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美國超級財報週四大網路公司上修資本支出
下面是10/31 各大群組流傳的整理版本,對於四大美國網路公司上修資本支出的整理.資本支出的增加代表各家對於AI 與相關投資的看好
Amazon: 宣布上修今年支出將達到 1250 億美元（先前預估為 1180 億美元）.管理層表示明年續增.
Google ：今年由 850 億美元上修至 910–930 億美元.管理層表示明年續增.
Meta：今年上修至 700–720 億美元（原區間為 660–720 億美元）.管理層表示明年續增.
Microsoft：預期第 4 季資本支出將季增,並上修明年.*值得注意的是,微軟在上一季曾表示明年的全年資本支出增速將低於今年,但本季已上修預期.
有些迂腐的投資法人對於AI 投資都會爭論兩點：
1. 投資將減速,如果五年的年複合成長率是40%-50%,目前是100% 的話,2026 將會看到資本支出的放緩.
2. 雲端業務成長也無法支撐獲利性,資本支出必須下修.
3. 綜合上述兩點,現在有可能是21 世紀初.com 泡沫翻版.
本僧不屑談論上述觀點,節錄花錢的大老公司在業績會的說法做公道.本僧翻譯並整理關鍵字,節錄原文貼下方. 本僧卻發現更關鍵為什麼要上修資本支出的原因,關鍵字: 獲利, 加速.
Amazon: AWS 營收成長加速,算力要翻倍再翻倍.
“AWS is growing at a pace we haven't seen since 2022, reaccelerating to 20.2% year-over-year, our largest growth rate in 11 quarters. It's worth remembering that year-over-year percentage growth is a relative term. It's very different having 20% year-over-year growth on a $132 billion annualized run rate than to have a higher percentage growth rate on a meaningfully smaller annual revenue, which is the case with our competitors.”
“To put that into perspective, we're now double the power capacity that AWS was in 2022 and we're on track to double again by 2027.”
Google: AI 讓雲端業務增長加速, 雲端業績增長34%, 營業利益增長85%.剩餘履約義務(RPO, 指公司已收到錢但還沒提供服務的合約)增長46%.
“Cloud had another great quarter of accelerating growth with AI revenue as a key driver. Cloud backlog grew 46% quarter-over-quarter to $155 billion. And we crossed 300 million paid subscriptions, led by growth in Google One and YouTube Premium.”
“Cloud revenue increased by 34% to $15.2 billion in the third quarter, driven by strong performance in GCP, which continued to grow at a rate that was much higher than Cloud's overall revenue growth rate. GCP's growth was driven by enterprise AI products, which are generating billions in quarterly revenue. We had strong growth in enterprise AI infrastructure and enterprise AI solutions, which benefited from demand for our industry-leading models, including Gemini 2.5. Cloud operating income increased by 85% to $3.6 billion, and operating margin increased from 17.1% in the third quarter last year to 23.7% this quarter. The expansion in cloud operating margin was driven by strong revenue performance and continued efficiencies in our expense base, partially offset by higher technical infrastructure usage cost, which includes depreciation expense and other operations costs such as energy.”
Microsoft: 雲端業務增長26%, 剩餘履約義務增長超過50%
“It is a very strong start to our fiscal year. Microsoft Cloud revenue surpassed $49 billion, up 26% year-over-year and our commercial RPO increased over 50% to nearly $400 billion with a weighted average duration of only two years. We are seeing increasing demand and diffusion of our AI platform and family of Copilots, which is fueling our investments across both capital and talent.”
Meta: 要增加資本支出.廣告商成長20% 使用meta advantage + creative (meta 生成式ai 工具)
“So my view on this is that rather than continuing to be constrained on CapEx and feeling in the core business, like we have significant investments that we could make that we're not able to make that would be profitable, that the right thing to do is to try to accelerate this to make sure that we have the compute that we need both for the AI research and new things that we're doing and to try to get to a different state on our compute stance on the core business.”
“ Within our Advantage+ creative suite, the number of advertisers using at least one of our video generation features was up 20% versus the prior quarter as adoption of image animation and video expansion continues to scale.”
聽完這些東西, 大家怎麼能不愛AI?
掃地僧模擬投資組合追蹤(建立於20250921):
