下一次谷歌也赢不了_老虎社区_美港股上老虎 - 老虎社区

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下一次谷歌也赢不了

科技巨头财报大比拼，为什么只有谷歌赢了？

核心在于谷歌云营收大增63%，订单积压规模近乎翻倍至462亿美元，巨额订单为其AI资本支出提供了清晰回报逻辑。而其余三家因云增速不及预期或缺乏变现路径引发担忧。市场逻辑已明确：只奖励有订单支撑的AI投入，惩罚无法变现的烧钱。

科技巨头财报大比拼，为什么只有谷歌赢了？

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11:32","market":"us","language":"zh","title":"科技巨头财报大比拼，为什么只有谷歌赢了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2631701765","media":"华尔街见闻","summary":"核心在于谷歌云营收大增63%，订单积压规模近乎翻倍至462亿美元，巨额订单为其AI资本支出提供了清晰回报逻辑。而其余三家因云增速不及预期或缺乏变现路径引发担忧。市场逻辑已明确：只奖励有订单支撑的AI投入，惩罚无法变现的烧钱。","content":"<html><head></head><body><blockquote><p>核心在于谷歌云营收大增63%，订单积压规模近乎翻倍至462亿美元，巨额订单为其AI资本支出提供了清晰回报逻辑。而其余三家因云增速不及预期或缺乏变现路径引发担忧。市场逻辑已明确：只奖励有订单支撑的AI投入，惩罚无法变现的烧钱。</p></blockquote><p style=\"text-align: left;\">4月29日同一天，谷歌、Meta、微软、亚马逊四家科技巨头都公布了财报，且全部超出华尔街预期，但市场却只奖励了其中一家。</p><p style=\"text-align: left;\">Alphabet周三（4月29日）盘后股价大涨逾7%，<strong>成为这场财报季&#34;超级碗&#34;的唯一赢家。</strong>谷歌云季度营收同比增长63%至200亿美元，订单积压规模近乎翻倍至462亿美元，为巨额资本支出提供了清晰的回报逻辑。首席执行官Sundar Pichai在财报电话会上表示：&#34;<strong>我们的AI投资和全栈布局正在点亮业务的每一个角落</strong>。&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7ab560ea7bc87010a47aaaa1d103464\" tg-width=\"845\" tg-height=\"585\"/></p><p style=\"text-align: left;\">与此同时，Meta盘后跌逾7%，微软和亚马逊各跌约2%。三家公司的共同困境在于：<strong>资本支出大幅攀升，但云业务增速或不及预期，或仅与市场预期持平，投资者对AI投入能否转化为可见回报的疑虑明显升温。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26ec97605b76224d1c29cfb65fbbb922\" tg-width=\"854\" tg-height=\"584\"/></p><p style=\"text-align: left;\">分析人士指出，这场财报季的核心分歧，不在于谁的业绩更好，而在于谁的支出更有说服力。这也折射出市场对科技巨头AI叙事的重新审视——有订单支撑的投入被奖励，缺乏变现路径的烧钱则遭到惩罚。</p><h2 id=\"id_314187186\" style=\"text-align: left;\">谷歌：云业务爆发，AI投资获认可</h2><p style=\"text-align: left;\">Alphabet本季度的核心亮点集中于谷歌云。</p><p style=\"text-align: left;\">财报显示，云业务营收同比增长63%至200亿美元，运营利润率达33%，远超市场预期。更关键的是，谷歌云订单积压规模较上季度近乎翻倍，达到462亿美元，AI需求与张量处理器（TPU）硬件销售是主要驱动力。</p><p style=\"text-align: left;\">这一数字为Alphabet上调资本支出计划提供了直接背书。<strong>公司将全年资本支出指引从此前的1750亿至1850亿美元上调至1800亿至1900亿美元，并暗示2027年资本支出将&#34;大幅增加&#34;。</strong></p><p style=\"text-align: left;\"><strong>投资者对Google Cloud的增长如此着迷，以至于他们愿意忽略Alphabet上调的资本支出预期。</strong>Direxion资本市场主管Jake Behan在报告中指出：“Alphabet的投资得到了回报，因为它背后有4600亿美元的订单积压作为支撑。”</p><p style=\"text-align: left;\">首席财务官Anat Ashkenazi在电话会上表示：</p><blockquote><p style=\"text-align: left;\">&#34;我们对AI算力资源的内外部需求正处于前所未有的水平。&#34;Pichai亦补充称：&#34;如果我们能满足需求，云业务收入本可以更高。&#34;</p></blockquote><p style=\"text-align: left;\"><strong>广告业务同样稳健。</strong>搜索广告营收同比增长19%至604亿美元，YouTube广告收入增长11%至近100亿美元，订阅、平台及设备业务增长19%至124亿美元。