Market Overview - The stock market showed mixed performance with the Dow up 0.02% at 49,015.60, Nasdaq up 0.17% at 23,857.44, and S&P 500 down 0.01% at 6,978.03 [2] - The Federal Reserve maintained the federal funds rate at 3.5%–3.75%, contributing to cautious investor sentiment [1] Meta Platforms Inc. - Meta's stock declined by 0.63%, closing at $668.73, with an intraday high of $677.68 and a low of $666.10; after-hours trading saw a rise of 6.6% to $713.06 [3] - For Q1, Meta projected revenue between $53.5 billion and $56.5 billion, with full-year 2026 expenses forecasted at $162 billion to $169 billion and capital expenditures of $115 billion to $135 billion [4] IBM - IBM's stock increased by 0.13%, closing at $294.16, with an intraday high of $295.95 and a low of $291.26; it rose 7.7% in after-hours trading to $316.85 [5] - The company reported Q4 revenue of $19.69 billion, exceeding estimates of $19.23 billion, with adjusted EPS of $4.52 also beating expectations; revenue grew 12% year over year, driven by a 14% increase in Software and a 21% increase in Infrastructure [5] - IBM forecasts full-year 2026 revenue of $70.91 billion, with free cash flow expected to rise by about $1 billion [6] ServiceNow - ServiceNow's stock dropped by 1.64%, closing at $129.62, with an intraday high of $133.67 and a low of $129.14; it fell 5.3% in after-hours trading to $122.77 [6] - The company reported Q4 revenue of approximately $3.57 billion, surpassing estimates, with adjusted EPS of 92 cents; subscription revenue rose 21% year over year, and remaining performance obligations increased by 26.5% to $28.2 billion [7] - For 2026, ServiceNow forecasts subscription revenue between $15.53 billion and $15.57 billion, indicating roughly 21% annual growth [7] Carvana - Carvana's stock plummeted by 14.17%, closing at $410.04, with an intraday high of $477.59 and a low of $374.55; the stock's 52-week range is $486.89 to $148.25 [8] - The decline followed a short report from Gotham City Research alleging the company overstated 2023–2024 earnings by over $1 billion and relied on undisclosed related-party support [8][9] - Carvana denied the allegations, calling them inaccurate and misleading [9] Tesla - Tesla's stock slightly decreased by 0.10%, closing at $430.46, with an intraday high of $438.26 and a low of $430.10; it rose 2.16% in after-hours trading to $439.74 [9] - The company reported Q4 earnings of 50 cents per share, beating estimates of 45 cents, with revenue of $24.9 billion; fourth-quarter deliveries totaled 418,227 vehicles, down 16% year over year [10] - Tesla is preparing production ramps for the Tesla Semi and CyberCab in North America in the first half of 2026 and plans to unveil the Gen 3 Optimus robot in Q1 [10]

Core Viewpoint - IBM reported strong Q4 2025 earnings with revenue and net profit exceeding analyst expectations, indicating robust business performance and growth potential in key areas [1] Financial Performance - Revenue for Q4 2025 increased by 12% year-over-year to $19.69 billion, surpassing analyst expectations of $19.2 billion [1] - Net profit rose by 92% year-over-year to $5.6 billion, with adjusted earnings per share at $4.52, exceeding market expectations of $4.32 [1] - Software business revenue grew by 14% year-over-year to $9.03 billion, also above expectations [1] Future Outlook - IBM anticipates revenue growth to exceed 5% for the current year, higher than the analyst forecast of 4.6% [1] - The company expects to increase free cash flow by $1 billion, reaching $15.7 billion [1] - CEO Arvind Krishna highlighted that the cumulative order value for the generative AI business has surpassed $12.5 billion [1] - IBM aims to launch its first large quantum computer by 2029 [1]

