U.S. Stock Night Market MovementsMicrosoft fell 5.98% in after-hours trading. Based on recent key news:<ol><li>On January 28, Microsoft announced its second-quarter financial report. Despite revenue and cloud business growth exceeding expectations, massive investments in artificial intelligence led to a surge in capital expenditures, raising investor concerns about costs, causing the stock price to plummet 5% in after-hours trading. Microsoft's capital expenditures for the quarter reached $37.5 billion, far exceeding analysts' expectations of $34.31 billion. Source: Economic Information Agency</li><li>On January 29, Microsoft's stock price fell more than 7% in after-hours trading. Although the Azure cloud division's revenue grew by 39%, surpassing market expectations, investors expressed doubts about whether the investments in artificial intelligence would yield sufficient returns, putting pressure on the stock price. Source: Zhitong Finance</li><li>On January 29, Microsoft announced a $250 billion cloud services partnership agreement with OpenAI, with commercial performance obligations totaling $625 billion, indicating a high dependence on OpenAI. Investors are concerned about the impact of AI spending on the traditional software industry. Source: Zhitong Finance Technology stock valuations are compressed, and AI investment risks are high.</li></ol>Stocks with High Trading Volume in the IndustryOracle fell 0.29% in after-hours trading. Based on recent key news:<ol><li>On January 27, Oracle's data center experienced a power outage due to weather conditions, causing system failures for the TikTok U.S. data security joint venture. This incident raised market concerns about the reliability of Oracle's infrastructure, putting pressure on the stock price.</li><li>On January 26, Oracle completed the acquisition of TikTok's U.S. business, with the market expecting this move to expand Oracle's business scope and bring new momentum, leading to a nearly 3% increase in stock price.</li><li>On January 28, Oracle joined the TikTok U.S. data security joint venture to ensure user data security, but the stock price fell 0.5% in early trading, indicating market skepticism about its participation in the security collaboration. Competition in the cloud computing market is intensifying, and AI demand is growing significantly.</li></ol>Nebius fell 0.98% in after-hours trading. Based on recent key news:<ol><li>On January 29, analysts from MarketBeat indicated that Nebius is not on their recommended list, despite its rating being a moderate buy, which may affect investor confidence and lead to a decline in stock price.</li><li>On January 27, Nebius's long-term demand supports its continued capacity expansion, but short-term dynamics are affected, which may lead to stock price fluctuations.</li><li>On January 27, Nebius's non-core business has not received widespread attention, but its subsidiary Clickhouse secured new financing, which may have a positive impact on the stock price. The market shows strong demand for tech stocks, with significant capital inflows.</li></ol>ServiceNow fell 4.71% in after-hours trading. Based on recent key news:<ol><li>On January 29, ServiceNow announced its fourth-quarter results. Despite sales and earnings exceeding expectations, the stock price fell in after-hours trading. The company reported revenue of $3.57 billion, higher than analysts' expectations of $3.53 billion, with adjusted earnings per share of $0.92, exceeding the expected $0.88Source: Benzinga</li><li>On January 29, ServiceNow announced a partnership with Anthropic to further integrate the Claude model into its core workflows. Despite the strategic expansion, the stock price still fell in after-hours trading. Source: MarketWatch</li><li>On January 28, ServiceNow announced the acquisition of cybersecurity startup Armis for $7.75 billion and plans for a $5 billion stock buyback. Market concerns about long-term technological disruption remain, leading to stock price volatility. Source: RBC Capital Markets analyst Matthew Hedberg. The valuation divergence in the software industry has intensified, and caution is needed regarding risks</li></ol>

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Microsoft fell 5.98% in after-hours trading; Oracle fell 0.29% in after-hours trading, with a transaction volume of USD 3.1 million; Nebius fell 0.98% in after-hours trading, with a transaction volume of USD 1.55 million; Now Services fell 4.71% in after-hours trading, with a transaction volume of USD 1.12 million

- Microsoft’s stock fell 5.98% after reporting a Q2 revenue increase, but a surge in capital expenditure to $37.5 billion raised investor concerns about costs.  
- Despite Azure’s revenue growth of 39%, Microsoft's stock dropped over 7% in after-hours trading due to skepticism about AI investments delivering sufficient returns.  
- Oracle's stock fell 0.29% amid reliability concerns after a power outage affected their data center, while ServiceNow’s stock dropped 4.71% despite exceeding sales expectations due to ongoing market volatility and strategic expansion efforts.

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U.S. stock night trading volatility: Microsoft fell nearly 6% in after-hours trading, with massive AI investments raising investor concerns about costs and valuation risks