Investment Rating - The report assigns a "Buy" rating for stocks, expecting a relative return of over 20% within six months [64] - The industry investment rating is "Outperforming the Market," anticipating an industry index increase of over 5% within six months [64] Core Insights - North American tech giants are increasing capital expenditures (Capex), with Microsoft, Meta, and Google all raising their Capex forecasts significantly due to strong AI demand [5][11] - Figma's IPO saw a remarkable first-day increase of over 250%, indicating strong market enthusiasm for AI-driven applications [49] - Major companies are transitioning from building AI model capabilities to driving core business growth through AI, creating a positive feedback loop for sustainable AI commercialization [5][42] Summary by Sections Company Performance - Microsoft reported Q4 FY25 revenue of $76.4 billion, a YoY increase of 18%, with Azure cloud services revenue growing 39% [16][22] - Meta's Q2 revenue reached $47.5 billion, a 22% YoY increase, driven by AI-enhanced advertising performance [25][27] - Amazon's Q2 revenue was $167.7 billion, a 13% YoY increase, with AWS revenue growing 17% [32][35] - Roblox's Q2 revenue totaled $1.08 billion, a 21% YoY increase, with significant growth in daily active users [38] - Vertiv's revenue reached $2.64 billion, a 35.1% YoY increase, with strong order momentum [41] AI Developments - Figma's IPO marks a significant milestone in the AI application space, with a total addressable market (TAM) of $33 billion [49] - Google's Gemini 2.5 Deep Think model showcases advanced reasoning capabilities, outperforming competitors in various tests [55] - Zhiyu's GLM-4.5 model integrates reasoning, coding, and agent capabilities, ranking first among domestic open-source models [59] Capital Expenditure Trends - Microsoft expects Q1 FY26 Capex to exceed $30 billion, reflecting strong demand for cloud and AI products [22] - Google raised its FY25 Capex forecast from $75 billion to $85 billion, primarily for cloud infrastructure [11] - Meta's Q2 Capex was $17 billion, with an upward revision of its annual Capex guidance to between $66 billion and $72 billion [25][27] - Amazon's Q2 Capex was $32.2 billion, indicating continued investment in AI services [35]

卖身Adobe失败后，设计软件Figma正式申请在美国上市。 7月1日，根据公开的招股书，Figma计划在纽约证券交易所挂牌，股票代码为"FIG"。鉴于Figma的高速 增长及其在私募市场的高估值，此次 IPO 将成为近年来备受期待的IPO之一。 文件显示，Figma的增长势头强劲。今年第一季度，其营收同比增长46%，从去年同期的1.562亿美元增 至2.282亿美元；净利润则从1350万美元增至4490万美元。 去年底，该公司与Adobe的收购协议因英国监管机构的反对而终止，Figma因此获得了10亿美元的终止 费。分析认为，此次Figma的上市表现将成为衡量美国IPO市场复苏力度的关键指标，并可能为其他等 待上市的高估值私营公司（如Databricks和Stripe）提供参考。 快速增长来源于高质量客户基础 Figma的快速增长得益于其庞大且高质量的客户基础。 数据显示，公司月活跃用户超过1300万，其中只有三分之一是设计师。截至3月31日，约85%的月活用 户来自美国以外地区，不过53%的收入来自海外市场。 此外，截至今年3月31日，该公司拥有约45万企业客户，其中贡献年收入超过10万美元的客户数量达到 ...