Market Value of Six Tech Giants Fluctuates by Nearly $2 Trillion, AI Investment Returns Become Key

On August 2, the combined market value of six major U.S. tech giants that have reported earnings this week has fluctuated by nearly $2 trillion, as investors select winners based on cloud business growth and returns on AI capital expenditures. Alphabet, Amazon, and Microsoft saw their market values increase by nearly $1.5 trillion, with Microsoft gaining over $600 billion and both Amazon and Alphabet increasing by over $400 billion. Meanwhile, Apple’s market value evaporated by over $350 billion, Meta decreased by about $85 billion, and Tesla fell by about $7 billion. Although Apple exceeded expectations in revenue, profit, and iPhone sales, it projected a revenue growth of 9% to 11% for the current quarter, below analysts' expectations of 12%, and stated that shortages in memory chips and competition for wafer production capacity would continue to limit supply, leading its stock price to drop by over 7% on Friday. Amazon's AWS revenue grew by 37% year-over-year in the second quarter, marking the fastest growth since 2021, which drove its stock price up by over 15% on Friday. The company also raised its capital expenditure forecast for 2026 from $200 billion to $220 billion. Microsoft rose by 15% on Thursday, while Meta fell by 8%, indicating a clear divergence in market judgment regarding the AI investment returns of the two companies. Jefferies stated that the AI spending of tech giants is approaching $800 billion over the next 12 months, and the market debate is no longer whether there is real demand for AI, but whether long-term profits can support such large-scale investments.

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