#美股七巨头财报
The 2025 Q4 earnings season for the seven major US stock exchanges has begun. AI deployment and commercialization have become key differentiators for performance, resulting in a mixed performance across the sector. The market is increasingly demanding of performance from tech giants. TSMC's better-than-expected earnings boosted the computing power supply chain, with Nvidia being the biggest beneficiary. However, companies like Microsoft and Meta were dragged down by high AI R&D investment and slower-than-expected commercialization progress, putting pressure on their valuations.
Earnings data show that the seven giants as a whole are expected to see a 16.9% increase in profit and a 16.6% increase in revenue in Q4, the slowest growth rate since early 2023. The $475 billion AI capital expenditure plan for 2026 makes the market highly sensitive to returns. Microsoft's Azure cloud growth and Meta's advertising business are both facing challenges. Tesla's FSD subscription model transformation has yet to deliver results, while Apple's growth resilience is supported by its services business.
Current capital is shifting from the seven giants' clustering to second-tier computing power companies and AI application end-users. The market logic has shifted from "AI concept hype" to "cash flow and profit conversion." Only companies that deliver results will receive valuation support. The tech giants' AI gamble is now facing a crucial performance test.