Core Insights - IBM reported revenue of $19.69 billion for the quarter ended December 2025, marking a year-over-year increase of 12.2% and exceeding the Zacks Consensus Estimate of $19.2 billion by 2.53% [1] - The company's EPS for the same period was $4.52, up from $3.92 a year ago, surpassing the consensus EPS estimate of $4.33 by 4.39% [1] Revenue Breakdown - Revenue from Financing was $179 million, slightly above the average estimate of $175.71 million [4] - Revenue from Other was -$5 million, significantly below the estimated $32.55 million, representing a year-over-year decline of 117.2% [4] - Revenue from Infrastructure reached $5.13 billion, exceeding the average estimate of $4.67 billion, with a year-over-year increase of 20.6% [4] - Consulting revenue was $5.35 billion, slightly below the average estimate of $5.42 billion, reflecting a year-over-year growth of 3.4% [4] - Software revenue was $9.03 billion, surpassing the estimated $8.89 billion, with a year-over-year increase of 14% [4] - Data revenue was $2.1 billion, exceeding the average estimate of $1.98 billion [4] - Hybrid Infrastructure revenue was $3.8 billion, above the estimated $3.36 billion, with a year-over-year growth of 26.7% [4] - Transaction Processing revenue was $2.6 billion, slightly above the estimated $2.55 billion, with a year-over-year increase of 8.3% [4] - Automation revenue was $2.3 billion, exceeding the average estimate of $2.25 billion [4] - Hybrid Cloud revenue was $2 billion, below the estimated $2.13 billion [4] - Intelligent Operations revenue was $2.4 billion, slightly below the average estimate of $2.45 billion [4] - Strategy and Technology revenue was $2.9 billion, compared to the average estimate of $2.97 billion [4] Stock Performance - IBM shares have returned -2.7% over the past month, while the Zacks S&P 500 composite has increased by 0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

►►上海期货交易所发布公告，再次对黄金、白银等期货涨跌停板幅度、交易保证金比例进行调整，其中，镍期货已上市合约的涨跌停板幅度调整为11%， 套保持仓交易保证金比例调整为12%，一般持仓交易保证金比例调整为13%；氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证 金比例调整为10%，一般持仓交易保证金比例调整为11%；不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交 易保证金比例调整为8%，一般持仓交易保证金比例调整为9%；黄金期货AU2606、AU2608、AU2610、AU2612、AU2702合约涨跌停板幅度调整为16%，套 保持仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%；白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、 AG2612、AG2701合约涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%。 上海黄金交易所于同日发布公告，对白银延期合约交易保证金水平和涨跌停板比例进行调整，自2026年1月30日（星期五）收盘清 ...

分组1 - IBM reported quarterly earnings of $4.52 per share, exceeding the Zacks Consensus Estimate of $4.33 per share, and up from $3.92 per share a year ago, representing an earnings surprise of +4.39% [1] - The company achieved revenues of $19.69 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.53%, and an increase from $17.55 billion year-over-year [2] - Over the last four quarters, IBM has consistently surpassed consensus EPS and revenue estimates [2] 分组2 - The stock has underperformed the market with a decline of about 0.8% since the beginning of the year, compared to the S&P 500's gain of 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $1.77 on revenues of $15.56 billion, and for the current fiscal year, it is $12.19 on revenues of $70.3 billion [7] - The Computer - Integrated Systems industry, to which IBM belongs, is currently ranked in the top 19% of over 250 Zacks industries, indicating a favorable outlook [8]

