此前，多家科技巨头发布最新财报，制定了雄心勃勃的AI投资计划。这些科技巨头都是英伟达的忠实 客户。 分析指出，股东们对资本支出增加的反应不一，Meta和谷歌因广告和其他业务出现积极改善而受到投 资者青睐，微软和亚马逊则因AI相关业务增长不够快而受到冷遇。 #黄仁勋力挺科技巨头天量资本开支#【#黄仁勋力挺科技巨头超6000亿美元资本开支#：需求旺盛，AI 投资创造更多收入】近日，英伟达CEO黄仁勋在接受外媒采访时表示，科技行业在AI（人工智能）基 础设施方面不断增长的资本支出是合理、适当且可持续的，因为这些公司的现金流都将开始增长。他还 认为，AI基础设施建设仍处于早期阶段，未来几年内需求将持续旺盛。 黄仁勋表示："只要人们继续为AI付费，AI公司能够从中获利，那它们就会不断地翻倍、翻倍、翻倍、 再翻倍。" 其中，亚马逊预计，今年的资本支出将猛增五成至2000亿美元；谷歌母公司Alphabet预计，2026年支出 将在1750亿美元至1850亿美元之间；Meta表示，其资本支出可能比去年翻一番，达到1150亿美元至 1350亿美元之间；微软上财季资本支出同比增长创纪录的66%，高达375亿美元。 《华尔街日报》 ...

Market Analysis by covering: Microsoft Corporation, Oracle Corporation, Alphabet Inc Class A, Amazon.com Inc. Read 's Market Analysis on Investing.com ...

大型科技企业今年资本支出计划的大幅增长，几乎会耗尽亚马逊、谷歌和 Meta Platforms 的自由现金 流。这将迫使其中一些公司做出艰难抉择，比如是否停止股票回购或增加借款。 好消息是，这些大型科技公司都有能力比当前多借数千亿美元的资金。 近年来，大多数大型科技公司已开始通过派发股息和回购股票的方式向股东返还现金。例如，谷歌和 Meta 平台都采用这两种方式。但今年这种做法可能难以持续， 因为旨在扩大人工智能计算能力的资 本支出几乎完全耗尽了它们运营所产生的现金流。 （见上图） 谷歌和 Meta 已经开始缩减股票回购规模。然而，停止派息可能较为棘手，因为这两家公司均在 2024 年才推出股息支付计划，这使得它们的股票对投资者更具吸引力。 尽管微软可能产生大量自由现金流，却面临着其他公司没有的制约因素 ——即更庞大的股息支付承 诺。上一财年微软支付了 240 亿美元股息，且今年已将股息上调 10% 。 亚马逊不会面临同样的问题，因为它自 2022 年以来就没有回购过股票，也从未支付过股息 。但根据 标普全球市场财智的数据，其今年预计的 2000 亿美元资本支出，将超过分析师估计的 1780 亿美元运 营现金 ...

Core Insights - The software industry is experiencing a significant downturn, with major companies facing massive sell-offs and a loss of nearly $300 billion in market value, approaching a trillion dollars when including losses in Europe and Asia [6][7][8] - The panic in the market is driven by the realization that traditional software may no longer be necessary, as AI technologies are emerging that can automate tasks previously performed by software [9][12][36] - Goldman Sachs is at the forefront of this shift, utilizing AI to automate accounting processes, which raises concerns about job losses in the finance sector [13][14] Group 1: Market Impact - Major software companies like Salesforce, Adobe, and Oracle are being heavily sold off, indicating a loss of confidence in their future profitability [6][7] - The term "SaaSpocalypse" has been coined to describe the potential collapse of the SaaS business model as AI agents can perform tasks without the need for traditional software [36][39] - The market is reacting to the fear that AI could replace many entry-level positions in accounting and compliance, leading to a significant restructuring in the workforce [14][36] Group 2: AI Integration - Goldman Sachs has developed AI systems that can handle complex tasks in accounting and compliance, which traditionally required significant human labor [13][14] - OpenAI is also rapidly advancing its AI capabilities, with tools like Codex taking over substantial coding responsibilities, indicating a shift in how software development is approached [17][20] - The integration of AI into business processes is expected to create a new paradigm where software is not just a tool but an integral part of operational workflows [39][41] Group 3: Future Outlook - Experts predict that while not all software will disappear, many superficial applications will lose their value as AI becomes capable of performing their functions [38][39] - The future of software may involve a combination of robust data systems and flexible AI agents, transforming the role of humans from operators to overseers [39][41] - The current upheaval in the software industry is seen as a necessary evolution rather than an end, with potential for new opportunities and innovations to emerge [41][45]

