<p>TradingKey - Meta（META）最近提议推出一项名为 “Meta Compute” 的云基础设施服务，计划将多余的人工智能计算能力出售给外部客户，并考虑允许开发者访问托管在 Meta 基础设施上的人工智能模型。受此影响，Meta 当天收盘上涨 8.81%，报 612.91 美元。同时，亚马逊（AMZN）、谷歌母公司 Alphabet（GOOGL）和微软（MSFT）等主要云服务供应商的周涨幅均超过 4%。就在前两个月，因高估值的担忧导致这些科技巨头的股价持续下跌。</p>
<p>摩根士丹利表示，随着投资者对今年涨幅领先的科技股获利了结，美国股市将难以达到新高。</p>
<p>该机构表示，市场目前正经历 “从高到低的轮换”，资金正向人工智能超大规模云计算供应商转移，而半导体股票的上涨势头明显减弱。它补充道，这一核心供应商群体包括微软、亚马逊和 Meta，这些公司拥有稳固的核心业务、在人工智能生态系统中的强大地位以及极具吸引力的配置价值。</p>
<p>尽管人工智能领域仍然是本轮美国牛市的共识主线，但高行业集中度、持续上升的估值溢价以及大规模人工智能资本支出带来的盈利实现效率存疑等担忧仍在持续发酵。</p>
<p>美光（MU）上个月披露的财报大幅超出市场预期，但未能推动芯片行业继续上涨。市场目前正进入人工智能需求验证窗口，投资者在等待来自英伟达（NVDA）等领先公司的最新运营数据，以进一步确认人工智能芯片的真实需求韧性。</p>
<p>摩根士丹利表示，在短期内，它对超大规模云计算供应商的估值吸引力持更乐观态度，而对半导体行业则相对悲观。它还预计，由于前期股票表现相对滞后，领先的云供应商很可能会看到对其资本支出的共识市场预期的后续下调。</p>
<p>这种市场展望正在华尔街投资银行中形成共识。汇丰银行最新的策略评估指出，市场将在七月和八月经历夏季反弹，超大规模云技术行业将作为核心复苏力量。</p>
<p>从五月到六月，云计算供应商行业累计下跌超过 20%，微软、Meta 和亚马逊等领导者均经历了两位数的回调。这消化了之前的估值泡沫，并推动市场盈利预期大幅下调。目前市场情绪已从狂热转向谨慎，进一步下行的空间已大幅压缩。</p>
<p>汇丰银行表示，即使在大规模人工智能基础设施资本支出的背景下，领先公司仍保持强劲的盈利能力，基本面并未随股价下跌而减弱。更重要的是，人工智能投资的货币化路径正逐渐变得清晰。Meta 将多余计算能力对外销售的商业布局验证了人工智能基础设施从纯成本中心转变为收入驱动者的可能性。一旦这一逻辑持续实现，将成为该行业长期收益的核心驱动力。</p>
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微软

美光科技

<p>华尔街银行，包括摩根士丹利和汇丰银行，预计云计算巨头如 Meta、微软和亚马逊将优于芯片股票如美光。这一转变反映了市场从高估值半导体转向具有稳健 AI 变现路径的超大规模云供应商。尽管近期有所下跌，这些云计算领导者被视为具有强劲的基本面和吸引人的估值，形成共识认为它们将引领下一阶段的 AI 驱动市场增长</p>