IBM表示，自2023年中期以来，IBM人工智能(AI)业务的订单额已超过125亿美元。这一数字高于此前财 报披露的95亿美元。首席财务官Jim Kavanaugh在接受采访时表示，略高于80%的订单来自咨询部门， 其余则来自软件部门。 虽然IBM的软件部门表现繁荣，但其咨询业务已连续数个季度面临压力。第四季度，咨询业务销售额增 长3%，至53.5亿美元，略低于华尔街预期的53.8亿美元。 由于该公司去年发布的最新大型机持续热销，基础设施部门营收达51.3亿美元，超过了平均预期。 "蓝色巨人"IBM(IBM.US)公布的季度销售额超过了分析师的预期，这主要得益于其备受关注的软件部门 的强劲增长。财报显示，IBM第四季度营收同比增长12%，达197亿美元，高于预期的192亿美元；非公 认会计准则下每股收益为4.52美元，超出预期0.23美元。 IBM第四季度业绩和下一财年的业绩指引均超过了华尔街的预期，股价在盘后涨超8%，截至发稿， IBM盘后涨8.33%，报318.68美元。 营收中占比最大的部分来自IBM的软件业务，该业务增长14%至90.3亿美元，同样高于预期。 通过对Red Hat、HashiCorp和 ...

2025年12月29日，IBM现任CEO阿尔温德·克里希纳向全体员工发出一封邮件，宣告了管理界一位传奇 管理巨匠的落幕： 曾于1993年至2002年力挽狂澜、带领IBM走出绝境的董事长兼CEO路易斯·郭士纳，于当地时间12月27 日逝世，享年83岁。 邮件中，克里希纳将郭士纳称为"蓝色巨人救世主"。这个称号，他当之无愧。 时间倒回1993年4月1日，愚人节。 这位51岁的经理人有着光线的履历：哈佛商学院MBA毕业，28岁成为麦肯锡史上最年轻的合伙人；在 美国运通工作的11年间，他把信用卡会员数从860万拉升到3070万；1989年，47岁的他出任全球最大食 品烟草公司RJR纳贝斯克的掌门人。 然而，在入主IBM之前，郭士纳在科技领域的经验为零。他和计算机世界唯一的联系，只是曾经是IBM 的客户。 彼时他即将接手的，是一个深陷泥潭的巨人： 股价暴跌至每股13美元，仅为1987年峰值时的28%；公司在1992年巨亏50亿美元，1993年亏损更达81亿 美元，连续三年累计亏损168亿美元，创下美国企业史上第二大亏损纪录。全球商学院争相剖析IBM的 失败案例，比尔·盖茨甚至断言它"将在几年内倒闭"。 就是这样一位毫无 ...

After inching 0.10% higher during today's regular trading session, International Business Machines (NYSE: IBM) stock is jumping sharply higher in after-hours trading this afternoon. In addition to the tech company's fourth-quarter 2025 financial results, management's 2026 guidance is providing plenty of fodder for the bulls to feast upon. As of 5:27 p.m., shares of IBM are up 8.1% from their closing price of $294.16 during today's regular market session. Where to invest $1,000 right now? Our analyst team ...

Financial Data and Key Metrics Changes - The company achieved a revenue growth of 6% in 2025, the highest level in many years, and generated $14.7 billion in free cash flow, the highest cash generation in over a decade [4][16] - Operating pre-tax margin expanded by 100 basis points, and adjusted EBITDA grew by 17%, reflecting strong execution and operational leverage [16][24] - Free cash flow margin reached the highest level in reported history, with a 16% year-over-year increase [16][25] Business Line Data and Key Metrics Changes - Software revenue grew by 9% in 2025, with three of four software sub-segments delivering double-digit growth rates [5][17] - Infrastructure revenue increased by 10%, driven by the record launch of z17, achieving the highest annual revenue for IBM Z in about 20 years [17] - Consulting revenue grew by 1%, reflecting increased demand for AI services [8][21] Market Data and Key Metrics Changes - Data solutions grew by 19%, driven by demand for GenAI products [19] - Automation revenue increased by 14%, with strong performance from HashiCorp [20] - Hybrid infrastructure revenue grew by 24%, while infrastructure support declined by 2% [22] Company Strategy and Development Direction - The company is focused on becoming a software-led hybrid cloud and AI platform company, investing in innovation and productivity initiatives [4][10] - Strategic acquisitions, such as Confluent, are aimed at unifying hybrid cloud and automation solutions [10][11] - The company aims to sustain revenue growth of 5%+ and increase free cash flow by about $1 billion in 2026 [15][29] Management's Comments on Operating Environment and Future Outlook - Management noted that client demand remains resilient, particularly in hybrid cloud, AI, and mission-critical infrastructure [6][7] - The company expects to achieve $2 billion in productivity savings by the end of 2024, exceeding initial targets [11] - Management expressed confidence in sustaining growth momentum and profitability, with expectations for continued strong performance in 2026 [15][29] Other Important Information - The cumulative GenAI book of business reached over $12.5 billion, with software contributing more than $2 billion [9][31] - The company is advancing its quantum computing initiatives, with plans to deliver a large-scale, fault-tolerant quantum computer by 2029 [14] Q&A Session Summary Question: Insights on software growth acceleration - Management highlighted strong organic growth in software, driven by increased demand for automation and data solutions, and expressed confidence in achieving double-digit growth [40][46] Question: Free cash flow performance and guidance - Management explained that the strong free cash flow performance in 2025 was driven by revenue growth and operational leverage, and expressed confidence in achieving $15.7 billion in free cash flow for 2026 [50][54] Question: Red Hat growth expectations - Management acknowledged the challenges in Red Hat's growth but emphasized the strategic value and ongoing demand for its products, particularly OpenShift [58][62]

