微软市值一日蒸发3577亿美元！华尔街担忧资本支出与云增长不匹配

澎湃新闻01-30

虽然科技巨头微软上一财季业绩表现亮眼，但未能得到证明的高额AI（人工智能）支出令华尔街感到失望。当地时间1月29日，公司发布最新财报后的第二天，微软（Nasdaq：MSFT）股价盘中一度暴跌超12%，全日大跌9.99%收于每股433.50美元，总市值3.22万亿美元，一日蒸发3577亿美元。这是美股有记录以来第二大单日市值损失，仅次于2025年英伟达在DeepSeek推出R1模型后出现的5930...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130113335a6be3e14&s=b><strong>澎湃新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>虽然科技巨头微软上一财季业绩表现亮眼，但未能得到证明的高额AI（人工智能）支出令华尔街感到失望。当地时间1月29日，公司发布最新财报后的第二天，微软（Nasdaq：MSFT）股价盘中一度暴跌超12%，全日大跌9.99%收于每股433.50美元，总市值3.22万亿美元，一日蒸发3577亿美元。这是美股有记录以来第二大单日市值损失，仅次于2025年英伟达在DeepSeek推出R1模型后出现的5930...</p>\n\n<a 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Wall Street Worries Capex Mismatch with Cloud Growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MSFD":0.6,"MSFX":0.6,"MSFY":0.6,"MSFU":0.6,"MSFT":1.98,"MSFW":0.6,"MSFL":0.6,"MSFO":0.6},"content_text":"虽然科技巨头微软上一财季业绩表现亮眼，但未能得到证明的高额AI（人工智能）支出令华尔街感到失望。当地时间1月29日，公司发布最新财报后的第二天，微软（Nasdaq：MSFT）股价盘中一度暴跌超12%，全日大跌9.99%收于每股433.50美元，总市值3.22万亿美元，一日蒸发3577亿美元。这是美股有记录以来第二大单日市值损失，仅次于2025年英伟达在DeepSeek推出R1模型后出现的5930亿美元市值暴跌。财报显示，在截至2025年12月31日的2026财年第二财季，微软营收812.73亿美元，同比增长17%；微软最受市场关注的智能云部门在本财季营收329亿美元，较上年同期增长29%。不过，其中，Azure云业务营收同比增长39%，低于上一财季的40%。而在资本支出方面，微软本财季资本支出高达375亿美元，创下历史新高，同比增长66%，高于市场预期的343.1亿美元。微软方面表示，其中大部分被用于增强公司的AI能力，约三分之二的支出用于投入CPU和GPU等“短期资产”。微软首席财务官艾米·胡德（Amy Hood）解释称，如果微软把更多数据中心基础设施分配给客户、而不是优先满足公司内部需求，云业务的业绩本可以更高：“如果我们把在第一财季和第二财季上线的那些GPU全部分配给Azure云，而不是用于内部，那么相关的关键绩效指标（KPI）就会超过40%。”华尔街研究机构Melius Research的分析师Ben Reitzes对微软股票给予了“买入”评级，但他指出，微软应该加倍投入数据中心建设：“我认为Azure云这部分存在执行问题，他们需要更快地搭建起系统架构。”在最新研报中，高盛维持对微软的“买入”评级，但称考虑到资本支出转化为收入上行的具体时间点存在不确定性，将12个月目标价从655美元下调至600美元。高盛认为，市场对微软股价的负面反应，主要反映了投资者对其连续几个季度高于预期的资本支出的焦虑。瑞银集团（UBS）的分析师团队也在研报中指出，微软应该证明对公司内部进行AI基础设施投入的意义：“办公软件Microsoft 365的营收并未因加入AI助手Copilot而加速增长，多方调研也未显示出Copilot的使用量正在快速爬坡。同时，大模型市场看起来竞争激烈，且资本投入高度密集。我们认为，微软需要证明这些投入是值得的。”此外，微软对OpenAI的过度依赖也令机构感到担忧。截至2025年末，微软的商业剩余履约义务（CRPO）飙升至6250亿美元，同比增长约110%，主要得益于OpenAI与微软达成的2500亿美元云服务承诺，约45%的合同金额来自OpenAI。投行Jefferies的分析师Brent Thill表示：“微软的订单积压情况确实非常好，但OpenAI的比例占到45%，又把问题拉回到原点：OpenAI是否有能力实现这些财务目标，从而向甲骨文、微软以及其他多家服务提供商支付相关费用？”不过，伯恩斯坦（Bernstein）的分析师团队作出了不同的判断。他们对微软股票给出了“买入”评级，并对公司的决策表示肯定：“投资者需要理解，管理层是在清醒且有意识地做出决定，把重心放在对公司长期最有利的事情上，而不是为了推高本季度、甚至是上季度或未来几个季度的股价。”有趣的是，和微软同一天发布财报的Meta也宣布将加大对AI业务的投入，获得了投资者更为积极的反应，与微软形成鲜明对比。29日当天，Meta（Nasdaq：META）股价涨超10%。英国资管公司Liontrust全球创新团队联合负责人Storm Uru指出，Meta正在将AI投入切实转化为社交媒体业务的收益增长，而微软尚未给出这样的商业模型，如何将AI投入转为回报正在成为科技巨头们需要面对的真正难题。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2607812062","isCrawlerRequest":true}