\u201c\u4e03\u5de8\u5934\u201d\uff08Magnificent 7\uff09\u4e2d\u6709\u4e94\u5bb6\u516c\u53f8\u5c06\u5728\u4e24\u5929\u5185\u516c\u5e03\u4e1a\u7ee9\uff1a\u5fae\u8f6f\u3001Alphabet\uff08\u8c37\u6b4c\u6bcd\u516c\u53f8\uff09\u3001Meta \u548c\u4e9a\u9a6c\u900a\u5728 2026 \u5e74 4 \u6708 29 \u65e5\uff0c\u82f9\u679c\u5728 2026 \u5e74 4 \u6708 30 \u65e5\u3002\u5e02\u573a\u7126\u70b9\u5df2\u4ece\u201cAI \u6570\u636e\u4e2d\u5fc3\u5efa\u592a\u591a\u201d\u7684\u62c5\u5fe7\uff0c\u8f6c\u5411\u8fd9\u4e9b\u6295\u5165\u662f\u5426\u5f00\u59cb\u5e26\u52a8\u8425\u6536\u3001\u5229\u6da6\u7387\u4e0e\u53d8\u73b0\u80fd\u529b\uff08\u628a\u6d41\u91cf\u4e0e\u7528\u6237\u8f6c\u6210\u6536\u5165\u7684\u80fd\u529b\uff09\u3002<\/p>\n
\u56db\u5927\u201c\u8d85\u5927\u89c4\u6a21\u4e91\u670d\u52a1\u5546\u201d\uff08hyperscalers\uff0c\u6307\u62e5\u6709\u8d85\u5927\u578b\u4e91\u8ba1\u7b97\u4e0e\u6570\u636e\u4e2d\u5fc3\u89c4\u6a21\u7684\u516c\u53f8\uff09\u9884\u8ba1 2026 \u5e74\u5408\u8ba1\u6295\u5165\u7ea6 6450 \u4ebf\u7f8e\u5143\uff0c\u6309\u5e74\u5927\u589e\u7ea6 56%\u3002\u5e02\u573a\u9700\u8981\u66f4\u6e05\u695a\u7684\u56de\u62a5\u8bc1\u660e\uff0c\u800c\u4e0d\u53ea\u662f\u7b3c\u7edf\u7684\u8ba1\u5212\u3002<\/p>\n
\u5fae\u8f6f\u9884\u8ba1\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff0c\u6bcf\u80a1\u8d5a\u591a\u5c11\u94b1\uff09\u7ea6 4.04 \u7f8e\u5143\uff08\u7ea6\u589e 17%\uff09\uff0c\u8425\u6536\u7ea6 814 \u4ebf\u7f8e\u5143\uff08\u7ea6\u589e 16%\uff09\u30022026 \u8d22\u5e74\u8d44\u672c\u5f00\u652f\uff08capex\uff0c\u4e3b\u8981\u7528\u4e8e\u4e70\u670d\u52a1\u5668\u3001\u5efa\u6570\u636e\u4e2d\u5fc3\u7b49\u957f\u671f\u6295\u8d44\uff09\u63a5\u8fd1 1460 \u4ebf\u7f8e\u5143\uff0c2027 \u8d22\u5e74\u5e02\u573a\u9884\u671f\u66f4\u63a5\u8fd1 1700 \u4ebf\u7f8e\u5143\uff1b\u667a\u80fd\u4e91\uff08Intelligent Cloud\uff09\u8425\u6536\u7ea6 342 \u4ebf\u7f8e\u5143\uff08\u589e 28%\uff09\uff0cAzure \u589e\u957f\u7ea6 38%\uff0cAI \u8d21\u732e\u7ea6 21.4%\uff0c\u4e91\u4e1a\u52a1\u6bdb\u5229\u7387\uff08gross margin\uff0c\u6536\u5165\u6263\u9664\u76f4\u63a5\u6210\u672c\u540e\u7684\u5229\u6da6\u7387\uff09\u4e3a 66.23%\u3002<\/p>\n