</p><h2 id=\"id_3345784751\" style=\"text-align: left;\">亚马逊与微软：云业务增速成焦点</h2><p style=\"text-align: left;\">与Alphabet的顺风顺水不同，亚马逊和微软的云业务表现虽然稳健，但未能完全满足市场的极高期待。</p><p style=\"text-align: left;\">Jefferies分析师Brent Thill在财报后的报告中写道，<strong>尽管亚马逊的AWS本季度加速至28%的增长，但这一结果略低于28%至30%的目标。</strong></p><p style=\"text-align: left;\">瑞银（UBS）的分析师Stephen Ju也指出，AWS 28%的增长低于瑞银和投资者分别预期的32%和30%以上，这将在短期内拖累股价。</p><blockquote><p style=\"text-align: left;\">不过，亚马逊在电子商务和广告业务上的强劲表现，以及对第二季度的乐观指引，为股价提供了一定支撑。</p></blockquote><p style=\"text-align: left;\"><strong>微软方面，</strong>尽管报告了付费Copilot订阅量环比增加500万，但Azure 39%的营收增长仅符合预期。</p><p style=\"text-align: left;\">巴克莱分析师Raimo Lenschow认为，<strong>微软第一季度业绩稳健，但没有重大惊喜。</strong></p><p style=\"text-align: left;\">他指出，Azure的稳定增长（按固定汇率计算为39%）与AWS（28%）和GCP（63%）的显著加速相比，可能引发市场的进一步辩论。</p><blockquote><p style=\"text-align: left;\">此外，微软计划今年在资本支出上投入1900亿美元，低于市场预期的380亿美元，这可能让人对其AI势头产生疑问。</p></blockquote><h2 id=\"id_329437350\" style=\"text-align: left;\">Meta：资本支出激增引发担忧</h2><p style=\"text-align: left;\">Meta的处境则更为尴尬。</p><p style=\"text-align: left;\">分析指出，尽管其第一季度营收增长33%，超出预期，但这并不足以在投资者眼中证明其增加资本支出的合理性。</p><p style=\"text-align: left;\"><strong>Meta现在计划在2026年支出1250亿至1450亿美元，高于此前1150亿至1350亿美元的预期。</strong>与其他三家超大规模云计算公司不同，Meta没有向客户销售AI计算的云业务。</p><p style=\"text-align: left;\">瑞银分析师Esha Vaish指出，<strong>资本支出指引的增加和符合预期的第二季度营收指引，抵消了第一季度营收和利润超预期的利好</strong>，从而拖累了股价。投资者将密切关注其产品开发（如商业聊天机器人/Meta AI）的数据点，以及增加资本支出预算的理由。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n科技巨头财报大比拼，为什么只有谷歌赢了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-04-30 11:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>核心在于谷歌云营收大增63%，订单积压规模近乎翻倍至462亿美元，巨额订单为其AI资本支出提供了清晰回报逻辑。而其余三家因云增速不及预期或缺乏变现路径引发担忧。市场逻辑已明确：只奖励有订单支撑的AI投入，惩罚无法变现的烧钱。</p></blockquote><p style=\"text-align: left;\">4月29日同一天，谷歌、Meta、微软、亚马逊四家科技巨头都公布了财报，且全部超出华尔街预期，但市场却只奖励了其中一家。</p><p style=\"text-align: left;\">Alphabet周三（4月29日）盘后股价大涨逾7%，<strong>成为这场财报季&#34;超级碗&#34;的唯一赢家。</strong>谷歌云季度营收同比增长63%至200亿美元，订单积压规模近乎翻倍至462亿美元，为巨额资本支出提供了清晰的回报逻辑。首席执行官Sundar Pichai在财报电话会上表示：&#34;<strong>我们的AI投资和全栈布局正在点亮业务的每一个角落</strong>。&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7ab560ea7bc87010a47aaaa1d103464\" tg-width=\"845\" tg-height=\"585\"/></p><p style=\"text-align: left;\">与此同时，Meta盘后跌逾7%，微软和亚马逊各跌约2%。三家公司的共同困境在于：<strong>资本支出大幅攀升，但云业务增速或不及预期，或仅与市场预期持平，投资者对AI投入能否转化为可见回报的疑虑明显升温。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26ec97605b76224d1c29cfb65fbbb922\" tg-width=\"854\" tg-height=\"584\"/></p><p style=\"text-align: left;\">分析人士指出，这场财报季的核心分歧，不在于谁的业绩更好，而在于谁的支出更有说服力。这也折射出市场对科技巨头AI叙事的重新审视——有订单支撑的投入被奖励，缺乏变现路径的烧钱则遭到惩罚。