<p>TradingKey - Meta ( META) recently proposed to launch a cloud infrastructure service named &#34;Meta Compute,&#34; planning to sell surplus AI computing power to external customers and considering allowing developers to access AI models hosted on Meta's infrastructure. Affected by this, Meta closed up 8.81% on the day at $612.91. At the same time, major cloud vendors such as Amazon ( AMZN ), Alphabet ( GOOGL ), and Microsoft ( MSFT) all saw weekly gains exceeding 4%. Just in the preceding two months, concerns over high valuations had caused the stock prices of these tech giants to decline continuously.</p>
<div class="lb-trans"><p>TradingKey - Meta（META）最近提议推出一项名为 “Meta Compute” 的云基础设施服务，计划将多余的人工智能计算能力出售给外部客户，并考虑允许开发者访问托管在 Meta 基础设施上的人工智能模型。受此影响，Meta 当天收盘上涨 8.81%，报 612.91 美元。同时，亚马逊（AMZN）、谷歌母公司 Alphabet（GOOGL）和微软（MSFT）等主要云服务供应商的周涨幅均超过 4%。就在前两个月，因高估值的担忧导致这些科技巨头的股价持续下跌。</p>
</div><p>Morgan Stanley stated that as investors take profits on tech stocks that have led the gains this year, the US stock market will find it difficult to reach new highs.</p>
<div class="lb-trans"><p>摩根士丹利表示，随着投资者对今年涨幅领先的科技股获利了结，美国股市将难以达到新高。</p>
</div><p>The institution stated that the market is currently experiencing a &#34;rotation from high to low,&#34; with funds moving toward AI hyperscale cloud computing vendors, while the upward momentum of semiconductor stocks is visibly weakening. It added that this core group of vendors includes Microsoft, Amazon, and Meta, companies with solid core businesses, strong positions in the AI ecosystem, and highly attractive allocation value.</p>
<div class="lb-trans"><p>该机构表示，市场目前正经历 “从高到低的轮换”，资金正向人工智能超大规模云计算供应商转移，而半导体股票的上涨势头明显减弱。它补充道，这一核心供应商群体包括微软、亚马逊和 Meta，这些公司拥有稳固的核心业务、在人工智能生态系统中的强大地位以及极具吸引力的配置价值。</p>
</div><p>Although the AI sector remains the consensus main line of this round of the US bull market, concerns such as high sector concentration, continuously rising valuation premiums, and the questionable efficiency of earnings realization from massive AI capital expenditures are continuing to ferment.</p>
<div class="lb-trans"><p>尽管人工智能领域仍然是本轮美国牛市的共识主线，但高行业集中度、持续上升的估值溢价以及大规模人工智能资本支出带来的盈利实现效率存疑等担忧仍在持续发酵。</p>
</div><p>Micron ( MU) disclosed earnings last month that significantly exceeded market expectations, yet failed to drive the chip sector to continue its upward trend. The market is currently entering an AI demand validation window, with investors waiting for the latest operating data from leading companies like Nvidia ( NVDA) to further confirm the true demand resilience of AI chips.</p>
<div class="lb-trans"><p>美光（MU）上个月披露的财报大幅超出市场预期，但未能推动芯片行业继续上涨。市场目前正进入人工智能需求验证窗口，投资者在等待来自英伟达（NVDA）等领先公司的最新运营数据，以进一步确认人工智能芯片的真实需求韧性。</p>
</div><p>Morgan Stanley stated that in the short term, it is more bullish on the valuation attractiveness of hyperscale cloud computing vendors and relatively bearish on the semiconductor sector. It also expects that, driven by relatively lagging stock performance in the previous period, leading cloud vendors are highly likely to see subsequent downward revisions in consensus market expectations for their capital expenditures.</p>
<div class="lb-trans"><p>摩根士丹利表示，在短期内，它对超大规模云计算供应商的估值吸引力持更乐观态度，而对半导体行业则相对悲观。它还预计，由于前期股票表现相对滞后，领先的云供应商很可能会看到对其资本支出的共识市场预期的后续下调。</p>
</div><p>This type of market outlook is forming a consensus among Wall Street investment banks. HSBC's latest strategy assessment points out that the market will experience a summer melt-up in July and August, with the hyperscale cloud technology sector serving as the core recovery force.</p>
<div class="lb-trans"><p>这种市场展望正在华尔街投资银行中形成共识。汇丰银行最新的策略评估指出，市场将在七月和八月经历夏季反弹，超大规模云技术行业将作为核心复苏力量。</p>
</div><p>From May to June, the cloud computing vendor sector suffered a cumulative decline of over 20%, with leaders like Microsoft, Meta, and Amazon all experiencing double-digit drawdowns. This digested previous valuation bubbles and also drove a significant downward revision in market earnings expectations. Current market sentiment has shifted from euphoria to caution, and the room for further downside has been substantially compressed.</p>
<div class="lb-trans"><p>从五月到六月，云计算供应商行业累计下跌超过 20%，微软、Meta 和亚马逊等领导者均经历了两位数的回调。这消化了之前的估值泡沫，并推动市场盈利预期大幅下调。目前市场情绪已从狂热转向谨慎，进一步下行的空间已大幅压缩。</p>
</div><p>HSBC stated that even against the backdrop of massive capital expenditures on AI infrastructure, leading companies still maintain strong profitability, and fundamentals have not weakened in tandem with stock prices. More importantly, the monetization path of AI investments is gradually becoming clearer. Meta's business layout of selling surplus computing power externally validates the possibility of AI infrastructure transitioning from a pure cost center to a revenue driver. Once this logic continues to be realized, it will become the core driver for the sector's long-term gains.</p>
<div class="lb-trans"><p>汇丰银行表示，即使在大规模人工智能基础设施资本支出的背景下，领先公司仍保持强劲的盈利能力，基本面并未随股价下跌而减弱。更重要的是，人工智能投资的货币化路径正逐渐变得清晰。Meta 将多余计算能力对外销售的商业布局验证了人工智能基础设施从纯成本中心转变为收入驱动者的可能性。一旦这一逻辑持续实现，将成为该行业长期收益的核心驱动力。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

AI Mainline Will Further Differentiate. Wall Street Investment Banks Reach Latest Consensus, Expecting Cloud Computing Firms Like Meta and Microsoft to Outperform Chip Stocks Like Micron

- Meta 提议推出云基础设施服务 "Meta Compute" 销售多余 AI 计算能力。
  
- Meta 股价上涨 8.81%，其他云服务商如亚马逊、谷歌、微软也表现良好。
  
- 投资者关注 AI 需求验证及云计算厂商的盈利吸引力。

TradingKey

亚马逊

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谷歌-A

摩根士丹利

英伟达

汇丰控股有限公司

汇丰控股

汇丰

谷歌-C

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NVIDIA Corporation

HSBC 5xShortSG241213

AI 主线将进一步区分。华尔街投资银行达成最新共识，预计云计算公司如 Meta 和微软将优于芯片股票如美光科技