Alphabet \u9884\u8ba1\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\uff08adjusted EPS\uff0c\u5254\u9664\u4e00\u6b21\u6027\u9879\u76ee\u540e\u7684\u6bcf\u80a1\u76c8\u5229\uff09\u7ea6 2.83 \u7f8e\u5143\uff0c\u8425\u6536\u7ea6 1070 \u4ebf\u7f8e\u5143\uff08\u7ea6\u589e 11%\uff09\u30022026 \u8d22\u5e74\u8d44\u672c\u5f00\u652f\u9884\u8ba1 1750 \u4ebf\u81f3 1850 \u4ebf\u7f8e\u5143\uff0c2027 \u8d22\u5e74\u4f30\u8ba1\u63a5\u8fd1 2000 \u4ebf\u7f8e\u5143\uff1b\u641c\u7d22\uff08Search\uff09\u8425\u6536\u7ea6 590 \u4ebf\u7f8e\u5143\uff08\u589e 16%\uff09\uff0cYouTube \u7ea6 100 \u4ebf\u7f8e\u5143\uff08\u589e 12%\uff09\uff0c\u4e91\u4e1a\u52a1\u589e\u957f\u53ef\u80fd\u5728 50% \u5de6\u53f3\u3002<\/p>\n
Meta \u9884\u8ba1\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u7ea6 7.51 \u7f8e\u5143\uff0c\u8425\u6536\u7ea6 555 \u4ebf\u7f8e\u5143\uff08\u7ea6\u589e 31%\uff09\u30022026 \u5e74\u8d44\u672c\u5f00\u652f\u6307\u5f15\uff08guidance\uff0c\u516c\u53f8\u7ed9\u5e02\u573a\u7684\u9884\u671f\u8303\u56f4\uff09\u4e3a 1150 \u4ebf\u81f3 1350 \u4ebf\u7f8e\u5143\uff0c2027 \u5e74\u5e02\u573a\u5171\u8bc6\uff08consensus\uff0c\u591a\u5bb6\u673a\u6784\u5e73\u5747\u9884\u671f\uff09\u7ea6 1420 \u4ebf\u7f8e\u5143\uff1b\u5e7f\u544a\u6536\u5165\u7ea6 540 \u4ebf\u7f8e\u5143\uff08\u589e 30%\uff09\uff0c\u5c55\u793a\u91cf\uff08impressions\uff0c\u5e7f\u544a\u88ab\u770b\u5230\u7684\u6b21\u6570\uff09\u589e 16%\uff0c\u6bcf\u5219\u5e7f\u544a\u5e73\u5747\u4ef7\u683c\uff08average price per ad\uff09\u589e 12%\u3002<\/p>\n
\u4e9a\u9a6c\u900a\u9884\u8ba1\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u7ea6 2.11 \u7f8e\u5143\uff0c\u8425\u6536\u7ea6 1772 \u4ebf\u7f8e\u5143\uff08\u7ea6\u589e 14%\uff09\u30022026 \u5e74\u8d44\u672c\u5f00\u652f\u6307\u5f15\u4e3a 2000 \u4ebf\u7f8e\u5143\uff0c\u5e02\u573a\u5171\u8bc6\u4e3a 1959 \u4ebf\u7f8e\u5143\uff0c2027 \u5e74\u5f6d\u535a\u5171\u8bc6\u7ea6 2090 \u4ebf\u7f8e\u5143\uff1bAWS\uff08\u4e9a\u9a6c\u900a\u4e91\uff09\u4f30\u8ba1\u7ea6 366 \u4ebf\u7f8e\u5143\uff08\u589e 25%\uff09\uff0c\u5e7f\u544a\u670d\u52a1\uff08Advertising Services\uff09\u7ea6 169 \u4ebf\u7f8e\u5143\uff08\u589e 20.8%\uff09\u3002\u6b64\u5916\uff0c\u516c\u53f8\u5411 Anthropic \u8ffd\u52a0 50 \u4ebf\u7f8e\u5143\u6295\u8d44\uff0c\u672a\u6765\u53ef\u80fd\u518d\u52a0\u7801\u6700\u591a 200 \u4ebf\u7f8e\u5143\u3002<\/p>\n
