过去一周，美国云计算厂商股价经历了剧烈波动。Meta公司在发布第二季度财报后，股价单日暴跌7.95%，盘中最大跌幅超过10%；谷歌财报后也大幅下跌超过7%[1]。然而这种调整并未持久，Meta仅用3个交易日就完全收复了失地，谷歌也呈现出类似的深V反包走势[1]。与此同时，微软、亚马逊等其他云计算厂商股价则大幅上涨[1]。
高盛的最新数据显示市场出现反转信号。截至7月30日的单周内，对冲基金对美国科技股的购买量创下自2022年12月以来的最大纪录，创至少5年来第三大单周购买量[1]。更值得关注的是，这波买入主要由多头仓位增加推动，而非传统的空头回补[1]。这表明机构投资者正在积极建立新的看多头寸。从估值角度看，Meta目前估值约20倍出头，而微软、亚马逊、谷歌的估值均未超过30倍，相对仍具吸引力[1]。
Cloud computing leaders experienced a dramatic reversal following steep selloffs, with Meta and Google executing sharp V-shaped recoveries. [1] Meta's stock plummeted 7.95% on the day of its second-quarter earnings release, with intraday losses exceeding 10%, while Google fell more than 7% following its earnings announcement. [1] However, Meta fully recovered its losses within three trading days. [1]
The swift recovery reflects aggressive institutional positioning in the technology sector. Goldman Sachs data revealed that as of July 30, hedge funds purchased U.S. technology stocks at levels not seen since December 2022 during a single week, marking the third-largest weekly buying volume in at least five years. [1] Notably, this surge was driven primarily by increased long positions rather than short covering, indicating genuine new demand for the sector. [1] Microsoft, Amazon, and Google also posted significant weekly gains. [1]
Valuation considerations appear to support the buying thesis. Meta trades at approximately 20 times earnings, while Microsoft, Amazon, and Google all remain below 30 times valuations. [1] Meta's second-quarter results showed revenue growth of 28%, though free cash flow declined to $794 million and third-quarter guidance fell short of expectations. [1]