Financial Data and Key Metrics Changes - The company achieved a revenue growth of 6% in 2025, the highest level in many years, and generated $14.7 billion in free cash flow, the highest cash generation in over a decade [4][16] - Operating pre-tax margin expanded by 100 basis points, and adjusted EBITDA grew by 17%, reflecting strong execution and operational leverage [16][24] - The company reported a 12% growth in operating diluted earnings per share, marking a significant improvement in profitability [16] Business Line Data and Key Metrics Changes - Software revenue grew by 9% in 2025, with three out of four software sub-segments delivering double-digit growth rates [5][17] - Infrastructure revenue increased by 10%, driven by the successful launch of the z17 mainframe, achieving the highest annual revenue for IBM Z in about 20 years [17] - Consulting revenue grew by 1%, with a notable increase in demand for AI services [21] Market Data and Key Metrics Changes - The data segment grew by 19%, fueled by demand for GenAI products and strong performance with strategic partners [19] - Automation revenue increased by 14%, reflecting strong momentum in the market [20] - Hybrid infrastructure revenue grew by 24%, while infrastructure support revenue decreased by 2% [22] Company Strategy and Development Direction - The company is focused on advancing as a software-led hybrid cloud and AI platform company, investing in innovation and productivity initiatives [4][10] - Strategic acquisitions, such as Confluent and HashiCorp, are aimed at enhancing the company's capabilities in hybrid cloud and automation solutions [10][11] - The company aims to sustain revenue growth of 5%+ in 2026, with a focus on organic growth and leveraging its strong software portfolio [29][30] Management's Comments on Operating Environment and Future Outlook - Management noted that client demand remains resilient, particularly in hybrid cloud, AI, and mission-critical infrastructure [6][7] - The company expects to achieve $2 billion in productivity savings by the end of 2024, exceeding initial targets [11] - Management expressed confidence in sustaining revenue growth and free cash flow, driven by a diversified portfolio and disciplined execution [15][29] Other Important Information - The cumulative GenAI book of business reached over $12.5 billion, with significant contributions from both software and consulting segments [9][31] - The company is advancing its quantum computing initiatives, with plans to deliver a large-scale, fault-tolerant quantum computer by 2029 [14] Q&A Session Summary Question: Insights on software growth acceleration - Management highlighted strong organic growth in software, driven by increased demand for automation and data management solutions [40][41] Question: Factors driving free cash flow performance - Management attributed the strong free cash flow performance to revenue growth acceleration and operational leverage, with a focus on disciplined capital allocation [50][54] Question: Clarification on Red Hat's growth trajectory - Management acknowledged the challenges in Red Hat's growth but emphasized the overall positive trajectory of the software portfolio and the strategic importance of Red Hat [58][59]