\u82f9\u679c\u9884\u8ba1\u6bcf\u80a1\u76c8\u5229\u7ea6 1.96 \u7f8e\u5143\uff08\u7ea6\u589e 18%\uff09\uff0c\u8425\u6536\u7ea6 1093 \u4ebf\u7f8e\u5143\uff08\u7ea6\u589e 15%\uff09\u30022026 \u8d22\u5e74\u8d44\u672c\u5f00\u652f\u4f30\u8ba1\u7ea6 135 \u4ebf\u7f8e\u5143\uff0c2027 \u8d22\u5e74\u7ea6 154 \u4ebf\u7f8e\u5143\uff1b\u670d\u52a1\u4e1a\u52a1\uff08Services\uff09\u7ea6 304 \u4ebf\u7f8e\u5143\uff08\u589e 14%\uff09\u3002<\/p>\n
\u4e0b\u5468\u4e94\u5bb6\u201c\u4e03\u5de8\u5934\u201d\u96c6\u4e2d\u653e\u699c\uff0c\u6211\u4eec\u770b\u5230\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u671f\u6743\u5e02\u573a\u53cd\u63a8\u7684\u672a\u6765\u6ce2\u52a8\u9884\u671f\uff09\u660e\u663e\u4e0a\u5347\u3002\u671f\u6743\u5e02\u573a\uff08options market\uff0c\u7528\u671f\u6743\u4ea4\u6613\u4e0e\u5bf9\u51b2\u7684\u5e02\u573a\uff09\u5df2\u8ba1\u5165\u4e1a\u7ee9\u540e\u80a1\u4ef7\u5927\u5e45\u6ce2\u52a8\u7684\u53ef\u80fd\uff1bCBOE \u7eb3\u65af\u8fbe\u514b 100 \u6ce2\u52a8\u7387\u6307\u6570\uff08VXN\uff0c\u53cd\u6620\u7eb3\u6307 100 \u672a\u6765\u6ce2\u52a8\u9884\u671f\u7684\u6307\u6807\uff09\u4ec5 4 \u6708\u5c31\u4e0a\u6da8\u8d85\u8fc7 18%\u3002\u8fd9\u610f\u5473\u7740\u4ea4\u6613\u5458\u6b63\u4e3a\u5927\u5e45\u6ce2\u52a8\u505a\u51c6\u5907\uff0c\u662f\u914d\u7f6e\u4e0e\u5bf9\u51b2\u7684\u5173\u952e\u7a97\u53e3\u3002<\/p>\n
\u5fae\u8f6f\u65b9\u9762\uff0c\u6838\u5fc3\u662f\u201c\u5927\u89c4\u6a21\u8d44\u672c\u5f00\u652f\u662f\u5426\u89c1\u6548\u201d\u3002\u4ece\u671f\u6743\u5b9a\u4ef7\u770b\uff0c4 \u6708 29 \u65e5\u4e1a\u7ee9\u540e\u80a1\u4ef7\u9884\u671f\u5355\u65e5\u6ce2\u52a8\u7ea6\u4e0a\u4e0b 6%\u3002\u7531\u4e8e\u4eca\u5e74\u80a1\u4ef7\u843d\u540e\u540c\u4e1a\uff0c\u82e5 Azure \u589e\u957f\u9ad8\u4e8e 38%\uff0c\u53ef\u80fd\u5f15\u53d1\u660e\u663e\u53cd\u5f39\uff1b\u770b\u6da8\u4ef7\u5dee\uff08call spread\uff0c\u7528\u4e70\u5165\u4e0e\u5356\u51fa\u4e0d\u540c\u6267\u884c\u4ef7\u770b\u6da8\u671f\u6743\u6765\u63a7\u5236\u6210\u672c\u4e0e\u98ce\u9669\u7684\u7b56\u7565\uff09\u5bf9\u770b\u591a\u8005\u8f83\u6709\u5438\u5f15\u529b\u3002<\/p>\n
