7月31日，微软和Meta同日发布财报，两家科技巨头在AI投入回报上的差异引发市场剧烈反应。[1]微软股价大幅上涨15.51%，刷新美股史上最大单日市值增幅纪录，单日市值增加约4500亿美元。[1]与之形成鲜明对比，Meta股价下跌7.95%。[1]
微软的业绩表现展现出AI投入的可观回报。该公司2026财年第四财季营收达900.1亿美元，同比增长18%，调整后每股收益4.74美元，同比增长23%。[1]Azure及其他云服务收入同比增长43%，全年收入首次突破1000亿美元。[1]商业剩余履约义务同比增长84%至6780亿美元，约为微软全年营收的两倍。[1]此外，Microsoft 365 Copilot付费用户已超过3000万。[1]尽管第四财季资本支出同比增长70%至410亿美元，但微软维持约1900亿美元的年度资本支出计划。[1]
Meta虽然营收保持增长，但现金流恶化程度更显严重。该公司二季度营收608亿美元，同比增长28%，但每股收益6.18美元，同比下降13%。[1]最为关键的是，Meta自由现金流仅剩7.84亿美元，同比缩水约91%，创近四年最低。[1]Meta已将全年资本开支指引调整至1300亿—1450亿美元，下限上调50亿美元。[1]对此，Meta首席执行官扎克伯格表示"卖掉算力换短期利润是愚蠢的"，强调公司不会为短期收益出售算力。[1]
Microsoft and Meta delivered starkly contrasting financial performances on July 31, despite both companies heavily investing in artificial intelligence infrastructure.[1] Microsoft's stock surged 15.51%, marking the largest single-day market capitalization increase in U.S. stock market history, while Meta's shares fell 7.95%.[1]
Microsoft's fourth fiscal quarter results demonstrated the tangible returns on its AI spending. The company reported revenue of $90.01 billion, up 18% year-over-year, with adjusted earnings per share of $4.74, representing a 23% increase.[1] Azure and other cloud services revenue climbed 43% year-over-year, with full-year revenue surpassing $100 billion for the first time.[1] Microsoft 365 Copilot now has over 30 million paying users, and commercial remaining performance obligations reached $678 billion—approximately double Microsoft's annual revenue—signaling substantial future revenue streams.[1] Capital expenditure in the quarter reached $41 billion, up 70% year-over-year, as Microsoft maintained its $190 billion annual capital spending plan.[1] The company's market capitalization grew by approximately $450 billion in a single day, setting a new record for the largest single-day market value increase in U.S. stock history.[1]
Meta's financial picture presented a contrasting narrative despite respectable top-line growth. The company reported second-quarter revenue of $60.8 billion, up 28% year-over-year, but earnings per share declined 13% to $6.18.[1] Most tellingly, Meta's free cash flow plummeted to just $784 million, representing a 91% decline year-over-year and marking the lowest level in nearly four years.[1] The company revised its annual capital expenditure guidance upward to between $130 billion and $145 billion, increasing the lower bound by $5 billion.[1] CEO Mark Zuckerberg stated that "selling compute for near-term profit is stupid," emphasizing the company's commitment not to sell computing capacity for short-term gains.[1]
