炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "在正常环境下，微软的这些业绩其实已经相当不错了。但在如此庞大的支出背景下，且市场预期已定 价至近乎完美，你必须每一个指标都达标，"GuideStone Funds公共投资组合经理Josh Chastant对此评价 道。该机构手中持有微软股份。 这一观点其实也能在另一只"七巨头"个股Meta上得到部分印证——是的，尽管Meta上周财报预测将实现 四年多来最快的季度营收增长，令投资者上周四推动其股价飙升了10%，创下7月以来的最佳单日表 现。但有鉴于该公司同样表示计划到2026年将资本支出增加多达87%，这一负面因素依然在上周五产生 了一定影响，Meta股价随后回落了近3%，创下去年10月30日以来最差单日表现。 这些市场反馈，揭示了科技巨头们目前依然正行走在愈发狭窄的钢丝上——AI领域已持续三年的涨势 建立在一种押注之上：即这些公司雄厚的财力和激进的投资，将使他们处于下一次变革性技术的前沿。 只要有增长支撑，投资者可以忍受巨额支出；否则，它们就得准备好迎接惩罚。 "我们已然进入这样一个时代：只有实现人工智能资本支出的变现，科技股估值才具 ...

当地时间2026年1月29日，苹果发布2026财年第一季度（截至2025年12月27日）财报。在iPhone需求强 劲、大中华区销售明显反弹的带动下，苹果当季营收和利润均大幅超出市场预期，多项核心财务指标创 下历史新高。 苹果首席执行官蒂姆·库克（Tim Cook）在接受媒体采访时表示，对最新一代iPhone的需求"令人震惊"。 财报显示，苹果当季实现营收1437.56亿美元，同比增长16%；净利润420.97亿美元，同比增长15.9%； 摊薄后每股收益为2.84美元，同比增长18.3%，均明显高于市场一致预期。截至记者发稿时，苹果股价 盘后涨幅约0.8%。 中国市场强势回暖 iPhone仍是苹果本季度最核心的增长引擎。财报显示，iPhone收入升至852.7亿美元，远高于分析师预期 的786.5亿美元，占总营收比重达59.3%，并在所有地理区域创下销售纪录。 在现金流方面，苹果当季经营活动产生的现金流达539.25亿美元，同比增长近80%。公司斥资247.01亿 美元回购股票，并支付39.21亿美元股息，合计向股东返还近320亿美元。董事会同时宣布派发每股0.26 美元现金股息。 硬件利润率仍存压力 尽管整 ...

Core Viewpoint - Apple is focusing on vertical integration by developing its own AI server chip, codenamed "Baltra," which is expected to debut in 2027 [2]. Group 1: Chip Development - Apple is collaborating with Broadcom to develop the "Baltra" AI server chip, which will utilize TSMC's 3nm "N3E" process, with design completion anticipated within the next 12 months [2]. - The deployment of these custom AI chips is expected to begin in 2027, following the delivery of Apple-manufactured servers starting in October 2025 [2]. Group 2: Purpose and Architecture - The primary use of the "Baltra" chip is projected to be for AI inference, which involves executing specific tasks based on previously trained models, rather than training large AI models [3]. - The architecture of inference chips differs fundamentally from training chips, focusing more on latency and throughput, and likely employing lower precision mathematical architectures such as INT8 [3]. Group 3: Expansion of Custom Chip Line - Apple's custom chip product line is expanding beyond the well-known A and M series chips, now including the self-developed C1 modem chip [3]. - There are plans to introduce a derivative product based on the S series chip for the upcoming AI smart glasses expected to launch next year [3].

Core Insights - The sentiment on Wall Street regarding AI-related companies is shifting, with OpenAI losing its edge and Alphabet emerging as a strong competitor [1] - OpenAI is facing scrutiny over its profitability and the need for rapid growth to meet substantial spending commitments, while Alphabet benefits from robust cash flow and diverse business operations [1][2] Company Performance - Stocks related to OpenAI, including Oracle, CoreWeave, and AMD, are experiencing significant sell-off pressure, while Alphabet's growth is boosting its stock price and that of related companies like Broadcom, Lumentum, Celestica, and TTM Technologies [1] - A basket of companies associated with OpenAI saw a 74% increase by 2025, but this is overshadowed by the 146% rise of stocks related to Alphabet [1] Market Trends - The Nasdaq 100 index, primarily composed of tech stocks, has risen by 22% [1] - The rapid shift in market sentiment is notable, as OpenAI previously drove significant stock price increases for related companies, but is now seen as a liability [2]