Alphabet \u7684\u6311\u6218\u7c7b\u4f3c\u4f46\u66f4\u68d8\u624b\uff1a\u8981\u8bc1\u660e\u80fd\u53d1\u5c55 AI \u5e73\u53f0\uff0c\u540c\u65f6\u4e0d\u4f24\u5bb3\u641c\u7d22\u4e1a\u52a1\u3002\u56de\u770b 2025 \u5e74\u4e1a\u7ee9\uff0c\u5e02\u573a\u5bf9\u201c\u652f\u51fa\u7eaa\u5f8b\u201d\uff08spending discipline\uff0c\u63a7\u5236\u6295\u5165\u8282\u594f\u4e0e\u6548\u7387\uff09\u76f8\u5173\u8868\u8ff0\u975e\u5e38\u654f\u611f\u3002\u671f\u6743\u4ea4\u6613\u5458\u9884\u8ba1\u6ce2\u52a8\u8d85\u8fc7 7.5%\u3002\u82e5 Google Cloud \u589e\u957f\u4eae\u773c\uff0c\u53ef\u80fd\u51fa\u73b0\u201c\u8865\u6da8\u4ea4\u6613\u201d\uff08catch-up trade\uff0c\u4e4b\u524d\u843d\u540e\u540e\u8ffd\u8d76\u4e0a\u6da8\uff09\uff1b\u53cd\u4e4b\u82e5\u8d44\u672c\u5f00\u652f\u6307\u5f15\u610f\u5916\u504f\u9ad8\uff0c\u80a1\u4ef7\u4e0b\u8dcc\u98ce\u9669\u4e0a\u5347\u3002<\/p>\n
Meta \u7684\u91cd\u70b9\u5728\u4e8e\uff1a\u5728\u6838\u5fc3\u5e7f\u544a\u4e1a\u52a1\u5df2\u5f3a\u52b2\u7684\u60c5\u51b5\u4e0b\uff0c\u5982\u4f55\u5408\u7406\u5316\u6fc0\u8fdb\u7684 AI \u6295\u8d44\u3002\u4ee5\u9884\u671f\u5e02\u76c8\u7387\uff08forward earnings\uff0c\u6309\u672a\u6765\u4e00\u5e74\u76c8\u5229\u4f30\u7b97\u7684\u4f30\u503c\uff09\u7ea6 17 \u500d\u8ba1\uff0cMeta \u6bd4\u540c\u4e1a\u66f4\u4fbf\u5b9c\uff0c\u6216\u6709\u4e00\u5b9a\u7f13\u51b2\uff1b\u4f46\u82e5\u652f\u51fa\u518d\u5ea6\u610f\u5916\u4e0a\u8c03\uff0c\u53ef\u80fd\u91cd\u71c3 2025 \u5e74\u5e95\u7684\u62c5\u5fe7\u3002\u5178\u578b\u4e1a\u7ee9\u6ce2\u52a8\u4ea4\u6613\u4e0b\uff0c\u8de8\u5f0f\uff08straddle\uff0c\u540c\u4e00\u6267\u884c\u4ef7\u540c\u65f6\u4e70\u5165\u770b\u6da8\u4e0e\u770b\u8dcc\uff0c\u62bc\u5927\u6ce2\u52a8\u4e0d\u62bc\u65b9\u5411\uff09\u6216\u5bbd\u8de8\u5f0f\uff08strangle\uff0c\u4e70\u5165\u4e0d\u540c\u6267\u884c\u4ef7\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\uff0c\u6210\u672c\u8f83\u4f4e\u4f46\u9700\u8981\u66f4\u5927\u6ce2\u52a8\uff09\u4f1a\u88ab\u7528\u6765\u62bc\u6ce8\u5927\u5e45\u6ce2\u52a8\u4f46\u4e0d\u786e\u5b9a\u65b9\u5411\u3002<\/p>\n
\u4e9a\u9a6c\u900a\u662f\u4eca\u5e74\u7684\u52a8\u80fd\u9886\u5148\u8005\uff08momentum leader\uff0c\u80a1\u4ef7\u8d70\u52bf\u6700\u5f3a\u7684\u9886\u6da8\u80a1\uff09\u3002\u8fd9\u4e5f\u4f7f\u5e02\u573a\u5bf9 AWS \u7684\u9884\u671f\u975e\u5e38\u9ad8\uff1a\u82e5 