</p><h2 id=\"id_314187186\" style=\"text-align: left;\">谷歌：云业务爆发，AI投资获认可</h2><p style=\"text-align: left;\">Alphabet本季度的核心亮点集中于谷歌云。</p><p style=\"text-align: left;\">财报显示，云业务营收同比增长63%至200亿美元，运营利润率达33%，远超市场预期。更关键的是，谷歌云订单积压规模较上季度近乎翻倍，达到462亿美元，AI需求与张量处理器（TPU）硬件销售是主要驱动力。</p><p style=\"text-align: left;\">这一数字为Alphabet上调资本支出计划提供了直接背书。<strong>公司将全年资本支出指引从此前的1750亿至1850亿美元上调至1800亿至1900亿美元，并暗示2027年资本支出将&#34;大幅增加&#34;。</strong></p><p style=\"text-align: left;\"><strong>投资者对Google Cloud的增长如此着迷，以至于他们愿意忽略Alphabet上调的资本支出预期。</strong>Direxion资本市场主管Jake Behan在报告中指出：“Alphabet的投资得到了回报，因为它背后有4600亿美元的订单积压作为支撑。”</p><p style=\"text-align: left;\">首席财务官Anat Ashkenazi在电话会上表示：</p><blockquote><p style=\"text-align: left;\">&#34;我们对AI算力资源的内外部需求正处于前所未有的水平。&#34;Pichai亦补充称：&#34;如果我们能满足需求，云业务收入本可以更高。&#34;</p></blockquote><p style=\"text-align: left;\"><strong>广告业务同样稳健。</strong>搜索广告营收同比增长19%至604亿美元，YouTube广告收入增长11%至近100亿美元，订阅、平台及设备业务增长19%至124亿美元。</p><h2 id=\"id_3345784751\" style=\"text-align: left;\">亚马逊与微软：云业务增速成焦点</h2><p style=\"text-align: left;\">与Alphabet的顺风顺水不同，亚马逊和微软的云业务表现虽然稳健，但未能完全满足市场的极高期待。</p><p style=\"text-align: left;\">Jefferies分析师Brent Thill在财报后的报告中写道，<strong>尽管亚马逊的AWS本季度加速至28%的增长，但这一结果略低于28%至30%的目标。</strong></p><p style=\"text-align: left;\">瑞银（UBS）的分析师Stephen Ju也指出，AWS 28%的增长低于瑞银和投资者分别预期的32%和30%以上，这将在短期内拖累股价。</p><blockquote><p style=\"text-align: left;\">不过，亚马逊在电子商务和广告业务上的强劲表现，以及对第二季度的乐观指引，为股价提供了一定支撑。</p></blockquote><p style=\"text-align: left;\"><strong>微软方面，</strong>尽管报告了付费Copilot订阅量环比增加500万，但Azure 39%的营收增长仅符合预期。</p><p style=\"text-align: left;\">巴克莱分析师Raimo Lenschow认为，<strong>微软第一季度业绩稳健，但没有重大惊喜。</strong></p><p style=\"text-align: left;\">他指出，Azure的稳定增长（按固定汇率计算为39%）与AWS（28%）和GCP（63%）的显著加速相比，可能引发市场的进一步辩论。</p><blockquote><p style=\"text-align: left;\">此外，微软计划今年在资本支出上投入1900亿美元，低于市场预期的380亿美元，这可能让人对其AI势头产生疑问。</p></blockquote><h2 id=\"id_329437350\" style=\"text-align: left;\">Meta：资本支出激增引发担忧</h2><p style=\"text-align: left;\">Meta的处境则更为尴尬。</p><p style=\"text-align: left;\">分析指出，尽管其第一季度营收增长33%，超出预期，但这并不足以在投资者眼中证明其增加资本支出的合理性。</p><p style=\"text-align: left;\"><strong>Meta现在计划在2026年支出1250亿至1450亿美元，高于此前1150亿至1350亿美元的预期。</strong>与其他三家超大规模云计算公司不同，Meta没有向客户销售AI计算的云业务。</p><p style=\"text-align: left;\">瑞银分析师Esha Vaish指出，<strong>资本支出指引的增加和符合预期的第二季度营收指引，抵消了第一季度营收和利润超预期的利好</strong>，从而拖累了股价。投资者将密切关注其产品开发（如商业聊天机器人/Meta AI）的数据点，以及增加资本支出预算的理由。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69bda624dad1064625bad9c30f3beafa","relate_stocks":{"LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH 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