<p>TradingKey - Meta（META）最近提議推出一項名為 “Meta Compute” 的雲基礎設施服務，計劃將多餘的人工智能計算能力出售給外部客户，並考慮允許開發者訪問託管在 Meta 基礎設施上的人工智能模型。受此影響，Meta 當天收盤上漲 8.81%，報 612.91 美元。同時，亞馬遜（AMZN）、谷歌母公司 Alphabet（GOOGL）和微軟（MSFT）等主要雲服務供應商的周漲幅均超過 4%。就在前兩個月，因高估值的擔憂導致這些科技巨頭的股價持續下跌。</p>
<p>摩根士丹利表示，隨着投資者對今年漲幅領先的科技股獲利了結，美國股市將難以達到新高。</p>
<p>該機構表示，市場目前正經歷 “從高到低的輪換”，資金正向人工智能超大規模雲計算供應商轉移，而半導體股票的上漲勢頭明顯減弱。它補充道，這一核心供應商羣體包括微軟、亞馬遜和 Meta，這些公司擁有穩固的核心業務、在人工智能生態系統中的強大地位以及極具吸引力的配置價值。</p>
<p>儘管人工智能領域仍然是本輪美國牛市的共識主線，但高行業集中度、持續上升的估值溢價以及大規模人工智能資本支出帶來的盈利實現效率存疑等擔憂仍在持續發酵。</p>
<p>美光（MU）上個月披露的財報大幅超出市場預期，但未能推動芯片行業繼續上漲。市場目前正進入人工智能需求驗證窗口，投資者在等待來自英偉達（NVDA）等領先公司的最新運營數據，以進一步確認人工智能芯片的真實需求韌性。</p>
<p>摩根士丹利表示，在短期內，它對超大規模雲計算供應商的估值吸引力持更樂觀態度，而對半導體行業則相對悲觀。它還預計，由於前期股票表現相對滯後，領先的雲供應商很可能會看到對其資本支出的共識市場預期的後續下調。</p>
<p>這種市場展望正在華爾街投資銀行中形成共識。滙豐銀行最新的策略評估指出，市場將在七月和八月經歷夏季反彈，超大規模雲技術行業將作為核心復甦力量。</p>
<p>從五月到六月，雲計算供應商行業累計下跌超過 20%，微軟、Meta 和亞馬遜等領導者均經歷了兩位數的回調。這消化了之前的估值泡沫，並推動市場盈利預期大幅下調。目前市場情緒已從狂熱轉向謹慎，進一步下行的空間已大幅壓縮。</p>
<p>滙豐銀行表示，即使在大規模人工智能基礎設施資本支出的背景下，領先公司仍保持強勁的盈利能力，基本面並未隨股價下跌而減弱。更重要的是，人工智能投資的貨幣化路徑正逐漸變得清晰。Meta 將多餘計算能力對外銷售的商業佈局驗證了人工智能基礎設施從純成本中心轉變為收入驅動者的可能性。一旦這一邏輯持續實現，將成為該行業長期收益的核心驅動力。</p>
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微軟

美光科技

<p>華爾街銀行，包括摩根士丹利和滙豐銀行，預計雲計算巨頭如 Meta、微軟和亞馬遜將優於芯片股票如美光。這一轉變反映了市場從高估值半導體轉向具有穩健 AI 變現路徑的超大規模雲供應商。儘管近期有所下跌，這些雲計算領導者被視為具有強勁的基本面和吸引人的估值，形成共識認為它們將引領下一階段的 AI 驅動市場增長</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）最近提議推出一項名為 “Meta Compute” 的雲基礎設施服務，計劃將多餘的人工智能計算能力出售給外部客户，並考慮允許開發者訪問託管在 Meta 基礎設施上的人工智能模型。受此影響，Meta 當天收盤上漲 8.81%，報 612.91 美元。同時，亞馬遜（AMZN）、谷歌母公司 Alphabet（GOOGL）和微軟（MSFT）等主要雲服務供應商的周漲幅均超過 4%。就在前兩個月，因高估值的擔憂導致這些科技巨頭的股價持續下跌。</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，隨着投資者對今年漲幅領先的科技股獲利了結，美國股市將難以達到新高。</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>該機構表示，市場目前正經歷 “從高到低的輪換”，資金正向人工智能超大規模雲計算供應商轉移，而半導體股票的上漲勢頭明顯減弱。它補充道，這一核心供應商羣體包括微軟、亞馬遜和 Meta，這些公司擁有穩固的核心業務、在人工智能生態系統中的強大地位以及極具吸引力的配置價值。</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>儘管人工智能領域仍然是本輪美國牛市的共識主線，但高行業集中度、持續上升的估值溢價以及大規模人工智能資本支出帶來的盈利實現效率存疑等擔憂仍在持續發酵。</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）上個月披露的財報大幅超出市場預期，但未能推動芯片行業繼續上漲。市場目前正進入人工智能需求驗證窗口，投資者在等待來自英偉達（NVDA）等領先公司的最新運營數據，以進一步確認人工智能芯片的真實需求韌性。</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，在短期內，它對超大規模雲計算供應商的估值吸引力持更樂觀態度，而對半導體行業則相對悲觀。它還預計，由於前期股票表現相對滯後，領先的雲供應商很可能會看到對其資本支出的共識市場預期的後續下調。</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>這種市場展望正在華爾街投資銀行中形成共識。滙豐銀行最新的策略評估指出，市場將在七月和八月經歷夏季反彈，超大規模雲技術行業將作為核心復甦力量。</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>從五月到六月，雲計算供應商行業累計下跌超過 20%，微軟、Meta 和亞馬遜等領導者均經歷了兩位數的回調。這消化了之前的估值泡沫，並推動市場盈利預期大幅下調。目前市場情緒已從狂熱轉向謹慎，進一步下行的空間已大幅壓縮。</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>滙豐銀行表示，即使在大規模人工智能基礎設施資本支出的背景下，領先公司仍保持強勁的盈利能力，基本面並未隨股價下跌而減弱。更重要的是，人工智能投資的貨幣化路徑正逐漸變得清晰。Meta 將多餘計算能力對外銷售的商業佈局驗證了人工智能基礎設施從純成本中心轉變為收入驅動者的可能性。一旦這一邏輯持續實現，將成為該行業長期收益的核心驅動力。</p>
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</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 提議推出雲基礎設施服務 "Meta Compute" 銷售多餘 AI 計算能力。
  
- Meta 股價上漲 8.81%，其他雲服務商如亞馬遜、谷歌、微軟也表現良好。
  
- 投資者關注 AI 需求驗證及雲計算廠商的盈利吸引力。

TradingKey

亞馬遜

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2 倍做多美光科技 ETF - Direxion

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亞馬遜每日 1 倍做空 ETF - Direxion

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Kurv Yield Premium Strategy Amazon AMZN ETF

谷歌-A

摩根士丹利

英偉達

匯豐控股有限公司

匯豐控股

滙豐

谷歌-C

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

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NVIDIA Corporation

HSBC 5xShortSG241213

AI 主線將進一步區分。華爾街投資銀行達成最新共識，預計雲計算公司如 Meta 和微軟將優於芯片股票如美光科技