一、市场: ●1月29日收盘：联储按兵不动 标普指数小幅收跌 北京时间1月29日凌晨，美股收盘涨跌不一，标普500指数小幅收跌，美国国债收益率走高。美联储结束2026年首次议息会议，维持基准利率在3.50%-3.75% 区间不变，上调经济增长评估。市场预计在鲍威尔五月任期结束前，美联储都将维持利率不变。芯片股受积极财报提振早盘上涨，英伟达等普遍走高，但涨 势未扩散至芯片股以外，标普500指数最终转跌。此外，微软等科技巨头财报即将出炉，非科技板块中，星巴克股价微涨，其首季营收超预期但盈利未达预 期。 ●1月29日美股成交额前20：Carvana被指人为虚增利润，股价重挫14% 周三美股成交额前20的公司表现各异。英伟达收高1.58%，芯片板块普涨，有报道称其和亚马逊或参与OpenAI融资轮；特斯拉收跌0.10%，盘后涨近4%，公 布第四季度多项财务数据；美光收高6.10%，存储概念股普涨，其与新加坡胜科工业扩大购电协议；苹果收跌0.71%，iPhone Air市场接受度低，周四将发布 财报；英特尔收高11.04%；闪迪收高9.60%；Carvana收跌14.17%，被指人为虚增利润；Palantir收跌5.04 ...

本文源自：金融界AI电报 微软：按固定汇率计算，第三财季Azure及其他云服务收入增长预期为37%至38%。 ...

Core Viewpoint - The earnings season for U.S. stocks has begun, with four of the seven major tech companies reporting results, and Microsoft has delivered exceptionally strong results, significantly exceeding Wall Street expectations [1] Financial Performance - Microsoft reported Q3 revenue for fiscal year 2025 of $70.07 billion, a 13% year-over-year increase, surpassing the expected $68.42 billion [2] - The net profit for the same quarter was $25.82 billion, reflecting an 18% year-over-year growth, with adjusted earnings per share at $3.46, also exceeding the forecast of $3.21 [2] Business Segments - The Intelligent Cloud segment generated $26.8 billion in revenue, a 21% year-over-year increase, with Azure and other cloud services growing by 33% [6] - The Productivity and Business Processes segment reported revenue of $29.9 billion, a 10% year-over-year increase, with Microsoft 365 commercial cloud services growing by 12% [5] - The Personal Computing segment achieved revenue of $13.4 billion, a 6% year-over-year increase, with Xbox content and services growing by 8% and search and news advertising revenue surging by 21% [7] Investment in AI and Cloud - Microsoft is heavily investing in AI and cloud infrastructure, with capital expenditures reaching $16.75 billion, a 53% year-over-year increase, primarily for data center expansion and AI chip procurement [9] - The CEO emphasized that cloud computing and AI are essential investments for businesses to enhance productivity, reduce costs, and accelerate growth [10] Future Outlook - Microsoft provided a robust outlook for the next quarter, expecting revenue between $73.15 billion and $74.25 billion, which is above analyst expectations of $68.8 billion, representing a 10.9% year-over-year growth [13] - Azure is projected to grow by 34% to 35%, exceeding the anticipated 31.5% [14] - The company plans to invest $80 billion in data center construction this year, aiming to increase AI training capacity fivefold by 2026, with half of the investment directed towards domestic data centers in the U.S. [16] Analyst Reactions - Following the strong performance, Wall Street analysts have raised their price targets for Microsoft, with Barclays increasing its target from $430 to $494 and Wedbush raising it from $475 to $515 [18]