disrupt this balance [10] - The company is selective about large-scale AI contracts, ensuring they align with long-term strategic interests and profitability [10]