Core Viewpoint - The software industry is undergoing a significant upheaval, with AI technologies threatening traditional software roles and business models, leading to massive sell-offs in the market and a potential "SaaS apocalypse" [4][9][60]. Group 1: Market Impact - Nearly $300 billion in wealth has evaporated, with the total cost approaching $1 trillion when including losses in Europe and Asia [9]. - Major software companies like Salesforce, Adobe, and Oracle are experiencing drastic declines in stock prices due to fears of obsolescence [8][61]. - The market is reacting to the realization that AI could replace many software functions, leading to a reevaluation of the value of traditional software [10][60]. Group 2: AI's Role in the Transformation - Goldman Sachs has announced the automation of accounting tasks using AI, indicating a shift in how financial services operate [12][20]. - AI agents are being developed to handle complex tasks traditionally performed by humans, such as compliance and transaction processing, which could lead to significant job losses in these sectors [22][24][26]. - The emergence of AI tools like Claude and Codex is seen as a pivotal moment, with the potential to redefine software development and operational workflows [34][38][49]. Group 3: Future of Software - The traditional SaaS model, which relies on user licenses, is under threat as AI can perform tasks without the need for multiple software accounts [56][66]. - Not all software will disappear; however, those that are shallow and do not integrate deeply into workflows are at risk of being rendered obsolete [66][71]. - The future software landscape may consist of robust data systems supported by flexible AI agents, shifting the role of humans from operators to overseers [72][78]. Group 4: Industry Perspectives - Investors are cautioned that no competitive advantage is permanent, and companies that were once seen as cash cows may quickly lose value [89]. - Historical patterns suggest that while some companies may fail, new giants will emerge, and the software industry will continue to evolve rather than collapse [79][81].

Core Viewpoint - Oracle Corporation (NYSE:ORCL) has seen a significant decline in its stock performance, with shares down 18% over the past year and 27% year-to-date, raising concerns about its financial stability and investment potential [2][3]. Group 1: Stock Performance and Analyst Ratings - Oracle's shares have decreased by 18% in the last year and 27% year-to-date [2]. - Scotiabank reduced its price target for Oracle from $260 to $220 while maintaining a Sector Outperform rating, citing weakened sentiment but recognizing Oracle's strengths in providing GPUs as a service for AI software companies [2]. - UBS also lowered its price target for Oracle from $280 to $250, keeping a Buy rating, and noted that Oracle has clarified its funding requirements, which could act as a catalyst for the company [2]. Group 2: Financial Concerns and Market Sentiment - Jim Cramer expressed concerns about Oracle's financial position, describing its balance sheet as "from hell," especially in comparison to competitors like Google [3]. - Despite acknowledging Oracle's potential, there is a belief that other AI stocks may offer better returns with less downside risk [3].