Market Overview - On November 25, US stock indices collectively rose, with the Dow Jones increasing by 664.18 points, a gain of 1.43%, the S&P 500 up by 0.91%, and the Nasdaq Composite rising by 0.67% [2] Technology Sector Performance - Large tech stocks showed mixed results, with Meta rising over 3%, Google and Amazon up over 1%, while AMD fell over 4%, Netflix down over 2%, and Oracle declining over 1% [4] - Nvidia experienced a significant drop, falling over 7% at one point, closing at $177.82, down 2.59%, resulting in a market cap loss of $114.939 billion (approximately 814.3 billion RMB) [5] Competitive Landscape in AI - Analysts noted that Google is making substantial progress in challenging Nvidia's leading AI accelerator chips, prompting investors to reassess the tech landscape and potential shifts in market leadership [5] - The narrative that "only Nvidia will provide chips for data center expansion" has changed, as market sensitivity to competition increases [5] - Google, previously seen as lagging in the AI race since the launch of ChatGPT, is now viewed as a "dark horse" that has awakened, leveraging its extensive data resources, continuous profits, and self-built computing infrastructure [6][7] Consumer Confidence and Economic Indicators - The latest data from September showed a year-on-year PPI increase of 2.7%, matching expectations, while the core PPI rose by 2.6%, slightly below the forecast [11] - Retail sales increased by 0.2%, below the expected 0.4% [11] - Consumer confidence in November saw its largest decline in seven months, dropping 6.8 points to 88.7, against an expected median of 93.3 [11] Federal Reserve Outlook - Federal Reserve officials indicated a need for significant interest rate cuts, with discussions on adjusting rates to a neutral level [12] - The Federal Open Market Committee is set to review interest rates in its upcoming meeting on December 9-10, with markets anticipating a potential reduction of 0.25 percentage points [12]

Group 1: Market Performance - Major tech stocks showed mixed performance, with Meta rising over 3%, Google and Amazon up over 1%, while AMD fell over 4%, Netflix down over 2%, and Oracle down over 1% [1] - Nvidia experienced a significant drop, falling over 7% at one point, closing at $177.82, down 2.59%, resulting in a market value loss of approximately $114.94 billion (around 81.43 billion RMB) [1][2] Group 2: Competitive Landscape - Google is reportedly making substantial progress in challenging Nvidia's leading AI accelerator chips, prompting investors to reassess the tech landscape and potential shifts in market leadership [4] - Analysts note that the narrative of Nvidia being the sole provider of chips for data center expansion has changed, as Google is now seen as a strong competitor in the AI race [4] - Google has advantages over OpenAI, including vast existing data for training AI models, continuous profits, and its own computing infrastructure [5] Group 3: Economic Indicators - The latest U.S. economic data for September shows a year-on-year PPI increase of 2.7%, matching expectations, while the core PPI rose by 2.6%, slightly below the forecast [11] - Retail sales in September increased by 0.2%, below the expected 0.4% [11] - Consumer confidence in the U.S. has dropped significantly, with the index falling 6.8 points to 88.7, indicating growing concerns about the labor market and overall economic outlook [11]

Group 1: Market Reaction - The U.S. stock market experienced volatility, with the Dow Jones rising by 300 points while the Nasdaq fell approximately 0.4% [3] - Concerns over the escalating AI chip competition between Google and Nvidia led to a sell-off in tech stocks, with Nvidia's stock dropping about 6%, marking a new low since September 17 [4] - Google's stock rose nearly 3% amid reports of Meta planning to invest billions in Google's AI chips, bringing the company closer to a $4 trillion market valuation [4] Group 2: Company Developments - Google is making significant progress in challenging Nvidia's leading AI accelerator chips, prompting investors to reassess the tech landscape and potential shifts in market leadership [4][6] - Analysts noted that the narrative of Nvidia being the sole provider of chips for data center expansion has changed, with Google emerging as a strong competitor in the AI race [6] - Google possesses advantages over OpenAI, including vast existing data for training AI models, continuous profits, and its own computing infrastructure [6] Group 3: Economic Indicators - Recent labor and retail data indicate a softening U.S. economy, leading traders to bet on an 80% probability of a 25 basis point rate cut by the Federal Reserve in December [7] - The Producer Price Index (PPI) showed a 0.3% increase, aligning with expectations, while core PPI rose only 0.1%, below the anticipated 0.2% [9] - The ADP report highlighted a further weakening in the labor market, with private sector job losses averaging about 13,500 per week, raising expectations for a potential rate cut [10]

