第三季度财报原本被视为对AI交易的一次公投：需求是否依然坚挺？企业是否正在将巨额支出转化为实际业绩？财务状况看起来如何？如今，许多最大的参与者已经发布了财报，我们确实从中看到了AI建设进展的迹象。只不过，方向可能并非人们所希望的那样。看清这一点最简单的方法，是把赢家和输家分开来看，而结果相当失衡。
Third-quarter earnings were expected to be a referendum on the AI trade: Is demand holding up? Are companies translating big spending into actual results? How are the finances looking? Now that many of the biggest players have reported, we've certainly gotten an indication of how the AI buildout is going. It just might not be in the direction people wanted. The easiest way to see this is to split out the winners and losers, which ends up being quite a lopsided affair.
尽管确实存在一些令人鼓舞的亮点，但以科技股为主的纳斯达克100指数仍较高点低约6%，自科技股财报季开启以来已下跌1.4%。需要记住的是，这些是股市的裁决，而不是对哪些公司当季表现良好的评判。在多个案例中，稳健的业绩仍不足以平息对AI支出的怀疑。以下是逐家公司的赢家与输家分析，包括每家主要的业绩亮点与暗淡之处：微软发生了什么：微软精准命中目标，其关键的AI驱动云业务Azure销售额增长48%。
While there are certainly some encouraging bright spots, the tech-heavy Nasdaq 100 is still about 6% off highs, down 1.4% since tech earnings season kicked off. Keep in mind that these are stock-market verdicts, not judgments on which companies had good quarters. In multiple cases, solid results still weren't enough to quiet the AI-spending skeptics. Here's a company-by-company breakdown of winners and losers, including main earnings highlights and lowlights for each: Microsoft What happened: Microsoft hit the nail on the head with 48% sales growth in Azure, its key AI-powered cloud business.
资本支出低于预期，同时下一季度Azure营收指引也超出预测。但尽管微软相对突出、是明确的赢家，其股价周四仍然下跌，原因是Alphabet拖累科技板块走低。（详见后文。）单日股价变动：-0.2% SK海力士发生了什么：SK海力士提供了令人鼓舞的迹象，表明AI内存繁荣仍在持续。公司公布了创纪录的销售额和营业利润，并表示已锁定2027年和2028年超过一半产能的长期协议。
Capex came in below expectations, while Azure revenue guidance for next quarter also exceeded forecasts. But while Microsoft was a relative standout and a clear-cut winner, its stock still fell on Thursday as Alphabet dragged the tech sector lower. (More on that lower.) One-day stock move: -0.2% SK Hynix What happened: SK Hynix provided encouraging signs that the AI-memory boom is holding up. The company posted record sales and operating profit, and said it's already locked in long-term deals for more than half of its 2027 and 2028 capacity.
在这个充满AI回报质疑的财报季里，SK海力士给出了最直截了当的答案。单日股价变动：+5% Meta发生了什么：尽管Meta的业绩显示AI正在改善广告定向、用户互动，以及最重要的——营收，但投资者却决定紧盯这一切的成本。
In an earnings season full of AI-return questions, SK Hynix offered the most straightforward possible answer. One-day stock move: +5% Meta What happened: While Meta results showed that AI is improving ad targeting, engagement, and — most importantly — revenue, investors decided to fixate on the cost of it all.
该公司上季度在资本开支上花费了近350亿美元，这导致自由现金流为负。它还将支出预测的下限上调至1350亿美元。一日股价变动：-7% Alphabet 发生了什么：这又是一例坏消息压过AI带来的好消息的案例。谷歌云收入增长强劲，但Alphabet在几乎其他所有方面都未达预期：销售额、每股收益、搜索和广告业务，仅举几例。
The company spent nearly $35 billion on capex last quarter, which contributed to negative free cash flow. It also raised the low end of its spending forecast to $135 billion. One-day stock move: -7% Alphabet What happened: This was another case where the bad outweighed the AI-enabled good. Google Cloud revenue growth was strong, but Alphabet missed on basically everything else: sales, EPS, search, and the ad business, to name a few.
510亿美元的季度资本开支账单和90亿美元的负自由现金流也没有帮助。一日股价变动：-13% Tesla 发生了什么：Tesla的盈利超预期未能抵消负面的AI信号。该公司下调了2026年的资本开支预测，投资者将其解读为可能的警告，即其机器人出租车和Optimus雄心壮志的增长速度不够快。一日股价变动：-3% Caterpillar 发生了什么：Caterpillar略好于预期的销售额和盈利不足以克服投资者对该公司电力生产业务的怀疑，该业务与AI建设相关联。
A $51 billion quarterly capex tab and $9 billion in negative free cash flow didn't help, either. One-day stock move: -13% Tesla What happened: Tesla's earnings beat couldn't overcome a negative AI signal. The company cut its 2026 capex forecast, which investors interpreted as a possible warning that its robotaxi and Optimus ambitions aren't growing fast enough. One-day stock move: -3% Caterpillar What happened: Caterpillar's slight sales and earnings beats weren't enough to overcome skepticism around the company's power-generation business, which links it to the AI buildout.
该公司表示，下季度整体收入增长将是“温和”的。对于一直是道琼斯指数表现最好的公司之一来说，这份报告不足以让投资者满意。一日股价变动：-9% Amazon 发生了什么：Amazon上季度投入770亿美元用于房地产和设备，远高于分析师预期。该公司的支出最终导致负自由现金流超过400亿美元。投资者选择关注这笔巨额资本开支账单，而不是AWS连续第六个季度销售额增长加速。一日股价变动：待定
The firm said overall revenue growth next quarter will be "moderate." For a company that's been one of the Dow's top performers, the report wasn't enough for investors. One-day stock move: -9% Amazon What happened: The $77 billion that Amazon poured into property and equipment last quarter was way above analyst estimates. The company's spending ultimately led to negative free cash flow of more than $40 billion. Investors chose to focus on this sizable capex bill, rather than a sixth straight quarter of accelerating sales growth for AWS. One-day stock move: TBD