2026年初，科技分析师惊恐地盯着交易终端，一场软件股的血腥抛售正席卷整个华尔街，对冲基金精准狙击AI冲击下的脆弱环节，收获了一场做空盛宴。 短短一个多月，美股软件行业总市值蒸发 1万亿美元，而在这场崩塌中，对冲基金通过做空软件股已斩获 240亿美元 的利润 金融分析公司S3 Partners的数据显示，对冲基金正加大对软件股的做空力度，成为今年以来该领域惨烈抛售的主要推手之一 这些对冲基金并未选择普遍做空科技板块，而是精确瞄准了那些为客户提供基础自动化服务的公司——这类服务被认为极易被新兴的人工智能工具所取代 这一数据背后是整个行业面临的生存危机。DA Davidson分析师吉尔·卢里亚直言不讳地指出："对冲基金目前对软件板块全是净做空。" 这股做空浪潮与AI技术进步密不可分，市场正日益担忧AI技术将彻底颠覆传统软件商业模式 而投资者们似乎集体认为，软件行业正经历一场深刻的 "结构性变革" ，这可能导致更多的并购活动，包括大型公司对小型企业的收购 对冲基金的做空策略具有极强的针对性。据两家主要对冲基金的消息人士透露，目前做空火力集中于那些业务模式容易被新兴AI工具取代的公司，尤其是 提供基础自动化服务的企业 ...

2026.02. 08 本文字数：2470，阅读时长大约4分钟 在理论定义中，AGI被视为AI的终极状态，意味着系统能在会计、法律等多个白领专业领域达到并取 代人类的智力水平。 现代AI"教父"之一本吉奥（Yoshua Bengio）警示称，AGI的研发进程可能会陷入停滞，而这种停滞 对投资者而言无异于灾难。他称，行业很可能在不久的将来"碰壁"，面对目前无法预见且难以快速解 决的技术瓶颈，这可能诱发一场真正的金融崩盘。毕竟，当前涌向AI领域的数万亿资金，大多建立 在技术能以目前速度规律进步的乐观预期之上。 罗伯特·李凭借其在帝国理工学院深造电子工程的学术背景，也提供了基于技术视角的结论。他表 示："从本质上看，AI运行的底层逻辑近年来并未发生颠覆性变革，真正的改变在于算力与存储能力 的爆发式增长，以及模型从处理单一数字数据向多模态（涵盖文本、视频和音频）的进化。尽管如 此，这些模型的核心仍是模式识别，实质上是极其复杂的统计模型。" 罗伯特·李形象地解释道，当用户利用AI模型搜索量子计算时，模型只是通过训练库或互联网搜集海 量资料，并利用模式识别提取共性并予以总结。这种功能虽然高效，却并非真正的智能。 作者 | ...

Oracle Corporation (NYSE:ORCL) is one of the most promising future stocks to buy now. Citizens revised the price target on Oracle Corporation (NYSE:ORCL) to $285 from $342 on February 5 and reaffirmed an Outperform rating. The firm told investors that the stock’s shares have remained under pressure despite its $30 billion debt financing and tightening credit default swap spreads. Oracle’s (ORCL) Strategic Innovation Boosts its Dividend Appeal This was driven by factors such as uncertainty surrounding Ope ...

【文/观察者网 王恺雯】美国人工智能（AI）竞赛不断升温，五家科技巨头2026年资本支出飙升至近7000亿美 元，引发不少专家和投资人担忧。 《华盛顿邮报》2月7日刊文称，7000亿美元的人工智能投资狂潮堪称史无前例，而科技行业在该领域无止境的支 出，正在转移社会对其他经济领域的注意力，导致其他行业资源短缺。 "电工越来越难找，一些建筑项目被搁置。未来几年，智能手机的价格预计会越来越贵，其他有前景的创新也将缺 乏投资资金。"报道写道。 《华盛顿邮报》称，包括亚马逊、谷歌、微软、Meta和甲骨文在内的五家美国人工智能巨头今年总计将在大型项 目上投入约7000亿美元，用以建设配备强大计算机芯片的数据中心，增强人工智能的计算能力。这一支出规模几 乎比去年增加近一倍，相当于美国最近一年国防预算的四分之三。 美国五家科技巨头2026年预计资本支出 《华盛顿邮报》截图 科技公司表示，投资或举债开发AI，已经让它们从渴望使用这一技术的企业和消费者那里获得了更高的收入。但 批评人士担心，开发AI的前期成本巨大，除非AI能从根本上重塑生活、工作和经济，并为科技公司带来巨额新利 润，这些投资才可能获得回报。 根据摩根大通去年秋天 ...