25% \u7684\u589e\u957f\u9884\u6d4b\u65e0\u6cd5\u660e\u663e\u8d85\u9884\u671f\uff08beat\uff0c\u6bd4\u5e02\u573a\u9884\u671f\u66f4\u597d\uff09\uff0c\u53ef\u80fd\u4ee4\u5e02\u573a\u5931\u671b\u3002\u8fd1\u671f\u4ef7\u5916\u770b\u8dcc\u671f\u6743\uff08out-of-the-money puts\uff0c\u6267\u884c\u4ef7\u4f4e\u4e8e\u73b0\u4ef7\u7684\u770b\u8dcc\u671f\u6743\uff0c\u901a\u5e38\u7528\u4e8e\u9632\u8dcc\u6216\u62bc\u5927\u8dcc\uff09\u9700\u6c42\u4e0a\u5347\uff0c\u663e\u793a\u90e8\u5206\u4ea4\u6613\u5458\u5728\u5bf9\u51b2\uff08hedging\uff0c\u7528\u91d1\u878d\u5de5\u5177\u964d\u4f4e\u4e0d\u5229\u6ce2\u52a8\u98ce\u9669\uff09\u4e1a\u7ee9\u4e0d\u591f\u5f3a\u800c\u80a1\u4ef7\u56de\u8c03\u7684\u53ef\u80fd\u3002<\/p>\n
\u82f9\u679c\u76f8\u5bf9\u4e0d\u540c\uff0c\u4e3b\u7ebf\u662f\u97e7\u6027\u800c\u975e AI \u57fa\u5efa\u6269\u5f20\u3002\u4ee5\u9884\u671f\u5e02\u76c8\u7387\u7ea6 28 \u500d\u8ba1\uff0c\u4f30\u503c\u504f\u9ad8\u3001\u5bb9\u9519\u7a7a\u95f4\u8f83\u5c0f\uff0c\u5c24\u5176\u662f\u670d\u52a1\u4e1a\u52a1\u589e\u901f\u653e\u7f13\uff0c\u6216\u5bf9\u4e2d\u56fd\u524d\u666f\u504f\u8c28\u614e\u65f6\u3002\u8fd9\u91cc\u9690\u542b\u6ce2\u52a8\u7387\u8f83\u4f4e\uff0c\u671f\u6743\u5b9a\u4ef7\u663e\u793a\u4e1a\u7ee9\u540e\u9884\u671f\u6ce2\u52a8\u7ea6 4.5%\uff0c\u4ea4\u6613\u5458\u66f4\u504f\u5411\u9632\u8303\u5229\u7a7a\uff0c\u800c\u4e0d\u662f\u62bc\u6ce8 AI \u5e26\u52a8\u7684\u7a81\u7834\u884c\u60c5\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u4e03\u5de8\u5934\u4e94\u5bb6\u4e24\u5929\u653e\u699c\uff0cAI\u70e7\u94b1\u80fd\u5426\u8f6c\u5316\u8425\u6536\u4e0e\u5229\u6da6\u6210\u5173\u952e\u3002\u56db\u5927\u4e91\u5546capex\u98d9\u81f36450\u4ebf\u7f8e\u5143\u3002\u671f\u6743\u9690\u6ce2\u6025\u5347\uff0c\u4ea4\u6613\u5458\u62bc\u5927\u6ce2\u52a8\uff1aAzure\u3001\u4e91\u589e\u901f\u4e0e\u652f\u51fa\u6307\u5f15\u5b9a\u80dc\u8d1f\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-45292","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/45292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=45292"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/45292\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=45292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=45292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=45292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}