Group 1: Market Reaction - The U.S. stock market experienced volatility, with the Dow Jones rising by 300 points while the Nasdaq fell by approximately 0.4% [3] - Concerns over a potential reshaping of the tech landscape due to the escalating AI chip competition between Google and Nvidia led to a sell-off in tech stocks [4] - Nvidia's stock dropped about 6%, marking a significant decline and a loss of $1 trillion in market value from its peak [5][6] Group 2: Company Performance - Google's stock rose nearly 3% following reports that Meta plans to invest billions in Google's AI chips, bringing the company closer to a $4 trillion market cap [4] - Analysts noted that Google is making substantial progress in challenging Nvidia's leading AI accelerator chips, prompting investors to reassess the competitive landscape in the tech sector [6][7] - Google's advantages include vast data resources for training AI models, continuous profits, and proprietary computing infrastructure, positioning it favorably against competitors like OpenAI [8] Group 3: Economic Indicators - Recent labor and retail data indicate a softening U.S. economy, leading traders to increase bets on a 25 basis point rate cut by the Federal Reserve in December, with probabilities exceeding 80% [9][10] - The Producer Price Index (PPI) showed a 0.3% increase, aligning with expectations, but core PPI rose only 0.1%, below the anticipated 0.2% [9] - The ADP report highlighted a rise in layoffs, with private sector job losses averaging about 13,500 per week, contributing to the market's expectations for a rate cut [10]

Group 1 - Google's efforts to challenge Nvidia's dominance in AI chips are gaining traction, leading to a reevaluation of the tech landscape and potential shifts in market leadership [2][8][9] - Nvidia's stock fell approximately 6%, marking a significant decline and a loss of $1 trillion in market value from its peak [5][7] - The market is reacting to the news that Meta plans to invest billions in Google's AI chips, pushing Google's stock closer to a $4 trillion market cap [2][4] Group 2 - Recent economic data indicates a softening U.S. economy, prompting traders to bet on a 25 basis point rate cut by the Federal Reserve in December, with probabilities exceeding 80% [11][12] - The Producer Price Index (PPI) data showed a 0.3% increase, aligning with expectations, but core PPI rose only 0.1%, below the anticipated 0.2% [14][15] - The ADP report highlighted a rise in layoffs, with private sector job losses averaging about 13,500 per week, contributing to the market's increased confidence in potential rate cuts [16]

Group 1: AI Chip Market Dynamics - Google is making significant strides in the AI chip market, potentially challenging Nvidia and OpenAI, as Meta is reportedly in talks to purchase Google's AI chips, known as Tensor Processing Units (TPUs), for use in its data centers by 2027 [2][3] - Nvidia's stock has begun to show signs of weakness, with a pre-market drop of 2%, while Google's stock rose by 2.7% in after-hours trading following the news of the potential Meta deal [3][4] - The agreement with Meta would position TPUs as a viable alternative to Nvidia's chips, which are currently the industry standard for AI development [3][4] Group 2: Impact on SoftBank and OpenAI - SoftBank's stock plummeted, reaching a two-and-a-half-month low, as concerns grew over Google's Gemini AI model intensifying competition against OpenAI, a key investment for SoftBank [4][6] - SoftBank's stock experienced a significant drop of 11%, reflecting market anxiety about the competitive landscape for OpenAI following the positive reception of Google's Gemini 3 [5][6] - SoftBank's market capitalization has decreased by over 40% from its recent high, where it briefly surpassed 40 trillion yen (approximately $255 billion) [6] Group 3: A-Share Market Performance - The A-share market saw a collective rise, with the Shanghai Composite Index increasing by 0.87%, the Shenzhen Component Index by 1.53%, and the ChiNext Index by 1.77% [8] - A total of 4,300 stocks rose in the market, with 95 stocks hitting the daily limit up, while 993 stocks declined [9] - Stocks related to computing hardware surged, with companies like Dekor and Guangku Technology hitting the daily limit up [10]