美股云计算行业跟踪报告(三)：美股科技巨头25Q3业绩解读：AI和CAPEX叙事有哪些边际变化？

光大证券11-09

在美股市场AI产业链预期充分打满、且指数估值相对偏高的情况下，市场正在从“要投入”转为“要回报率”，为AI的“可见性”和“兑现度”重新定价2025年以来美股科技巨头AI叙事发生多次变化，谷歌股价一枝独秀，微软、Meta、亚马逊陷入盘整。虽然科技巨头25Q3业绩继续验证了AI需求和投入的火热，但股价表现呈现分化，主要由于短期市场对AI云需求的预期较为充分，但对于长期的AI投资回报率和订单兑现产生担忧...

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